Ambitious project targets investors

An ambitious project to turn a military airport in the heart of Kuala Lumpur into a thriving global financial hub is among a range of developments with the potential to unearth golden investment opportunities in Malaysia's property market.

The Kuala Lumpur International Financial District (KLIFD) and Bandar Malaysia programmes will expand the commercial capital's business zone and create a new city within a city, covering more than 200 hectares and incorporating a new central business district, an Islamic finance centre, university, park and residential properties.

The Greater Kuala Lumpur and Klang Valley redevelopment programme, worth about 30 billion ringgit (HK$243.7 billion), is part of Malaysia's drive to achieve high-income status by 2020 and has opened the door for foreign interests to invest in the commercial and residential real estate markets.

Hong Kong's ARUP Group International was appointed by 1Malaysia Development Berhad, the government-linked company overseeing the project, last year to act as security and risk engineers, and consultants.

'The Malaysian real estate market is dynamic and has been a successful economic growth driver for Malaysia over the past 20 years,' says Ramu Thanni, a research analyst with business consultancy company Inside Investor. 'The building innovation coupled with good investor returns on investments will keep foreign investors interested in Malaysian property despite uncertainties.'

The KLIFD development is one of 12 national key economic areas outlined in the 10th Malaysia Plan to drive the government's 2020 vision and has helped to ignite a property sector that has been growing steadily over the past two decades.