# 12 Apr 2008 - Iskandar Malaysia project on track, says PM

# 01 Jul 2008 - Million Dollars Home Purchase & above No Full Fixed Deposit Require

JOHOR BARU: The development of Legoland Malaysia in Iskandar Malaysia by IDR Resorts and Merlin Entertainments is gathering momentum for its grand opening in 2012.

Datuk Syed Mohamed Syed Ibrahim, president and chief executive officer of Iskandar Investment Group and chairman of IDR Resorts, said next year would be a significant year for Iskandar Investment with the launch of completed projects such as Legoland Malaysia under the company's first phase of development in Iskandar Malaysia. "There will be more job opportunities for all," he said in a statement today.

He said RM200mil worth of contracts had already been awarded, and tourist receipts when Legoland Malaysia opens in 2012 would further boost the local and regional economy.

Iskandar Investment, he said, was committed to creating value for the community and driving Iskandar Malaysia's vision of becoming a sustainable metropolis of international standing.

IDR Resorts, a member company of Iskandar Investment, is responsible for the development of Legoland Malaysia in partnership with Merlin Entertainments. Over 40 interactive rides, shows and attractions for the theme park are currently being fabricated for Iskandar Malaysia.

Creation of the 15,000 Legoland model structures at the Model Building Centre for Legoland Malaysia in the Nusa Cemerlang Industrial Park is also progressing smoothly.

Meanwhile, IDR Resorts chief executive officer Zainal Ashikin Muhammad Rejab said Legoland Malaysia would have a total staff strength of up to 950 when operational next year. We will hire approximately 50 pre-operation professionals in 2011, and another 900 employees in 2012 leading up to the launch of the theme park in Iskandar Malaysia," he said.

Legoland Malaysia, he said, was not only be for tourists but also about bringing opportunities to the local community who were supportive of its efforts since day one.

Legoland Malaysia senior director of operations Siegfried Boerst expressed confidence that Legoland Malaysia would be as fun and educational as its sister parks in the United Kingdom, the United States, Germany and Denmark. Legoland Malaysia is taking shape, and it's a thrilling process putting the rides together, building the Legoland model structures with over 30 million Lego bricks and ensuring that we create a full-day interactive experience for families with young children between the ages of two and 12 right here in Asia, he said.

Boerst who joined Legoland Malaysia in October last year from Legoland Deutschland oversees the operation of the 76-acre (31-hectare) theme park in Iskandar Malaysia.

Legoland Malaysia, is the centerpiece of Medini Lifestyle, the lifestyle and entertainment hub in Medini Iskandar Malaysia which will also feature lifestyle retail mall, commercial developments and office buildings.

Malaysia is the number one choice for Japanese tourists since 2006, according to statistics from Long Stay Foundation, and this is expected to continue this year. Japanese Ambassador to Malaysia Masahiko Horie, who revealed this yesterday, said that the Malaysia My Second Home (MM2H) programme had drawn Japanese tourists for long-stay visits, especially retirees. Japanese people love the warm climate, good food, cheaper cost of living, and social and political stability in Malaysia.

I am 100% confident that Malaysia will once again be the destination of first choice this year,” said Horie. MM2H allows foreigners who fulfill certain criteria to stay in Malaysia on a 10-year multiple entry social visit pass. Besides retirees, the ambassador said that high school graduates make up a large number of tourists here. Japan is a homogeneous country and students should explore the world and see multi-ethnic places like Malaysia,he said.

The ambassador expressed his delight over AirAsia Xs plans to open flight routes to Haneda airport. Haneda aiport is much closer to Tokyo city compared to Narita. I hope that this will triple the number of Japanese tourists coming here. The growing human exchange will boost bilateral trade between Malaysia and Japan, he added.

Horie also applauded Prime Minister Datuk Seri Najib Tun Razaks new policy initiatives to attract world-class talents for Malaysias economic transformation.

July 30, 2010 More S. Koreans to visit Msia with AirAsia X daily flights

May 13, 2010  Malaysia, Singapore To Reactivate Business Council

SINGAPORE, May 13 (Bernama) -- Malaysia and Singapore Thursday agreed to reactivate the Malaysia-Singapore Business Council (MSBC) to further boost bilateral trade relations.

Minister of International Trade and Industry, Datuk Mustapa Mohamed, said the decision was made after he met with representatives of the Singapore Business Federation (SBF).

