UEM Land Holdings Bhd., Malaysia’s biggest developer by market value, will start selling 4 billion ringgit ($1.3 billion) of new residential and commercial projects this year, targeting Singaporean buyers.
Malaysian stocks rose, driving the benchmark index to a record close, as government plans to boost the economy and an appreciating currency bolstered foreign investment in the market to a two-year high.
Overseas investors who sold the most Malaysian stocks in at least two years in August may sell more shares even as the government pledges reforms to attract foreign capital, CIMB Group Holdings Bhd. said.
Malaysia’s stock index may surpass levels before the start of the global financial crisis in 2008 as the government accelerates economic reforms and construction projects, CIMB Investment Bank Bhd. said.
Malaysia Prime Minister Najib Razak said stocks and the ringgit would plunge if he loses next month’s election, contrasting his government’s pursuit of stable change with the upheaval that has engulfed the Middle East.
Malaysia’s ringgit climbed to the strongest per dollar since October 1997 while the benchmark stock index rose to its highest level in more than 31 months as the outlook for the nation’s exports improved.