Sabah to launch own Malaysia My Second Home
Published on: Tuesday, September 20, 2022
Masidi and Chua (ninth and sixth, left) with all the award recipients and organising committee members after the presentation.
Kota Kinabalu: Sabah will launch the Sabah Malaysia My Second Home (SMM2H) programme soon, said Chief Minister Datuk Seri Hajiji Noor.He said the State Cabinet has approved the SMM2H programme to be launched once the final details are firmed up and adjustments made.
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“It will make Sabah more attractive to foreigners wishing to move and live in the State.
“Sabah’s programme will not follow the new requirements meted out by the federal MM2H. With our own SMM2H, we aim to make Sabah more attractive to foreigners wishing to move to and live in Sabah.
“We hope to see high-value foreigners and talents moving to Sabah, and creating economic spin-offs,” he said, Monday.
Hajiji said so far, Sabah has remained consistent in terms of attracting foreign investments.
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“This is due to the many opportunities the State has leveraged on multiple sectors across the State. The Malaysian Investment Development Authority (Mida) has listed Sabah as having secured RM9.9 billion worth of foreign investments from January to September 2022, effectively ranking Sabah as the third highest in the country.
“Sabah will push this momentum and we are confident Sabah is and will continue to be an attractive destination for investment. We strive to be investor-friendly and be rest assured that the State Government will ease all hurdles to facilitate investments,” he said.
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The Chief Minister commended Sabah Housing and Real Estate Developers Association (Shareda) for bringing together developers who pool their expertise and resources to shape and move the industry and economy.
“I wish to commend Shareda and its members for the role you have played as partners in progress, sharing your views and inputs to shape government policies and real estate and housing development.
“You have been at the forefront of nation-building through your work. You are important assets of a nation and I want to see Shareda step up efforts to do better,” he said.
Meanwhile, Sahreda said the Sabah version of MM2H could benefit the State with RM1 billion in property investments annually.
“This will be achievable if the policies of the Sabah MM2H are simplified and made easy to comply with,” said its President Datuk Chua Soon Ping.
He was speaking at the 42nd anniversary of Shareda Night 2022, themed “Moving Forward”, at the Sabah International Convention Centre, here, on Sunday.
The event was officiated by State Local Government and Housing Minister Datuk Seri Masidi Manjun who represented Hajiji.
Chua said Hajiji lowered the threshold for foreign ownership of properties in Sabah from RM1 million to RM600,000, effective April 6, 2022.
“The requirements for the peninsula MM2H are still very high — applicants are required to deposit RM1 million into a merchant bank, plus a monthly income of over RM40,000 and a minimum stay of 90 days,” he said.
On the relocation of Indonesia’s capital city Nusantara to East Kalimantan, he said this would pave way for never-before-seen avenues for Sabah in terms of economy, travel and investment opportunities.
“The population in Borneo could potentially grow to over 88 million people from this relocation.
“And this means the island could be self-sustaining with help from neighbouring Asean countries, plus China, India, Japan, South Korea and Australia which contribute to approximately 50 per cent of the world population of 3.7 billion,” he added.
He said a free trade zone and a proposed international deep-sea port in Lahad Datu would provide enhanced infrastructures and logistic connections to open up the vast resource-rich regions of Borneo, Southern Philippines, Sulawesi and Australia.
He also envisioned Sabah to create Green City like the Palm Jumeirah in Dubai.
“From an arid and barren climate, they managed to create international metropolises. In contrast, Sabah still has the opportunity to develop more organic, sustainable cities, business and industries.
“If we had to propose a location for this Green City, it will be Tuaran, due to its proximity to the city centre and its beautiful coastline.
“Sabah, too, can have an iconic landmark, a city in the shape of the Rafflesia flower — its outline will become the streets of this new city,” said Chua.
Shareda also continued its tradition of honouring the work and dedication of its members and those who supported the housing and real estate industry in Sabah.
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