Australia developer turns to Malaysia for growth
Australia developer turns to Malaysia for growth.
Projected returns in the housing market in Malaysia are stronger than in Australia.
The largest Australian developer, Lend Lease Group, is currently planning three new development projects in Malaysia.
The reason is said to be the higher growth projected for Malaysia than in Australia– in 2012, Malaysia’s home property market rose over 5% whereas Australia’s rose by nearly 3.5% during the same time. Lend Lease Groups wants to diversify their earnings and become less reliant on the Australian market alone over time.
The likely focus for development for the Sydney-based company is in mixed-use property including retail space. Speculation suggests that shopping malls may be a fair choice for the developer, allowing them to tap into the growing wealth of middle-class Malaysia.