Chasing Alpha

Venture Capital & Private Equity Investments

NOTICE
This Document is a property of TFG Asia and is provided on a private and confidential basis. This Document must not be
reproduced in whole or in part nor may any of its contents be divulged to any third party for any purpose without the express
written consent of the Company.

The information used in this Document has been obtained from sources deemed to be reliable. Except as required by law, the
Company and its officers, employees, agents and advisers do not accept any responsibility for or liability whatsoever in respect of
any loss, liability, claim, damage, cost or expense arising as a consequence (whether directly or indirectly) of reliance upon any
information or any statement or opinion contained in this document, nor do they make any representation or warranty (whether
expressed or implied) as to the accuracy or completeness of this document or its contents. This Document is not an offer
document and cannot give rise to any contract.

Parties to whom this document is provided must make their own assessment of its contents and undertake such additional
enquiries as they deem necessary or appropriate for their own purposes. Any costs arising out of a response, save those expressly
agreed, are not the responsibility of the Company, or any other parties mentioned in this document.

CONTENTS
SECTION

PAGE

About TFG Asia

Introduction

The Private Equity Industry

10

TFG Asia Value Proposition

14

Return On Investments

19

Investment Structure

21

Investment Methodology

24

Asset Classes

28

INVESTMENT OBJECTIVE LONG TERM

ORGANIZATIONAL STRUCTURE
ABOUT TFG ASIA

TFG Asia

ABOUT TFG ASIA

THE FIDELITY GROUP (TFG)

!The Fidelity Group (TFG) comprised of three affiliates , a strategic partnership initiatives, a lending division and Venture Capital & Private Equity division. TFG

seeks to capitalise on emerging investment opportunities in ASEAN region across all asset classes. We aim to provide equity capital and management expertise to
companies with good fundamentals and growth potential in most industry sectors seeking investment for operation and expansion.

!TFG mainly evaluates medium-sized businesses and project companies with the objective of transforming them into market leaders in the respective fields to deliver

strong and consistent returns to its stakeholders. We also explore deal opportunities in the Mezzanine Investment and Mergers & Acquisition space to capitalise on
special situations investments.

!!
!Fidelity Funding is a private equity and venture capital firm, specialising in small to mid-cap companies with over 50 years of combined management experience
FIDELITY FUNDING SDN. BHD.

and track record of successfully identifying promising new enterprises. Our approach to each investment opportunity is simple: while we investigate opportunities
within virtually every sector of the ASEAN economy, we focus on companies which are cash flow positive, have annual revenue of $5 to $50 Million and
enterprises values of above $10 Million. Each company must also have strong management team with a history of proven success. Most importantly, companies that
we evaluate must have strong potential for capital appreciation and value creation for our investors.

!
!FVSB is Special Purpose Vehicle that focuses on creating a fixed income portfolio which is actively engaged in the acquisition of consumer financing portfolios
FIDELITY SPV1 SDN. BHD.

throughout Malaysia. The Trust has currently secured $200 Million of Loans Portfolio with the objective of reaching $500 Million. Because of its varied expertise
and simple structure, FVSB has the flexibility to look at a wide variety of fixed income opportunities and enter into innovative and bespoke deal structures. With
TFG's privately-held and closely-managed company, management is capable of acting quickly to take advantage of new opportunities in this asset class.

!
!FCSB main involvement are distributing property loan products to property buyers in Malaysia. FCSB has 80 Sales Personnel spread out across 5 states in Malaysia.
FIDELITY CAPITAL SDN. BHD. *

Currently, FCSB is generating on average, $25 Million worth of property loans per month. With our highly experience and motivated management team in place, we
are aiming to originate $50 Million loans on a monthly basis by Year 2014. Fidelity Capital has been crucial to Fidelity Funding by way of a distributing arm to
Fidelity Funding. Throughout our history, FCSB has remained a reliable and dependable source of finance. Today, we are one of Malaysia's leading Loans
Distributor providing consumers with a broad range of innovative, financial products and services. In short, we are an alternative that offers innovative solutions at
competitive prices to support customers with greater choice and freedom.

!!
!*Sold and Disposed to HCK Capital Berhad in 2013.

ABOUT TFG ASIA

Fidelity Funding Sdn. Bhd.

