Residents from China and Taiwan also being wooed in
'Malaysia: My Second Home' programme
By LEONARD LIM
(SINGAPORE) The Malaysian government is believed to be
targetting for the first time residents from Singapore, China and Taiwan
in its 'Malaysia: My Second Home' programme.
Green Dales Worldwide Sdn Bhd, the government's official sponsor and representative
for the programme, placed an advertisement in The Business Times yesterday
inviting Singaporeans to apply. The advertisement was the first to be
published here since the programme was launched in December 2002.
Formerly known as the Silver Hair Programme, the government
initiative allows people from all over the world who fulfil certain criteria
to live or retire in Malaysia on a social visit pass with multiple entry
visa.
Under the latest programme, two key criteria must be met
by applicants. First, they must have a sponsor that has been appointed
by the Immigration Department of Malaysia, like Green Dales.
Second, the said sponsor must provide a security bond
to the Malaysian government for the applicant.
If the applicant is found in breach of Malaysian laws
or any of the conditions under the programme, this money is surrendered
to the government and the applicant's pass withdrawn. BT understands that
a usual bond price paid by Green Dales is RM2,000 (S$910).
S K Chan, chief executive of Green Dales, gave three reasons
Singaporeans were sought after: the island-state's proximity to Malaysia,
the multitude of Singapore investments there, and the relatively attractive
cheaper cost of living across the Causeway.
'The main aim of this programme is to boost our economy.
Foreigners coming here will spend on property, accommodation, transport
and food,' he said. Malaysians have always welcomed Singaporeans to travel
and shop there because of their high spending power.
The continued economic downturn, which has cost people
jobs and pay in Singapore, could be another reason Singaporeans will increasingly
see Malaysia as an alternative place to live.
BT understands there have been about 1,000 successful
applicants since the programme was launched, and most are from China and
Britain.
The current initiative has borne more fruit than its predecessor,
which saw a 'three-digit figure' in its six years of existence.
That programme was launched in 1996 to help housing developers
reduce the over-hang in the property market by selling units to foreigners.
It was a 'total failure', according to an industry source.
The source also told BT that the current programme is
not really as successful as expected. Many applicants do not live in Malaysia
but continue to reside in their home countries, hence failing to boost
the economy.
On whether the advertisement was in response to the Malaysian
government's announcement last week that it would relax property ownership
rules for foreigners, the source said he felt this was not the case, as
applicants are not obliged to buy property in Malaysia.
Meanwhile, Malaysian service apartments developer Mayland
invited Singaporeans to invest in the country's property market yesterday.
It is offering Singaporeans a special 6 per cent guaranteed return a year
for the first two years.
