By BUSINESS TIMES
MORE Malaysian developers are expected to be part of the upcoming “Property Arabia 2007” exhibition in the Middle East next month, and chances are, they will collectively rake in more sales on-site this time, to the tune of some RM20 million.
Apart from the fact that at least 10 Malaysian companies may set up booths during the second annual event in Manama, Kingdom of Bahrain, the luxury properties on sale will also play a role in hitting the target.
The forecast sale of RM20 million at the exhibition from May 23 to 26, is about two-thirds more compared with what was achieved during the maiden initiative a year ago.
Property Arabia’s debut in May 2006 saw the participation of seven Malaysian entities including Bolton Bhd and DNP Holdings Bhd, chalking up some RM12 million in sales.
“Malaysian developers are expected to sell about 20 homes at an average of RM1 million each. We are looking at around 10 to 15 developers,” Bahrain Malay- sia International Sdn Bhd (BMI) chief executive-cum-managing director B. Norman Nathan said in Kuala Lumpur yesterday, at a media briefing on Property Arabia.
BMI, linked to Malaysian pro- perty agency S.K. Brothers Realty (M) Sdn Bhd, facilitates the participation of local players for the event, organised by the Arabian Exhibition Management.
“Middle Eastern buyers are looking at high-rise units around prime areas like KLCC, where properties cost about RM1.5 million each. The other place is, of course, Sunway,” he added.
Some 140 real estate-related exhibitors from around the globe are expected to participate in Property Arabia 2007, an increase of 56 per cent, or 50 exhibitors from a year ago.
Also, the upcoming event is anticipated to be more crowded with some 5,000 visitors, up 46 per cent from the 3,415 people previously.
Malaysia, for example, had recently excited global investors with its multi-billion ringgit Iskandar Development Region in Johor. The region, nearly three times the size of Singapore, will be turned into a dynamic international metropolis.
Not to forget the Malaysian Government’s recent move to abolish real property gains tax, which is expected to spur more property deals in the country, besides other initiatives to make it easier for foreigners to buy real estate here.
Overseas buyers can now own or invest in as many houses as they want here, costing more than RM250,000 each, without the Foreign Investment Comittee’s consent.