Real estate trust for Malays in IDR

Real estate trust for Malays in IDR
Johor: The Iskandar Regional Development Authority (IRDA) plans to establish a real estate trust to assist Malays in developing land and increase their participation in the Iskandar Development Region (IDR), Johor Menteri Besar Datuk Abdul Ghani Othman said Saturday.

Slated by year-end, creation of the real estate trust was also aimed at preventing land owned by Malays from being sold to others, he added.

"Initiallly, ownership will be taken up by agencies and Bumiputera companies and its financial returns will be distributed using the trust approach," he told reporters at a briefing on the IDR organised by Johor Umno.

Ghani said that though generally Umno members agreed with the establishment of the IDR, they did not want Malays to be left behind in its development, especially when conditions on Bumiputera participation were dropped by the Foreign Investment Committee (FIC).- Bernama