Property purchases by foreigners benefit industry – Construction Industry Development Board

Property purchases by foreigners benefit industry - Construction Industry Development Board

KUALA LUMPUR, Sept 10 — The weaker ringgit not only enables foreigners to buy Malaysian properties at lower value, but also presents a long-term investment benefit to the local property industry.

Construction Industry Development Board (CIDB) Chief Executive Datuk Seri Judin Abdul Karim said when foreigners bought a property in Malaysia, they made a continuous commitment to the industry, including paying taxes.

“When they (foreigners) buy properties, they have to change their money into ringgit. No harm buying properties here because they (properties) remain here.

“Once they have properties here, they have to pay quit rent and the likes. And for me, it’s a good thing,” he told reporters after the launch of the five-day International Construction Week (ICW) 2015 here by Prime Minister Datuk Seri Najib Tun Razak, Thursday.

On the other hand, he said the government must ensure that there were enough affordable homes for the people nationwide.

“We should encourage foreigners to put their money here, but at the same time, there should be enough (affordable homes) for locals in order to keep the balance in the market.

“The most important thing is the government must have a consistent policy in order to ease the investors to anticipate the market. When there is a flip-flop in the market, investors are bit cautious to invest,” he said.

The ICW 2015 also unveiled the Construction Industry Transformation Programme 2016-2020.

In his speech, the prime minister said the government expected the industry to maintain a double digit growth yearly.

— BERNAMA

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