Written By Paul Mu, News Sabah Times, 16 March 2012
Kota Kinabalu: Real estate developers in Sabah may have to look at the international
market to widen their business scope.
This is because effective january 1 this year, Bank Negara Malaysia (BNM) has
imposed new ruling on housing loan based on the net income of the applicant instead
of gross income to approve the amount of loan.
Sabah Housing and Real Estate Developer Association (Shareda) president Datuk
Susan Wong Siew Guen said this at a seminar on 'How To Sell Malaysia Real Estate
Internationally' at a hotel yesterday, organised by the Malaysian Property Incorporated
(MPI) and supported by Shareda and Malaysian Institute of Estate Agents.
"So this has held back some property buying activities," Stated Susan.
To overcome th challenge she said: "We now need to look wider, perhaps into the
international market. And thanks to MPI for giving us tihis timely seminar. As such,
we must be ready to capture this international community and sell our international
opportunity and sell our properties internationally."
She also welcome those who were interested to join them for marketing trips to
Balikpapan and Singapore, organised by MPI in the coming months.
She said Malaysian properties have proven popular with investors from overseas,
particularly from the US, Japan, China and the Middle East.
Further more, she said foreign investors enjoyed high returns for investing in Malaysia
as we have strong economic policies in the international property arena, giving
confidence to foreign investors.
"The law governing foreign investors in Malaysia is quite relaxed such as no real
property gain tax (RPGT) after the first five years and only paying 5 per cent of
RPGT within the first five years," she said.
the proce of Malaysian properties, as compared to other in the Asian Region is still
comparatively lower and cheaper and there are still potential growth, she said.
The Malaysian government has made it easy for foreigners to buy property in the
country and we have a program for an oversea buyers known as 'Malaysia My
Second Home' (MMSH) where foreignners can enjoy a 10-year multiple entry
visa and other benefits, said Susan.
"And this MMSH programme hsa further boost the strength of the property market
and opened up many new investment opportutities to the foreign investors," she added.
Back home here, Sabah is reputed to be an eco-tourism destination and Kota Kinabalu
is known as the nature resort city, providing an eco-enviroment place to live in.
"Sabah has beautiful islands, clean air and no polluton. We also have Mount Kinabalu,
the highest mountain in the South East Asia which is rich in fauna and flora," said Susan,
adding that most people here speak and understand Malay, Chinese and English.
Sabah is also home to many races and ethnic groups who live harmoniously together
which ensures great potential in the tourism industry.
The speakers who presented their papers were Sabah Economic Development &
Investment Authority (Sedia) chief executive Datuk Dr Mohd Yaakub Johari, MPI
general manager Venna Loh, MPI legal advisor Chris Tan and PriceWaterhouseCoopers
executive director Phan Wai Kuan.
Also present were Institute of Development Studies cum MPI board member
Datuk Clarence Bongkos Malakun, Shareda vice presidents Wong Ten An and Chew Sang Hai
and its council members Leena Toyoi and Datuk Chong Hon Len.
Kota Kinabalu: Real estate developers in Sabah may have to look at the international
market to widen their business scope.
This is because effective january 1 this year, Bank Negara Malaysia (BNM) has
imposed new ruling on housing loan based on the net income of the applicant instead
of gross income to approve the amount of loan.
Sabah Housing and Real Estate Developer Association (Shareda) president Datuk
Susan Wong Siew Guen said this at a seminar on 'How To Sell Malaysia Real Estate
Internationally' at a hotel yesterday, organised by the Malaysian Property Incorporated
(MPI) and supported by Shareda and Malaysian Institute of Estate Agents.
"So this has held back some property buying activities," Stated Susan.
To overcome th challenge she said: "We now need to look wider, perhaps into the
international market. And thanks to MPI for giving us tihis timely seminar. As such,
we must be ready to capture this international community and sell our international
opportunity and sell our properties internationally."
She also welcome those who were interested to join them for marketing trips to
Balikpapan and Singapore, organised by MPI in the coming months.
She said Malaysian properties have proven popular with investors from overseas,
particularly from the US, Japan, China and the Middle East.
Further more, she said foreign investors enjoyed high returns for investing in Malaysia
as we have strong economic policies in the international property arena, giving
confidence to foreign investors.
"The law governing foreign investors in Malaysia is quite relaxed such as no real
property gain tax (RPGT) after the first five years and only paying 5 per cent of
RPGT within the first five years," she said.
the proce of Malaysian properties, as compared to other in the Asian Region is still
comparatively lower and cheaper and there are still potential growth, she said.
The Malaysian government has made it easy for foreigners to buy property in the
country and we have a program for an oversea buyers known as 'Malaysia My
Second Home' (MMSH) where foreignners can enjoy a 10-year multiple entry
visa and other benefits, said Susan.
"And this MMSH programme hsa further boost the strength of the property market
and opened up many new investment opportutities to the foreign investors," she added.
Back home here, Sabah is reputed to be an eco-tourism destination and Kota Kinabalu
is known as the nature resort city, providing an eco-enviroment place to live in.
"Sabah has beautiful islands, clean air and no polluton. We also have Mount Kinabalu,
the highest mountain in the South East Asia which is rich in fauna and flora," said Susan,
adding that most people here speak and understand Malay, Chinese and English.
Sabah is also home to many races and ethnic groups who live harmoniously together
which ensures great potential in the tourism industry.
The speakers who presented their papers were Sabah Economic Development &
Investment Authority (Sedia) chief executive Datuk Dr Mohd Yaakub Johari, MPI
general manager Venna Loh, MPI legal advisor Chris Tan and PriceWaterhouseCoopers
executive director Phan Wai Kuan.
Also present were Institute of Development Studies cum MPI board member
Datuk Clarence Bongkos Malakun, Shareda vice presidents Wong Ten An and Chew Sang Hai
and its council members Leena Toyoi and Datuk Chong Hon Len.
The real estate industry should look to the international market to widen their business prospects.
ReplyDeleteHopefully we may be able to attract more foreign investors to invest in Malaysian properties, this will help give the local real estate industries a boost.
ReplyDeleteSabah needs to convert its well known reputation as an eco tourism destination into an investment opportunity for foreign investors to tap its real estate market. MPI will try to brand Sabah as an investment destination when we go on exhibition in overseas and we will try to get some international investors to come here to do one iconic project, something that is unique even the locals could not afford to buy, only for foreigners.
ReplyDeleteI can see various effort made by the state and federal government in order to boost our state economy..
ReplyDeleteAnd hopefully all these efforts will come into reality and bring a lot of profits to Sabah, hence more positive transformation can be done for this state.
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ReplyDelete