Mustapa is here for two days, starting today, to meet with various parties, from the Singapore business community and foreign businessmen based in the island nation to discuss the economy and investment in Malaysia.

In an interview with Bernama, Mustapa said the council would be headed SBF chairman, Tony Chew.

The council, Mustapa said, was set up six years ago and has not been active since four years ago.

He said the Singapore investors and the foreign businessmen based here had been increasingly positive towards Malaysia.

Singapore is the fourth largest investor in Malaysia after US, Japan and Germany.

He said bilateral trade relations had been strengthened especially since after Prime Minister Datuk Seri Najib Tun Razak's here early last year.

It is now in concrete phase and the Singaporean companies have shown interest and commitment to invest in Malaysia.

There are companies who will increase their investments and others who will make their first investments in the country,he said.

Mustapa said the companies would not only invest in Johor's Iskandar Malaysia but in other states like Malacca and Perak, especially in health tourism.

For example, state-owned Regency Specialist Hospital in Johor will expand the hospital to meet the increasing demand from Singapore patients and will also build another hospital in Malacca, he said.

He said in meetings this year, safety issues or crime in Johor were not brought up again by the Singapore and foreign investors as in the past.

Crime was a hot issue among Singaporeans and investors who feared for their safety and worried about their properties at one time.

Tomorrow, Mustapa, who was accompanied director-general of Malaysian Industrial Development, Datuk Jalilah Baba, will attend the 12th Asia-Pacific Conference of German Business in Singapore and meet with members of the Foreign Correspondents Association of Singapore before returning to Kuala Lumpur.

-- BERNAMA

May 12, 2010, Wednesday - Plenitude to expand its presence in Penang

According to OSK Research Sdn Bhd (OSK Research), this upcoming project in Penang would not only expand the groups presence on the island but also provide the catalyst for good future earnings growth, in addition to stable earnings contribution from its traditional township developments.

Assuming the price paid was fair and represented about between 10 per cent and 15 per cent of the budgeted gross development value (GDV), the projected value could be worth between RM300 million and RM450 million.

However, the research house noted that the management had yet to disclose the budgeted value for the upcoming project.

Notably, the development was slated for medium high-end, semi-detached houses and condominiums whose units are designed with generous living spaces such as patios and balconies.

The research firm pointed out that the target markets were buyers who were looking for their first and second homes respectively, resort home buyers, the expatriate community and Malaysia My Second Home (MM2H) applicants who were eyeing a resort-style environment.

Apart from the GDV, the estimated development costs, launch dates and other launching details were currently sketchy. As such, the research house was not including the upcoming project into its forecast and valuation at this juncture.

OSK Research continued to believe that a broad sector rebound starting from late 2010/early 2011 would soon stir up investment interest in fundamentally sound and still-undervalued property stocks.

Furthermore, it also believed that most middle to big capitalisation (big cap) stocks were somewhat fully priced in the anticipated rebound and value could now be found only in the smaller cap property stocks such as Plenitude which was trading at a significant discount even to the middle cap stocks.

The research firm added that as next years rebound materialised, the risk premium on smaller caps was likely to fall and the valuation gap narrowed.

Using the valuation of small and middle cap stocks as a benchmark, it valued the group at 0.71 times current calendar year (CY) price over net total assets, which gave the stock a CY 2010 target price of RM3.84 per share.

OSK Research highlighted the share price was well-supported by the groups anticipated robust earnings growth, strong balance sheet with net cash value of RM1.82 per share and the fact that it was currently trading at a significant 41 per cent discount to its net asset value.

10 March 2010 - TH Properties, Naza Group in RM100m project

PETALING JAYA: Lembaga Tabung Haji's (LTH) property development arm TH PROPERTIES  Sdn Bhd and Naza Group have teamed up to develop a high-end residential enclave with a gross development value (GDV) of RM100 million in Bandar Enstek, Nilai.

The residential enclave in timur@enstek could be the first of many joint developments between the two companies, said TH Properties CEO Zaharuddin Saidon.

We are working on value-adding packages for customers such as a free car or bike but the mechanism is still being worked out, he said after signing a memorandum of understanding with Naza Group joint executive chairman Datuk SM Faisal Nasimuddin yesterday.

We signed a general MoU (memorandum of understanding), we will explore other options for joint development in the future as Naza Group has a well-diversified portfolio. This could take place within Bandar Enstek or elsewhere. At the moment, the residential enclave is our main focus,he said.

