Malaysia woos India to invest in realty sector

Malaysia woos India to invest in realty sector
Financial Express, January 14, 2010, Page 12

fe Bureaus, Chennai

In order to attract more foreign direct investments (FDI) into its real estate sector, Malaysia is making all efforts to garner major investments from countries like Singapore, UK, Korea and India. The Malaysian government’s Foreign Investment Committee (FIC) has recently announced a comprehensive deregulation of investment guidelines to facilitate smooth inflow of investments into the country. As part of its India investments initiative, the Malaysian government, for the first time, is holding property expo in Chennai from January 22-24. The expo will be inaugurated by Malaysian Prime Minister Mohd Najib Tun Razak, said Kumar Tharmalingam, member, board of governors, Malaysia Property Incorporated (MPI).

“The most important aspect in purchasing Malaysian real estate is the land law system that allows for transparency and enforceability of ownership. Foreigners also have no impediment to buying freehold Malaysian real estate and to sell when the need arises without restriction,” Tharmalingam said.

In 2008, Indian investors were the fourth largest in residential property investments in Malaysia after Singapore, UK and Korea. The locations of choice were Kuala Lumpur, Penang and Johor with a price range of $150,000-$300,000.

Tharmalingam further said the seminars will also be conducted over the 3 days at the expo. Speakers will include the Malaysian Investment and Development Authority, ministry of tourism and Malaysia Property Incorporated on investing in the country’s real estate.

The expo is organised in conjunction with the Confederation of Indian Industry’s Partnership Summit 2010. It will be showcasing some of Malaysia’s award winning developers and their latest projects. Participating firms include IJM Berhad, Glomac Berhad, IOI Properties Berhad, Metro Kajang Holdings Berhad, the Eastern Corridor Economic Regional Development, the ministry of tourism, Matrix Concept Holdings Berhad and Zerin Properties.