Fidelity Funding Sdn Bhd is a licensed and registered venture capital company with the Securities Commission of Malaysia
pursuant to the Capital Markets and Services Act 2007. TFG Asia seeks to capitalize on emerging investment opportunities
in the ASEAN region across all asset classes. TFG Asia mainly evaluates medium-sized businesses and project companies
with the objective of delivering strong and consistent returns to its stakeholders. We also explore deal opportunities in the
mezzanine investment and mergers & acquisition space to capitalize on special situations investments.
Fidelity Funding Sdn Bhd is also a non-deposit taking financial service company classified and registered as scheduled
institution under the Section 21(1) of the Banking and Financial Institution Act 1989 (BAFIA). The group seeks to
capitalize on emerging financing and factoring opportunities in Malaysia with an initial focus on property financing and
consumer financing with the intention to grow its financial services portfolio. The company has established strong longterm relationship with local and foreign financial institutions in undertaking its activities.

The Partners in TFG Asia comprises a group of seasoned professionals who bring with them financial and operational
expertise, experience and network across the sphere of investment banking, corporate strategy, risk management, marketing
and civil service.

ABOUT TFG Asia (Contd)

BOARD OF DIRECTORS
Tan Sri Dato Seri Mohd Jamil Bin Johari, Chairman
He is a graduate from the University of Malaya with a Bachelor of Arts (Hons) degree and Diploma in Education. He also obtained a Master of
Arts in Political Science from the University of Washington, Seattle, Washington, US. He joined the Royal Malaysian Police in January 1971 as
Chief Inspector and retired with the rank of Deputy Inspector General of Police in May 2002. Thereafter, he was appointed as High Commissioner
of Malaysia to Brunei until July 2004. He is the Chairman and Independent Non-Executive Director of two company listed on the Main Market of
Bursa Securities Malaysia and Chairman of a private limited company involved in information technology services
Dick Yong Foh Fatt, Director
Prior to joining Fidelity, Dick was with American International Group (AIG) in the Investment Risk management division. Dicks portfolio
included the energy sector and banking & finance sector. A graduate in banking and finance from RMIT University, Australia and an MBA, proves
beneficial to Fidelity. He is an associate of Australasian Institute of Banking & Finance (AIBF) and a Senior Associate of Financial Services
Institute of Australia (SA Fin). His responsibility include setting the strategic direction for Fidelity group and developing new businesses for the
group.
Wan Badroel Hisham, Director
Wan Badroel Hisham has 18 years experience in the field of investment banking. He was involved in various investment banking transactions,
covering origination, structuring and distribution of securities offerings, which include debt & equity offerings and mergers & acquisitions. His
clients include government linked companies, government agencies, large corporates and project companies. Throughout his career, he has held
various positions with responsibilities for originating, structuring, executing and overseeing investment banking transactions. He also undertook
various management responsibilities, including, strategic planning, resource management and financial management. He has served in some of the
large banking groups as well as independent investment banking firms, including Affin Investment Bank, RHB Investment Bank, MIDF Amanah
IB and Kenanga Investment Bank.
James Raymond Burke, Director
Since joining the Fidelity Funding Sdn Bhd in 2008, Mr. Burke has been involved in a variety of real estate acquisitions and initiatives in the
United States, Europe and Asia, and has played a key role in the financing investments across all Asset Class. Before BNP, Mr. Burke was at
Lazard Frres & Co. in the real estate investment banking group. Mr. Burke received an Bacherlor of Economics Degree from University of
Queensland.
7

INVESTMENT OBJECTIVE LONG TERM

ORGANIZATIONAL STRUCTURE
INTRODUCTION TO VC & PE INDUSTRY

TFG Asia

MALAYSIA VENTURE CAPITAL & PRIVATE EQUITY

The government is well aware that the innovation eco-system in

Malaysia needs to be tweaked and fine-tuned. We have been
listening to the voices from the ground and have taken stock of the
needs and requirements of the business and industry sector. It is
the private sector that has to generate income that we need to be
high-income economy. For the private sector to do this effectively,
we have to create the right environment-from funding to talent to
government policies - Prime Minister Dato Sri Najib Tun Razak

MALAYSIAN VENTURE CAPITAL INDUSTRY

Out of the 112 registered VCCs and VCMCs as at end

of 2012, 100 are locally-owned, 10 are joint ventures
while two others are foreign-owned.

As compared to the previous year, the total committed
funds as at end-2012 stood at RM5.698 billion which
represented an increase

The government remained as the main funder to the
VC industry, contributing 54.07% of total committed
funds, equivalent to approximately RM3.081 billion
as at end of 2012 (Chart 1).

