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Malaysia set to enjoy foreign investment

Article Date : Tuesday, March 27, 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 prime minister of Malaysia's decision to scrap capital gains tax on property has not come as much of a surprise to experts, although it is still a welcome move, a news website has said.

According to a report in New Straits Times, investors believe that a "dose of speculative activity" will boost Malaysia's flagging property market.

In recent months, a lack of interest from overseas buyers has seen the volume of transactions decline, with many properties remaining unsold for long periods.

However, now that overseas investors will no longer have to pay 30 per cent in taxes if they sell within five years, it is likely that more buyers will enter the property market, especially at the high-end, states the newspaper.

The majority of investment opportunities lie within Kuala Lumpur and the north-western island resorts of Langkawi and Penang, according to Property Frontiers.

Malaysia's policy amendment follows over changes that favour overseas investors.

For example, buyers from Britain and elsewhere no longer have to seek approval from the foreign investment committee and conditions regarding the number of properties under one portfolio have also been scrapped.
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