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Look East: Malaysia new realty destination Print E-mail
Friday, 20 July 2007 02:02
KOLKATA: Dreaming of owning a home in an exotic foreign destination? Well, you can now look beyond Dubai, London and New York — at the garden estates of Malaysia — to buy cool digs.

Malaysia has become the latest country, where developers and builders are wooing buyers. So far most marketing pitches have come from places like Dubai and Mauritius.

The Malaysian government has decided to allow Indians to invest in houses, flats, villas and resorts in various parts in the coastal region.

Properties are also on offer in highland residential areas where the weather is spring-like throughout the year.

During his maiden visit to India last week, Malaysian tourism minister Datuk Seri Tengku Adnan Tengku Mansor said his ministry would soon launch a campaign to encourage Indians to buy property in the country under the Malaysia My Second Home (MMSM) programme.

"We envisage a great potential in this sector and will welcome Indian individuals to invest and be part of Malaysia," he said.

Residential units will cost you 1, 50,000-3, 50,000 ringgit (1 ringgit is Rs 12). The ceiling for houses in Melaka, Johor, Pulau Pinang, and Kedah has been set at 2, 50,000 ringgit ($62,500) and those in Sarawak at 3,50,000 ringgit ($87,500).

On offer are residences, terrace houses, semi-detached, bungalows, apartments and condominiums. Given the proximity (Malaysia is about four to six hours away), industrialists and businessmen are likely to make a beeline for the programme.

Another attraction, feel property consultants, is that the cost of living in Malaysia is lowest in Asia. However, purchasing a house in Malaysia will not entitle give you citizenship.

 nstead, the Malaysian government will issue a social visit pass and a multiple-entry visa. The pass will be valid for 10 years and can be renewed.

Applicants will be allowed to bring along spouses, children (unmarried and below 18) and a domestic help to stay in the country.

To be eligible, applicants below 50 years will have to open a fixed deposit account of 3, 00,000 ringgit ($75,000).

After a year, they can withdraw up to 2, 40,000 ringgit ($60,000) for the purchase of house, car or invest in the local share market.

The deposit requirement for those above 50 is less stringent. But, both have to maintain a minimum balance of 60,000 ringgit ($15,000) throughout the stay in Malaysia.

Developers and dealers from Dubai have been inviting Indians to invest in Dubai Sports City (villas and apartments), The Legends (villas and apartments), Arabian Ranches (villas), Dubai Marina (Apartments), The Meadows (villas) and The Springs (Villas).

A senior dealer of Dubai based Link Real Estate said prices of real estate in the city varies between AED one million to AED 15 million (One AED is equal to Rs 12.50).

Dubai is fast emerging as a global business centre in West Asia; many Indians are investing in real estate to earn handsome returns.

The rental yields on the investment in real estate is around 10% compared to around 5% in the other developed market.

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