In addition to government funding, local companies
and foreign companies as well as individuals
continued to support the industry by contributing
23.27% and 10.64% respectively. Other contributors
such as banks, insurance companies, pension and
provident funds, and local individuals have increased
their

Source: Securities Commission Malaysia

Annual Report 2012,

10

MALAYSIAN PRIVATE EQUITY

Often overshadowed by China and Japan, Southeast

Asia has started to earn
its share of
attention, with Malaysia, Indonesia and Vietnam
garnering increased PE investments. Nonetheless, the
6 countries that together constitute almost all of
Southeast Asias PE industry, Indonesia, Malaysia,
Philippines, Singapore, Thailand and Vietnam,
remain at vastly different stages of development

Malaysia, a catalyst for PE investment - Malaysias

economy is expected to sustain growth at a slightly
faster pace of 5.4% in 2013, underpinned by resilient
domestic demand and continued progress in the
implementation of economic programmes.

The current market consensus expects the Central

Bank to keep the OPR stable at 3.0% in 2013.

The country s monetary policy remains

accommodative and supportive given that loan
growth and broader money supply are expected to
expand at a robust pace of 10-11% and 13%
respectively.
Source:
Private Equity Asia Pacific, Mckinsey & Co
Global Private Equity Report 2013, Bain & Co
11

SOUTH EAST ASIA PRIVATE EQUITY

SEA Correlation

Private investments and GDP correlation - As

a
percentage of GDP, PE industry penetration rates
remain low in Asia in comparison with those in
PEs traditional homelands of the United States
and United Kingdom

Players looking toward Southeast Asia have had

good reason for optimism, given recent stability
and
performance.
The
regions
many
conglomerates present a particular opportunity
for PE firms with advanced skills in carve-out
deals .

There is an overarching conclusion from the

Asian PE deal data for 2011, that smaller deals
are driving much of the
industrys growth.
Across Asia as a whole, PE investments deal
volume has more than doubled over 2010, but
the average deal size is substantially smaller.

Source:
Private Equity Asia Pacific, Mckinsey & Co
Global Private Equity Report 2013, Bain & Co
12

GLOBAL PRIVATE EQUITY

PEs prospects in the rest of the world remain largely

tied to macroeconomic conditions in the big emerging
markets of Asia and Latin America. More certain GDP
growth going into 2013 could be strong enough to
support more deal activity, but the specifics of how
that will play out will vary from country to country.
Meanwhile, as China slows and India looks for a path
forward, the emerging economies of Southeast Asia
continue to enjoy strong GDP growth that is attracting
the increased attention of PE investors looking for
investment opportunities.

Asia Pacific region now accounts for 21 percent

of the global PE industry, that level is still lower
than its share of global GDP, which has reached
28 percent. The regions low PE penetration rate
also confirms the likelihood of room for further
growth.

Source:
Private Equity Asia Pacific, Mckinsey & Co
Global Private Equity Report 2013, Bain & Co
13

INVESTMENT OBJECTIVE LONG TERM

ORGANIZATIONAL STRUCTURE
TFG ASIA VALUE PROPOSITION

TFG Asia

VALUE PROPOSITION

Independent, Nimble
Value Management

As an independent private equity firm, TFG Asia provides value added

services to investors and strategic investors by providing a dedicated, focused
and nimble approach to managing investments and acquisitions.

Focused on Core
Investing Activity

Our core activity is in investing with a clear objective of maximizing and

realizing value on the investments for our investors without the burden of
bureaucracy and non-core activities.

No upfront Investor
Commitment &
Collaborative
Approach
Minimal Expenses &
Overheads with No
Upfront or Retainer
Objectivity and Clear
Alignment of
Interest
Originate Acquisition
& Investment
Opportunities

Unlike typical PE firms, our investment process are structured as a

collaboration with investors and the ultimate investment decisions are made
by the investors, while we originate and negotiate deals and provide value
management throughout the investment period

Our services will relieve investors from carrying overheads and expenses in
managing the acquisition process and maximizing value on the investment
throughout the investment period

We have a fiduciary duty to maximize the value of investments and our

compensation structure is closely linked to the performance of the
investments and only upon realization of investments or upon exit.

Being a key stakeholder with clear alignment of interest with investors, will
ensure that we originate the best potential deals and provide aggressive value
management with a clear objective of maximizing return on investments.