The residential enclave comprises 52 Italian-style single- and double-storey luxury homes targeted at foreigners in line with Malaysia My Second Home (MM2H) concept.

Zaharuddin said the location of the 30-acre (12ha) development was good for those who were looking for a quiet and unique home, away from the city.

Property owners will be living in a unique and distinct enclave that fuses TECHNOLOGY  and natural greenery, and enjoy a tranquil living space within a meticulously planned community, he said.

Faisal said that the joint venture was a milestone for both companies, and Naza would strive to provide more value to customers.

For a start, we would see how we could offer attractive packages which include a free car with the purchase of a bungalow, he said. However, this is just a starting point for other possible joint developments as Naza Group has a diversified portfolio from automotive to insurance.

In line with the Immigration Circular No. 6 of 2009

The following improvements have been made to the Malaysia My Second Home (MM2H) Programme, with effect from 13 February 2009:
1. Qualified MM2H participants aged 50 and above with specialised skills and expertise that are required in the critical sectors of the economy, are allowed to work not more than 20 hours per week.
2. MM2H participants are allowed to invest and actively participate in business, subject to existing Government policies, regulations and guidelines which are in force for the relevant sectors.
3. Foreign spouses of Malaysian nationals are eligible to apply for MM2H, subject to the terms and conditions of the MM2H programme. Alternatively, they have the option to apply for the Spouse Programme.
4. The ten-year Social Visit Pass is extended to all Silver Hair and MM2H participants who were previously approved under the five-year Social Visit Pass, subject to the validity of their passports.
5. Employment Pass holders who wish to participate in the MM2H programme are exempted from the cooling off period on the condition that their application to participate in MM2H programme is submitted 3 months before the expiry of the Employment Pass.
6. ID-Cards will be issued to MM2H participants with permanent address in Malaysia. This is validated by submitting the Sales and Purchase Agreement or Tenancy Agreement in Malaysia.
7. Age limit of unmarried dependent children is raised from 18 years to 21 years. A declaration stating that the child is unmarried and all expenses during the stay in Malaysia will be borne by the principal participant of the MM2H program is required.
8. Dependants include unmarried children aged 21 years and below, step-children, disabled children and parents.

PM: 30% Bumi quota for 27 sub-sectors business scrapped - April 2009

MALAYSIA - PUTRAJAYA: The government has removed the 30% bumiputera equity requirement for the 27 services sub-sectors with immediate effect in line with the Asean trade liberalisation and efforts to boost the services sector.
Datuk Seri Najib Razak said on April 22 the sub-sectors covered health and social services, tourism services, transport services, business services and computer and related services.
There will be no more 30% bumiputera equity requirement for these sub-sectors, he said at a press conference at the Prime Ministers office.
The move to liberalise the services sector, which was first announced during the presentation of the Second Stimulus Package on March 10, was also expected to attract more investments, bring in more professionals and technology and strengthen the competitiveness of the sector.
Najib, who is also Finance Minister, said the government was intensifying its efforts, with the hope that the services sector will increase its contribution to the GDP to 60%.
The services sector contributed 55% to the gross domestic product in 2008, of which 47.6% came from non-government services. The sector also accounts for 57% of the total employment in Malaysia.
Recognising the growth potential in the services sector, the government has decided to immediately liberalise 27 services sub-sectors, with no equity conditions imposed,” said Najib.
Prior to this, companies in the services sector must offer 30% of its equity to Bumiputera.
However, Najib did not include the financial services. When asked, he explained that the financial services liberation plan will be announced next week.
The government was confident these initiatives would not adversely affect the domestic services industry.
To help support the industry in capacity building and opening up of the export markets, a development fund of RM100 million was established under the First Economic Stimulus Package.
The fund will be run by Malaysian Industrial Development Authority (Mida). To facilitate investments in the services sector, a national committee for approval of investments has been created under Mida.
This committee will act as a focal point to receive and process applications of investments in the services sector excluding financial services, air travel, utilities, economic development corridors, multimedia super corridor and Bionexus status companies and distributive trade, said Najib.
According to him RM50.1 billion of investments in the services sector was approved in 2008, with foreign investments totaling 11%. For exports in 2008, RM102.1 billion was recorded while imported services amounted to RM99.8 billion.
Malaysia recorded its first surplus in this sector in 2007. And according to WTO, Malaysia is among the 30 leading global exporters of services, said Najib.
The Malaysia External Trade Development Corporation (Matrade) has also been tasked to coordinate and spearhead all export promotion initiatives.
To help develop Malaysia as an international Islamic finance hub, said Najib, the legal profession will be liberalised to allow up to five top international law firms with expertise in international Islamic finance to practise in Malaysia.
However, these firms will only be allowed to offer legal services in international Islamic finance.

