Malaysians Capitalising On London's Property Investment

KUALA LUMPUR, May 6 (Bernama) -- Malaysia is among the countries that is capitalising the lucrative and transparent real estate market in London, United Kingdom. "Clarity in British rules and regulations has made it easy for foreign investors to transact in the United Kingdom," said Knight Frank LLP, a leading independent global property consultancy, in a statement Wednesday. Among the recent Malaysia-related deals was the sale of the Employees Provident Fund's prime office – One Sheldon Square - in Paddington to a UK REIT British Land for £210 million (US$319.32 million) at a 4.5 per cent yield. In 2013, Kumpulan Wang Persaraan (Retirement Fund Incorporated) bought the Richard Rogers-designed skyscraper, 88 Wood Street, from the National Pension Service of Korea for £200 million (US$304.06 million) reflecting a 5.8 per cent yield. Others included the purchase of a government building by Tabung Haji (Malaysia's Pilgrims Fund Board) for £205 million (US$311.66 million). In addition, tax regime and long lease terms in the United Kingdom gives investors a more secured investment environment, it said, adding that investors were able to access accurate market information about particular assets. "London is one of the largest and most dynamic cities in the world, and therefore offers a wide range of investment opportunities. It has the ability to evolve and create new submarkets," the statement added. -- BERNAMA