15

INVESTMENT PROCESS

TFG Asia strive to differentiate ourselves from other PE firms by developing a different investment structure
and model with the aim of delivering value to our investors.

Unlike typical PE firms whereby funds are raised upfront and investment decisions are made solely by the PE
firms, we only raise funds from investors after the investment decisions are made by the investors.

Post investments, TFG Asia shall provide value management services towards enhancing the shareholders
value leading to exit to generate the desired ROI.
PRE INVESTMENTS

POST INVESTMENTS

INVESTMENT
PARAMETERS

DEAL ORIGINATION
& STRUCTURING

INVESTMENT
DECISIONS

VALUE
MANAGEMENT

INVESTMENT EXIT

Investors and TFG

Asia shall develop
investment
parameters based on
the objectives and
requirement of
investors

TFG Asia shall

source and originate
potential acquisition
and investment
opportunities based
on the predetermined
investment
parameters

TFG Asia shall

perform quantitative
and qualitative
analysis based on
our investment
methodology and
the investment
decision shall be
made by the
investors

TFG Asia shall

manage the
investment and
provides aggressive
value management
with a clear objective
of enhancing
shareholders value
during the
investment period

TFG Asia shall

manage the exit
process through
various available
channels with a view
of optimising value
and returns to
investors

Investment amount
Industry/Sector
Minimum Equity
Financials

Origination
Structuring
Negotiation

!
!
!

16

Trade Sale
IPO
Strategic Buyer
Sponsor-toSsponsor

VALUE MANAGEMENT

As investment professionals, TFG Asia understands that in order to generate the desired returns to
investors, we need to provide aggressive yet nimble value management to ensure that the investment is
protected while striving to achieve maximum ROI

Value management may take up a significant investors resources and time. As such TFG Asia shall
undertake the value management tasks throughout the investment horizon, relieving investors of valuable
resources for other activities.
INVESTMENT HORIZON
LAYING THE GROUND
WORK

VALUE MANAGEMENT

EXIT PREPARATION

TFG Asia shall

incorporate the relevant
mechanism to ensure
seamless entry of our
investment and
integration with
management team with
focus in the following
areas:

This is a critical period whereby TFG Asia and the

management team shall execute the agreed
expansion plan while developing strategic options in
enhancing value to investors

Throughout the
investment horizon,
TFG Asia is focused on
enhancing value in
preparation for
eventual exit.

Governance
Financial Management
Strategic Plan

Mergers & Acquisition

Non-core divestitures
Expansion
Capital Management
Fund Raising
Supply chain management
Gap analysis

TFG Asia shall explore,

evaluate and execute
the optimum exit
strategy to deliver the
desired ROI to
investors.

17

PARTNERSHIP
TFG Asia believes that with the right partnership between
investors and PE professionals, private equity investments is still
the best-performing asset class in the mid to long-term horizon.

Many established PE firms have grown too big. Independent

and agile new PE firms such as TFG Asia will provide appealing
options to investors that should merit backing from investors.

Our collaborative model between investors and TFG Asia will

find creative new ways to work together for mutual success and
TFG Asia will devote our attention and resources to develop a
distinctive strategy.

Our investment structure which do not require upfront investor

commitment will motivate us to source and originate the best
possible acquisition potential and investment opportunities.

Our compensation structure which is closely tied to the

performance of the investment will ensure mutual objectivity
and clear alignment of interest between investors and TFG Asia.

18

The performance edge of the

private equity industrys strongest
funds hinges less on the specific
size and types of deals a fund
targets than on the alphagenerating capabilities of the
private equity firms that manage
them Bain & Co

PE is resilient, nimble and has

d e m o n s t ra t e d a n a b i l i t y t o
withstand shocks. Its no wonder
private equity investors have
come out of the recession with a
renewed focus on organic revenue
growth, applying a more
entrepreneurial mindset to
working with their portfolio
companies - KPMG

PORTFOLIOS

TFG ASIA FIXED INCOME FUND

(2013)

TFG ASIA FIXED INCOME

FUND

Koperasi KOPERKASA Bhd- RM200 Million

Cost of Funds 4.75%

Koperasi Polis Diraja Malaysia Bhd- RM120 Million

Annual ROR 6.5%- 7.35%

Koperasi Kakitangan FELDA Bhd - RM75 Million

Annual Net Fixed Returns

1.75%-2.6%

TFG ANGKASA FUND

(2014)

