(Petaling Jaya, Thursday): The Middle-East investment in real estate development of RM 4.1 billion in the IDR is a test of the consistency of government policies and whether promises of equal treatment of all foreign investors can be delivered. The consortium of four companies represents the single largest foreign real estate development in Malaysia involving the development of an area of 892ha in Nusajaya, between the new Johor State Administrative centre and the Second Crossing to Singapore. 

There is no doubt that the common religious background have greatly facilitated this huge investment as the government is very sensitive about land being owned by foreigners. Even though this huge investment caters to the wealthy and elite group, DAP hopes that ordinary Malaysians would not be left out of the RM 4.1 billion investment comprising:-

·      RM1.8 billion for the lifestyle and leisure cluster comprising a city centre, golf village, amusement bay, residential district and a medical and wellness village in an area of 496ha.

·      RM1.2 billion for the cultural cluster comprising a logistics village, creative park and heritage district covering 248ha.

·      RM1.1 billion in land concessions for an international financial district zone over 146ha. 

In approving such an investment, the government must have agreed to the Middle-East consortium’s request for free choice and full powers to decide the conditions of investment such as personnel employed and language used. Such freedom of choice and full powers to decide should also be extended to both local investors and investors from other foreign countries. 

The challenge would be to replicate such investments from local and other foreign countries, which is critical to the success of IDR to achieve its target of investments of RM 50 billion over the first five years and RM 383 billion target over 20 years.