Answer for Oral Question PL236

QUESTION

Yang Berhormat Pengiran Haji Isa bin Pengiran Haji Aliuddin

YANG BERHORMAT PENGIRAN HAJI ISA BIN PENGIRAN HAJI ALIUDDIN asked the MINISTER OF ECONOMY, TRADE AND INDUSTRY to state whether other sectors such as real estate have been identified as potential areas for creating new investment opportunities, generating sustainable economic growth, supporting the diversification of the national economy, and thereby reducing dependence on oil and gas revenue?

ANSWER

Yang Berhormat Menteri Ekonomi, Perdagangan dan Industri

The real estate sector plays an important role in supporting the development of productive sectors such as tourism, trade, services and industry, in addition to contributing directly to the country's economic activities. Commercially viable real estate development can provide business premises, accommodation, commercial facilities and the infrastructure required to support the growth of these sectors.

Such development also has the potential to attract quality investment, create employment opportunities for locals, stimulate supporting industry activities and ensure more productive land use.

However, the development of the real estate sector depends on several key factors, including:

• Government policies and regulations relating to ownership, taxation and development requirements;
• The availability of basic infrastructure such as roads, electricity and water supply;
• The provision of conducive financial facilities; and
• Sufficient market demand and commercial viability.

At present, there are investment proposals, including larger-scale integrated developments that could potentially encompass business, tourism, recreation and basic infrastructure components. These proposals are still at the Government's evaluation stage, taking into account compliance with existing policies, planning requirements and current regulatory needs, as well as the potential socio-economic spin-off of the projects.

In evaluating these proposals, priority will be given to developments that support productive sectors, attract quality investment, create employment opportunities for locals and provide clear and sustainable economic benefits.