Pelaburan Hartanah Bumiputra (PHB), a government-owned company in Malaysia, has launched a S$418 billion (US$317 billion) investment trust to lure more Muslim Malays to invest in the Malaysian property market.
The Syariah-compliant Reit would allow Muslim Malays to increase their stake in real estate assets, said Malaysian Prime Minister Najib Razak, who is also the company’s chairman.
“I hope that this initiative will receive the rightful support from the Malaysian bumiputras, which will in turn contribute to the overall balance of the country’s economy,” he said.
PHB investors can acquire a stake in the Reit with a minimum investment of S$209 (500 ringgit) and can invest up to 200,000 ringgit, said the premier.
In June, Mr. Najib unveiled a development plan to attract much-needed foreign investment and encourage growth as Malaysia faces increasing competition from its neighbours.