Globalisation of Real Estate Market and Its Impact on Institutional and

GLOBALISATION OF REAL ESTATE MARKET AND ITS IMPACT ON INSTITUTIONAL AND URBAN CHANGE IN KLANG VALLEY

Associate Prof. Sr. Dr. Norhaya Bt Kamarudin

Department of Property Management

Faculty of Geoinformation and Real Esate

Universiti Teknologi Malaysia

Johor Bahru

ABSTRACT

The most important message emanating from this research is to confirm the central role of institutions in the economic development and competitive position in Klang Valley cities in the world economy. In Malaysia a clear definition and openness of the intended goals for the country, along with the initiatives that are made available to both public and private organisations through a focused, harmonised, transparent and accountable institutions structure has allowed the regulations and business markets to align their interest. Active feedback with the international business in developing policies has allowed businesses to realign their respective objectives, thereby avoiding shocks and increasing adaptability. This two fold advantage of effective implementation and continuous dialogued on policies is set to be taken further with the establishment of the Ministry of Federal Territory.

The research findings revealed that Klang Valley is clearly less dynamic and institutionally less developed when compared with the two examined cities; Hong Kong and Sydney. Similar to both Hong Kong and Sydney, Klang Valley has focused economic vision built around its aim specified under the Vision 2020 that is to play the role as the trade and transport hub of the South East Asia which it now wants to develop and expand to regional higher value added functions in corporate and IT services, niche research and development activity and tourism.