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Saturday, December 8, 2007

Russians cast eyes on Malaysia

Russian investors are now eyeing potential investments in countries in this region, including Malaysia, according to Alexander Olkhovskiy (pix), president of Guild of Managers and Developers in Russia. Olkhovskiy revealed that there has been growing interest from Russian investors in foreign projects outside of Russia.

Speaking after attending a Fiabci Morning Talk, where experts from the Malaysian property sector gave a presentation on the local property market to a delegation from Fiabci Russia, he said: “Most of the investment projects are currently with our neighbouring countries such as Finland, Croatia… as well as Great Britain and France."

“However, considering the latest developments in Malaysian property laws, there will be great interest in the Malaysian market and we can develop the relationship between the two countries,” he added.

Olkhovskiy said investments in the Malaysian property market would most probably be through the Malaysia My Second Home Programme (MM2H).

He added that Russian investors are most likely to invest in residential properties such as condominiums and villas, as well as commercial properties within the tourism industry such as hotels and resorts.

“There is also great interest in developing projects with local developers,” said Olkhovskiy.

“Another important consideration is the realisation of profits from the properties, either from capital gains or from the leasing of the properties,” he added.

He believes that the Malaysian property market is “more competitive and more attractive compared with other countries in the region” and favours the transparency of laws in the Malaysian property sector.

Speakers at the Morning Talk include Zerin Properties chief executive officer Previndran Singhe, 1 Utama Shopping Centre director Datuk Teo Chiang Kok, and Chris Tan from Chur Associates.

At the talk, Kumar Tharmalingam, secretary general of Fiabci Asia Pacific, said Fiabci Malaysia would accept an invitation from the government of St Petersburg in Russia and the Guild of Managers and Developers to be a partner in the organising committee of PROEstate 2008, an
international real estate investment forum to be held there on Sept 3-5 next year.

By theSun (by Yeong Ee-Wah)

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