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Malaysia announces property investment measures

Article Date : Wednesday, April 18, 2007       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

The Malaysian government has announced new measures in order to boost investment in the country's property sector.

One of the strategies is to speed up approvals for development applications from three or five years to six months.

Prime minister Abdullah Ahmad Badawi said that shortening the timeframe will have a positive impact on the construction industry and investors, who want less bureaucracy and fewer hidden costs.

"Today's initiatives will also contribute to improving the performance of the property and construction sectors," he stated.

"If the services that are provided can be sped at the local council level, more than 70 per cent of the complaints from investors, businessmen, consumers and the public concerning the public sector will be answered," he said.

Another measure is to only allow finished properties to be sold to investors, so that the risk of incomplete developments does not present a financial risk to foreign buyers.

Earlier this month, Malaysia scrapped capital gains tax on all property deals in an attempt to "inject more excitement and dynamism" into the market.
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