TFG ANGKASA FUND

Cost of Funds 5.5%-8%

Iskandar Township Development- RM200

Million

Expected ROR 15% Above

Silverfly Airlines - RM68.5 Million

Annual Net Fixed Returns : 7%9.5%

Capital Gains : *25% Upon Exit

19

INVESTMENT OBJECTIVE LONG TERM

ORGANIZATIONAL STRUCTURE
RETURN ON INVESTMENTS

TFG Asia

RETURN ON INVESTMENTS
We are pursuing alternative investment strategies to optimize return on capital through active value
creation with focus on mergers and acquisition strategies

Unlike listed equity investments, we are active managers and will be directly involved in the management
of our investee companies

Alpha Strategy
Identifying exit options and potential valuation multiples at the inception of investment proposals
preferred industry in the M&A space i.e. liquidity factor
Disciplined and focused approach to execution of strategic plan, capital management and growth
projections
Quick turnaround followed by optimum exit in order to multiply investments
To keep capital fully invested to maximise absolute return

Our target is to beat investment return from conventional avenues with a target of beating key benchmark
such as average equity indices

Based on our approach, we are targeting an Equity IRR of 15%-20% for each investments

21

INVESTMENT OBJECTIVE LONG TERM

ORGANIZATIONAL STRUCTURE
INVESTMENT STRUCTURE

TFG Asia

INVESTMENT STRUCTURE

We believe the structure will provide for an efficient and effective

platform in implementing private equity investment strategies
TFG Asia (Management Co)

INVESTORS

Investment Mandate

Investment Co

Investment

FINANCIAL
INSTITUTIONS

Debt

SPV/TRUST CO
(Investment Co)

TFG Asia
(Management Co)

Real Estate

TFG Asia establishes Investment Co,

(onshore or offshore) as a special
purpose investment company whereby
investors shall invest in Investment Co
upon signing of definitive agreement on
each investments.

Preference
Shares

Pre-IPO/
Mezzanine
Investments

Management Co
to originate and
manage investments for the investors
based on the agreed parameters via an
Investment Mandate

Investment Co shall invest and

subscribe to Redeemable Preference
Shares in the agreed investment asset
class.

Private Equity

Investment Co may leverage total

investment amount to optimize return
on investments.

ASSET CLASSES

Management Co shall manage the

investors investment via the SPV.
23

COMPENSATION STRUCTURE

FEE STRUCTURE
Our compensation structure is designed to facilitate our investors and to minimise expenditure in return for
giving us the opportunity to provide value added investment management services to investors

Mutual Objectivity and Clear Alignment of Interest

No Upfront Fees or Retainer Fees
To minimise cost and expenditures by investors in managing the investments to increase IRR
TYPE

QUANTUM

REMARKS

Management Fee

2% p.a. on investment
amount

To minimise investors cost, the Management Fee

shall be charged to the investee company upon
commencement of investment

Performance Fee

20% share of capital gains

As incentive and to provide alignment of interest,

the Performance Fee is only payable upon exit or
realisation of investments

OUR ROLES & RESPONSIBILITIES

DEAL ORIGINATION

VALUE MANAGEMENT

MANAGING EXIT

The Partners in TFG Asia have well established relationship within the financial and business community
that gives them access to deals sources (investment opportunities as well as exit options) and to tap
industry talents to represent our investments.

24

INVESTMENT OBJECTIVE LONG TERM

ORGANIZATIONAL STRUCTURE
INVESTMENT METHODOLOGY

TFG Asia

INVESTMENT OBJECTIVE & PRINCIPLES

TFG Asia shall observe the following key investment objectives in evaluating and pursuing each investments
O
B
J
E
C
T
I
V
E
S

In pursuing the investment objectives, TFG Asia shall observe key investments principles which we believe are
critical success factors to achieve a successful investment venture.
P
R
I
N
C
I
P
L
E
S

26

INVESTMENT METHODOLOGY PRE INVESTMENT

The basis of investment decision making will be on rigorous debate and intellectual discussions on the
merit of each investments while allowing for speed of execution
METHODOLOGY

ROLES & RESPONSIBILITIES

TFG Asia

To source and originate potential

a c q u i s i t i o n s a n d i nve s t m e n t
opportunities

TFG Asia

To form an investment thesis,

including investment horizon and
potential exit
Q u a n t i t a t i ve a n d q u a l i t a t i ve
evaluation for pre and post
acquisition, including strategic plan

TFG Asia

TFG Asia

Acquisition structure, instruments,

timeline, settlement, equity control

Investors & Pricing, acquisition structure,

governance, management control,
TFG Asia
key executives retention
Financial close

27

INVESTMENT METHODOLOGY POST INVESTMENT

The critical period to enhance value of investments through aggressive management, implementation of
growth plan and developing strategic options
METHODOLOGY

ROLES & RESPONSIBILITIES

TFG Asia

To develop a realistic strategic plan

together with management team
to build value leading to exit

TFG Asia

To incorporate governance system

(Board/Exco/Authority/CAPEX) incl.
appointment of industry experts.

