KINIBIZ The federal government will allow bumiputera institutions to buy unsold bumiputera lots in property developments as part of its larger effort to help the bumiputera community, according to the 11th Malaysia Plan (11MP).

According to the document, the government will soon introduce a mechanism to enable bumiputera institutions to purchase unsold bumiputera-quota properties in new property developments.

“These institutions will own the property and receive rental income until the property is acquired by interested bumiputera,” read the document.

The proposed mechanism comes under Putrajaya’s strategy to enlarge the bumiputera share of wealth ownership in the country, which is underpinned by strengthening institutional-based programmes for asset ownership.

Other efforts under the strategy include continuing focus by entities such as Majlis Amanah Rakyat (Mara) and Perbadanan Usahawan Nasional Bhd (PUNB) to buy strategic business spaces or shop lots to be rented to bumiputera entrepreneurs.

In turn this strategy is one of five main strategies that drive the government’s Bumiputera Economic Community (BEC) enhancement effort.

For the full story go to KINIBIZ .