News: Malaysia - leading Asian buyers of Aussie properties
Malaysian companies are spearheading the acquisition of properties located in Australia's resource-rich states, as other Asian buyers increase their investments in the country, according to a report by The Australian.
From A$1.5 billion (RM4.9 billion) in 2008, overseas investors now own 18 office towers in Brisbane valued at around A$3 billion (RM9.8 billion), said Geoff McIntyre, Queensland Managing Director at Jones Lang LaSalle (JLL).
Malaysian investors interested in Australian properties include Permodalan Nasional Berhad (PNB), Employees' Provident Fund (EPF), Tabung Haji, Amcorp Group Berhad and Kumpulan Wang Persaraan Diperbadankan (KWAP).
KWAP, PNB and the EPF had already acquired properties in Australia and KWAP is acquiring the Exchange Centre at Bridge Street, Sydney.
Moreover, EPF had implemented an international property investment strategy in 2010 and within months, had pumped nearly A$500 million (RM1.6 billion)) into Australia's property sector, including its joint venture (J0056) with industrial property firm Goodman Group.
McIntyre also noted that PNB was the first major company from Malaysia to acquire a property in Brisbane, paying A$287 million (RM940 million) for Nielson Properties' Santos Place two years ago.
"Brisbane is slowly getting on the radar of offshore investors, although Sydney and Melbourne are still the main focus," he explained.
Aside from that, Malaysian companies are particularly interested in resource-rich states of Western Australia and Queensland. Malaysia has a huge gas and oil sector and its investors know its spill-over effect to the property segment, added McIntyre.
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