Kuala Lumpur, June 3: Already a popular tourist destination, Malaysia now plans to turn itself into an international property destination.

Kuala Lumpur, June 3: Already a popular tourist destination, Malaysia now plans to turn itself into an international property destination.


The East Asian country is expecting foreign investments of at least 5.8 billion US dollars (20 billion ringet) within 10 years in the real estate sector, reports said here today.


Malaysia has a scheme for foreigners to settle in this country under its "Malaysia my second home" project whereby the person is given a ten-year multiple-entry visa and can buy a house besides other benefits.


Several Indian nationals have also opted for this scheme.


The construction boom is largely evident across the Malaysian capital where over a year dozens of high-rise apartments and office complexes are coming up.


The high-impact project is expected to create more jobs and have a positive impact on the stock market, Minister in the Prime Minister's department Effendi Norwawi was quoted by media reports here as saying.


Real estate and business services sub-sector has surged 27.8 per cent from 4.5 per cent in the first quarter of 2006, he said adding that the services sector was expanding at 9.6 per cent up from 6.6 per cent in the corresponding period last year.


The sector contributed 54 per cent to gross domestic product, the 'New Straits Time' said.


The construction industry has been making good progress registering a four per cent growth.


Observing that the composite index's year-on-year growth was 31.2 per cent, the highest growth rate achieved in the past 13 years, Effendi said all indicators showed that this streak was not going to stop soon. (Agencies)