News & Articles 11MP: Bumi institutions to buy unsold bumi property lots
11MP: Bumi institutions to buy unsold bumi property lots
26 May 2015
The federal government will allow bumiputera institutions to buy unsold bumiputera lots in property developments as part of its larger effort to help the bumiputera community, according to the 11th Malaysia Plan (11MP).
According to the document, the government will soon introduce a mechanism to enable bumiputera institutions to purchase unsold bumiputera-quota properties in new property developments.
“These institutions will own the property and receive rental income until the property is acquired by interested bumiputera,” read the document.
The proposed mechanism comes under Putrajaya’s strategy to enlarge the bumiputera share of wealth ownership in the country, which is underpinned by strengthening institutional-based programmes for asset ownership.
Other efforts under the strategy include continuing focus by entities such as Majlis Amanah Rakyat (Mara) and Perbadanan Usahawan Nasional Bhd (PUNB) to buy strategic business spaces or shop lots to be rented to bumiputera entrepreneurs.
In turn this strategy is one of five main strategies that drive the government’s Bumiputera Economic Community (BEC) enhancement effort. Other strategies are:
Empowering bumiputera human capital — by expanding high-skills training and certified professionals programmes.
Increasing bumiputera effective control and sustainable corporate ownership — broadening investment strategies and stepping up asset divestments by government-linked companies (GLCs) to bumiputera entrepreneurs, among others.
Empowering BEC — reducing financing to low-value added and non-strategic industries, intensifying entrepreneur financing programmes, and enhancing mindset change programmes, among others.
Strengthening delivery effectiveness of bumiputera-oriented programmes — setting up an integrated database comprising bumiputera socioeconomic status and simplifying government procedures to reduce cost of doing business.
The 11MP, announced last Thursday by the prime minister in Parliament, is the latest five-year master development plan intended to drive the nation’s development over the 2016-2020 period.
According to the document, the government will soon introduce a mechanism to enable bumiputera institutions to purchase unsold bumiputera-quota properties in new property developments.
“These institutions will own the property and receive rental income until the property is acquired by interested bumiputera,” read the document.
The proposed mechanism comes under Putrajaya’s strategy to enlarge the bumiputera share of wealth ownership in the country, which is underpinned by strengthening institutional-based programmes for asset ownership.
Other efforts under the strategy include continuing focus by entities such as Majlis Amanah Rakyat (Mara) and Perbadanan Usahawan Nasional Bhd (PUNB) to buy strategic business spaces or shop lots to be rented to bumiputera entrepreneurs.
In turn this strategy is one of five main strategies that drive the government’s Bumiputera Economic Community (BEC) enhancement effort. Other strategies are:
Empowering bumiputera human capital — by expanding high-skills training and certified professionals programmes.
Increasing bumiputera effective control and sustainable corporate ownership — broadening investment strategies and stepping up asset divestments by government-linked companies (GLCs) to bumiputera entrepreneurs, among others.
Empowering BEC — reducing financing to low-value added and non-strategic industries, intensifying entrepreneur financing programmes, and enhancing mindset change programmes, among others.
Strengthening delivery effectiveness of bumiputera-oriented programmes — setting up an integrated database comprising bumiputera socioeconomic status and simplifying government procedures to reduce cost of doing business.
The 11MP, announced last Thursday by the prime minister in Parliament, is the latest five-year master development plan intended to drive the nation’s development over the 2016-2020 period.
Source: Kinibiz