Rising number of foreigners investing in S’wak’s property scene

KUCHING: The Housing Ministry foresees an increasing number of foreigners especially Indonesians investing in real estate in the state.

Housing Minister Datuk Amar Abang Johari Tun Openg believes that the initiatives introduced by the government, such as the Malaysia My Second Home Programme, has generated much interest among foreigners to acquire real estate in Sarawak.

He observed that many foreigners purchase properties here as they have children studying here, or tend to come to Sarawak for medical tourism purposes.

“I think there will be more Indonesians and Singaporeans who will invest their money in properties here.

“According to statistics, out of the 4.8 million tourist arrivals last year, 600,000 were Indonesian.

“Most visited Sarawak because they visit their children who are studying (in institutions of higher learning) here.

“Some of them come in because of medical tourism as the cost here is cheaper.

“The trend of foreigners investing in properties is on the rise and we are open to foreigners to invest in real estate apart from welcoming them as tourists.

“Thus, the housing industry (here) will expand,” he said during the closing of the awareness seminars organised by the Ministry of Housing together with Sarawak Housing and Real Estate Developers’ Association (Sheda) yesterday.

Earlier on, Abang Johari said the seminars was organised to brief stakeholders on the changes to the new regulations which involved Housing Development (Control and Licensing) Ordinance 2013 and Housing Development (Control and Licensing) (Amendments) Regulations 2015.

He explained that the new law was required to keep abreast with the changes and the technology of the housing industry as well as to regulate the housing industry arising from new mode of development for example the building of condominium and apartments.

Abang Johari pointed out that the new law was drafted by taking into consideration of the feedback from all stakeholders as well as to protect the interest of buyers.

Also present at the closing of the seminars were Assistant Minister for Housing Datuk Abdul Karim Rahman Hamzah, Housing Development Corporation (HDC) chairman Datuk Dr Abang Abdul Rauf Abang Zen, Daya Builders Sdn Bhd chairman Dr Abdul Rahman Junaidi, Sheda president Joseph Wong and more than 300 participants from the property sector and related industries.