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Wednesday, January 9, 2008

Private-sector initiative to market MM2H programme

PENANG: Henry Butcher Malaysia is collaborating with a few private companies to spearhead the private-sector initiative to market the Malaysia My Second Home (MM2H) programme in overseas markets.

The company, together with the Expat Group and Malaysia Airlines System Bhd under its Property Investment/ Second Home (PI2H) programme are joining hands in efforts to market the MM2H programme in the UK in April.

Henry Butcher Malaysia (Penang) director Dr Teoh Poh Huat (pix) said that it was the first time such collaboration was being undertaken involving real estate experts and property marketing professionals to promote the programme.

“In addition, about 10 local residential property developers will also be involved in this mission to better promote the MM2H and other property investment programmes,” he told reporters yesterday.

He said that of the developers involved, about half would be based in Penang.

“We will mostly be marketing residential properties in Malaysia to showcase Malaysia as a property investment destination,” he said.

For starters, the collaboration will be heading to a property expo dubbed “A Place in the Sun” in
the UK on April 25-27. Teoh said that it would be showcasing products that met the expectations of the European market with a target audience of wealthy individuals as well as private equity entities.

“We also aim to have similar property investment missions to countries like Germany, Korea, Japan, Singapore and in cities like Dubai within the year,” he added.

Last year, Henry Butcher embarked on a similar mission to market properties in Georgetown to the Indonesian market with encouraging results.

Teoh said that some 100 Indonesians participated, snapping up a total of more than RM10 million worth of properties within three days.

Expat Group managing director J Andrew Davison said that a survey conducted by his company in 2006 revealed that on average, foreigners under the MM2H programme had brought in about RM180,000 per household into the country.

“Basically the programme is extremely beneficial to Malaysia as it stimulates the economy and
promotes cultural integration, which is important in this globalised world,” he said.

However, he said that inefficient implementation of the programme was the only negative effect in what was a good plan for the country. “There is a risk that other countries may capitalise on this and in the long run may be able to come up with similar programmes that are far more competitive,” Davison added.

By theSun (by Jonathan Chen)

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