'Buy up Bumi property quota'

(NST) - Government agencies have been urged to buy business premises in high-end shopping malls, like Pavilion and KLCC, and rent them out to Bumiputera entrepreneurs. 

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SHAH ALAM: GOVERNMENT agencies have been urged to start buying Bumiputera-quota properties not only in strategic areas but also in up-and-coming small cities.

Perbadanan Usahawan Nasional Bhd (PUNB) chairman Datuk Seri Mohd Ali Rustam said this must be done immediately if the government planned to achieve 30 per cent ownership in seven years.

"The prime minister touched on the low ownership of shophouses. At only five per cent nationwide, this is too low.

"If we want to achieve 30 per cent, we must immediately start buying Bumiputera quotas in private real estate development projects in strategic areas, small cities and rural areas as the value will appreciate.

"For example, in Malacca, a few years ago, a two-storey shophouse had cost about RM120,000, now it is RM400,000," he said yesterday.

The perception that properties outside city areas are not profitable, he said, must be discarded as government agencies could still break even with the income from properties in more profitable areas.

Meanwhile, former PUNB chairman Khairy Jamaluddin said business premise for Bumiputera entrepreneurs should be provided at a reasonable cost.

"If we go to high-end shopping malls like Pavillon, Fahrenheit or KLCC, we can see that the presence of Bumiputera entrepreneurs are really small.

"We hope PUNB and other agencies can buy such premises and rent them out or sell them to Bumiputera entrepreneurs (at a reasonable price)," said Khairy, who is also Youth and Sports Minister.

Khairy also welcomed the streamlining of Yayasan Wakaf Malaysia into Wakaf Korporat to manage non-financial assets of Muslims Bumiputeras including real estate to optimise its value.

He said with this initiative, wakaf land in strategic areas could be developed and rented out to Bumiputeras and at the same time, increase Bumiputera ownership with the government's assistance.