TFG Asia

To manage balance sheet with

optimum form of capital structure
and manage cost of capital

TFG Asia

Execute and monitor pre-agreed

strategic plan and progress

Investors & Formulate exit strategy and

options via asset injection, trade
TFG Asia
sale or IPO
ROI

28

INVESTMENT OBJECTIVE LONG TERM

ORGANIZATIONAL STRUCTURE
ASSET CLASSES

TFG Asia

CATALYST

The Malaysian economy continues to be vibrant despite increasing volatility from external factors.
Potential

Acceleration in the implementation of

various economic transformation

Catalyst

Emerging Asia's latest GDP forecasts

2010

2011

2012

2013

Actual

F'cst

F'cst

F'cst

US

3.0

1.8

2.1

1.4

EU

1.8

1.5

-0.6

Emerging Asia

9.3

7.5

7.1

7.4

China

10.3

9.2

8.6

8.5

India

8.5

7.0

6.8

7.6

ASEAN

7.8

4.7

4.7

5.3

Indonesia

6.1

6.5

6.0

6.3

Malaysia

7.2

5.0

3.6

5.0

Philippines

7.3

3.7

4.4

5.9

Singapore

14.5

4.5

2.8

4.0

7.8

1.8

4.0

3.9

GDP Growth (yoy)

programmes.
Greater M&A activities and governmentlinked companies.

Strong and

Malaysias strong economic fundamentals.

solid system

Liberalisation efforts by the government.

Sustained domestic corporate earnings
growth attracting portfolio inflows.

Thailand

Indicator

Source: CEIC, BofA Merrill Lynch Global Research estimates

Key economic data indicates the economy remains resilient and

there is a need for private financing and investments to finance
future growth.

30

PRIVATE EQUITY
Deal activity is likely to pick up in 2013 as private equity managers put more capital to work. Sectors such as
oil and gas, real estate, healthcare, distressed debt, and infrastructure may be ripe areas to mine
for opportunity in the year ahead - Deloitte
Preferred Sector
ASSET CLASSES
CATEGORY
CRITERIA
Private Equity/Pre
IPO & Mezzanine
Investments

Aggressive

Across various sectors and

industry
Private Equity (3-5 years
horizon)
Pre IPO & Mezzanine (6-12
months horizon)
Preferred sector in the M&A
space
Scale and growth potentials
backed by strong client base/
contract counterparty
Structuring consideration
valuation and cashflow ring
fencing techniques
31

Infrastructure &
Construction
Oil & Gas
Real Estate
Pharmaceuticals &
Healthcare
Industrials
Announced M&A Deals 2011
Oil & Gas
Real Estate
Services
Financials
Entertainment
Oil & Gas
Real Estate
Services
Financials
Entertainment

REAL ESTATE
ASSET
CLASSES

CATEGORY

Real Estate

Defensive

CRITERIA

Preferred Sector

Key location for capital gain and

higher liquidity

Sale and leaseback arrangement

Horizon 1-5 years

Option to leverage

Developers launch and boutique

development

Residential properties will still do well in terms of numbers. For certain areas, prices will
increase. But overall for this year, there will be an adjustment in terms of prices, which are
expected to moderate - Valuation and Property Services Department, Ministry of Finance
The approval of the MRT 2 and 3 lines and the KL-Singapore high speed rail, along with the
acceleration in awards of government redevelopment projects such as the Rubber Research
Institute of Malaysia land in Sungai Buloh, the financial district of Tun Razak Exchange and
Bandar Malaysia in Sungai Besi, should also boost interest in the sector HwangDBS
Vickers Research
Source : Valuation and Property Services Department, Ministry of Finance
HwangDBS Vickers Research
32

Commercial
Landed residential
Condominiums
House Price Index

House Price Change (%)

THANK YOU