SERVICES SUB-SECTORS FOR LIBERALISATION

Computer and relater services
1. Consultancy services related to installation of computer hardware
2. Software implementation services – systems and software consulting services; systems analysis services; systems design services; programming services and systems maintenance services
3. Data processing services – input preparation servies; data processing and tabulation services; time sharing servies and other data processing services
4. Database services
5. Maintenance and repair services of computers
6. Other services – data preparation services; training services; data recovery services; and development of creative content

Health and social services
1. All veterinary services
2. Welfare services delivered through residential institutions to old person and the handicapped
3. Welfare services delivered through residential institutions to children
4. Child day-care services including day-care services for the handicapped
5. Vocational rehabilitation services for the handicapped

Tourism services
1. Theme park
2. Convention and exhibition centre
3. Travel agencies and tour operators services (for inbound travel only)
4. Hotel and restaurant services (for 4 and 5 star hotels only)
5. Food serving services (for 4 and 5 star hotels only)
6. Beverage serving services for consumption on the services (for 4 and 5 star hotels only)

Transport services
1. Class C freight transportation (Private carrier license – to transport own goods)

Sporting and other recreational services
1. Sporting services (promotion and organization services)

Business services
1. Regional distribution centre
2. International procurement centre
3. Technical testing and analysis services – composition and purity testing and analysis services, testing and analysis services of physical properties, testing and analysis services of integrated mechanical and electrical systems and technical inspection services
4. Management consulting services – general, financial (excluding business tax), marketing, human resources production and public relations services

Rental/Leasing services without operators
1. Rental/leasing services of ships that excludes cabotage and offshore trades
2. Rental of cargo vessels without crew (Bareboat Charter) for international shipping

Supporting and Auxiliary Transport Services
1. Maritime agency services
2. Vessel salvage and refloating services

23rd June 2009 - JEAN TODT - Appointed Tourism Malaysia Ambassdor

4th Sept 2009 - MM2H: Up there among the top 12

DATUK DR ONG HONG PENG, Secretary-General, Ministry of Tourism

THE Ministry of Tourism would like to thank J.H. of Penang for sharing his views on how we should promote the Malaysia My Second Home (MM2H) programme in Second home: MM2H offers few benefits ( NST, Aug 28).

The feedback is useful for us in charting our MM2H promotional strategies. Our promotional efforts are focused mainly on the Japan, Britain, the Middle East and China markets, which have higher returns or greater potential to attract more MM2H participants.

To increase participation, we do leverage on our overseas Tourism Malaysia offices, tourism ambassadors and MM2H agents as well as Internet marketing to raise awareness and promote the programme in potential secondary markets, including European countries.

From feedback from existing participants of the MM2H programme, we note that their choice of Malaysia was based on several factors.

These include Malaysia's tropical climate, value for money, affordable cost of living based on the premise of a comparatively good quality or standard of life, ample choice of residential accommodation, easy accessibility, vast opportunities to enjoy our nature, environment and recreational activities and the friendliness of the multicultural population.

Some of the features often cited as attractive to MM2H participants are the provision of a 10-year social visit pass (multiple entry) which can be renewed for as long as they abide by the terms and conditions of the programme; tax-and-duty exemption for import of personal vehicle from abroad or purchase of locally-assembled car; and tax-exemption on foreign income from abroad.

To further enhance the attractiveness of the MM2H programme, the government has recently allowed MM2H participants aged 50 years and above to work part-time (up to 20 hours a week).

In addition, MM2H participants are allowed to invest or engage in businesses in approved sectors of our economy.

The attractiveness of the MM2H programme compared with similar programmes offered by other countries is reflected in some of the surveys conducted by independent bodies.

For example, Malaysia is acknowledged as the top long-stay destination for the Japanese, as revealed by Japan's Long Stay Foundation's surveys.

Additionally, International Living.com, an online magazine, has ranked Malaysia as the world's 12th-best retirement destination.