Public Acceptance of Durian Farmland Real Estate Investment Via Crowdfunding in Malaysia

Durian farmland investment in Malaysia has attracted growing interest due to its high export potential, especially for premium varieties such as Musang King and Black Thorn. However, the high development cost of durian farms, reaching hundreds of thousands of ringgit (RM) per hectare, remains a major barrier for small investors, making such opportunities exclusive to high-profile investors. Crowdfunding emerges as an inclusive alternative mechanism, enabling small investors to participate with lower capital while still accessing potential returns. Yet, public understanding and acceptance of this approach remain limited. The objective of this study is to identify the investment process of durian farmland via crowdfunding and to assess the level of investor acceptance. A mixed-methods approach was adopted, involving semi-structured interviews with Durian Capital Berhad and questionnaires distributed to working individuals with investment potential. Qualitative data were analyzed thematically, while quantitative data were examined using descriptive statistics with SPSS to assess demographics, awareness, and risk perception. Findings reveal that transparent structures such as the one-tree-one-investor concept, third-party trustee control, and capital guarantees enhance investor confidence. However, overall acceptance remains moderate, with risk and return perception as the most significant factors, followed by financial capacity, knowledge, discipline, and openness to expert advice. This study contributes to academic literature on alternative agricultural investment and provides practical insights for farm operators, small investors, and policymakers in strengthening Malaysia’s crowdfunding ecosystem.

Crowdfunding, Real estate investment, Durian farms, Small investors, Risk and return perception, Alternative agricultural investment

1. Abdul-Majid, M., Adham, K. A., & Mohd-Sobre, H. (2025). Viability assessment of bank-associated crowdfunding platform: A viable system model approach. Jurnal Pengurusan, 74, 155–170. https://journalarticle.ukm.my/16147/ [Google Scholar] [Crossref]

2. Agrawal, A., Catalini, C., & Goldfarb, A. (2013). The geography of crowdfunding. NBER Working Paper No. 16820. National Bureau of Economic Research. https://www.nber.org/papers/w16820 [Google Scholar] [Crossref]

3. Belleflamme, P., Omrani, N., & Peitz, M. (2015). Crowdfunding: Tapping the right crowd. Journal of Business Venturing, 29(5), 585–609. https://doi.org/10.1016/j.jbusvent.2013.07.003 [Google Scholar] [Crossref]

4. Che Hussin, A. R., & Zaid, A. A. M. (2025). Social capital theory and crowdfunding: A comprehensive exploration. International Journal of Entrepreneurship and Management Practices, 8(30), 58–66. https://gaexcellence.com/ijemp/article/download/5246/4830/18059 [Google Scholar] [Crossref]

5. Durian Harvests. (2018, October 25). Durian Harvests exports Musang King durian to China. Newswire. Retrieved from https://www.newswire.com/news/durian-harvests-exports-musang-king-durian-to-china-20685846 [Google Scholar] [Crossref]

6. Escudero, S. B., Anglin, A. H., Allison, T. H., & Wolfe, M. T. (2025). Crowdfunding: A theory-centered review and roadmap of the multidisciplinary literature. Journal of Management. https://doi.org/10.1177/01492063211073020 [Google Scholar] [Crossref]

7. Hassan, A., Kassim, S., & Saad, A. A. (2021). Islamic P2P crowdfunding (IP2PC) platform for the development of paddy industry in Malaysia: An operational perspective. Journal of Islamic Finance, 10(1), 65–75. Retrieved from https://journals.iium.edu.my/iiibf-journal/index.php/jif/article/view/503 [Google Scholar] [Crossref]

8. Indriani, A., Abdul Rahman, A., Mohd Nor, S., & Muhamad, N. S. (2024). Investor behavioral intention in investment-based crowdfunding: A systematic literature review. Jurnal Pengurusan, 40(1), 55–70. Universiti Kebangsaan Malaysia. https://www.ukm.my/jurnalpengurusan/article/investor-behavioral-intention-in-investment-based-crowdfunding-a-systematic-literature-review/ [Google Scholar] [Crossref]

9. Ishak, M. S. I., & Rahman, M. H. (2021). Equity-based Islamic crowdfunding in Malaysia: A potential application for mudharabah. Qualitative Research in Financial Markets, 13(2), 183–198. https://ideas.repec.org/a/eme/qrfmpp/qrfm-03-2020-0024.html [Google Scholar] [Crossref]

10. Kamarubahrin, A. F., Muhamed, N. A., Radzi, R. M., Nazarie, W. N. F. W. M., & Kamaruddin, M. I. H. (2023). Donation-based crowdfunding: Systematic literature review. Journal of Islamic Finance, 12(2), 45–60. https://journals.iium.edu.my/iiibf-journal/index.php/jif/article/view/821 [Google Scholar] [Crossref]

11. Kassim, S. F. M., & Shafii, Z. (2023). Pandemic chaos: Equity-based crowdfunding in Malaysia. International Journal of Academic Research in Accounting, Finance and Management Sciences, 13(1), 439–465. https://doi.org/10.6007/IJARAFMS/v13-i1/16421 [Google Scholar] [Crossref]

12. Lee, J., & Low, K. (2019). Durian plantation investment cost analysis in Malaysia. https://dollarsandsense.my/black-thorn-musang-king-red-prawn-d24-cost-guide-to-different-types-of-durians-in-malaysia/ [Google Scholar] [Crossref]

13. Lim, K., & Khoo, J. (2019). Durians for China: A preliminary view and dashboard. Khor Reports. https://www.khor-reports.com/data-analysis/2019/10/18/durians-for-china-a-preliminary-view-and-dashboard [Google Scholar] [Crossref]

14. Lim, T., Tan, K., & Wong, C. (2020). Global appetite for Malaysian durian grows export, fruit planting projects. The Straits Times. https://www.straitstimes.com/asia/se-asia/global-appetite-for-malaysian-durian-grows-export-fruit-planting-projects [Google Scholar] [Crossref]

15. Lim, Y. Y., & Khoo, C. H. (2019). Durian industry in Malaysia: Prospects and challenges. Journal of Tropical Agriculture and Food Science, 47(2), 123–134. Retrieved from https://www.mardi.gov.my/jtafs [Google Scholar] [Crossref]

16. Malay Mail. (2025, October 7). Malaysia’s durian exports to China hit RM6.37b since 2018. Malay Mail. Retrieved from https://www.malaymail.com/news/malaysia/2025/10/07/malaysias-durian-exports-to-china-hit-rm6-37b-since-2018/ [Google Scholar] [Crossref]

17. Othman, A. H. A., Abdul Razak, D., Zulmi, S. R., Ismail, I., & Sidiki, S. (2021). Determinant factors of equity-based crowdfunding in Malaysia. Labuan Bulletin of International Business & Finance, 19(1),33–48. https://www.researchgate.net/publication/354059175_DETERMINANT_FACTORS_OF_EQUITY-BASED_CROWDFUNDING_IN_MALAYSIA [Google Scholar] [Crossref]

18. Othman, R., Ali, Z., Ilias, I., & Khalid, A. (2021). Overview of community-based crowdfunding in Malaysia: Legal issues and the way forward. International Journal of Academic Research in Business and Social Sciences, 11(11), 1213–1224. https://doi.org/10.6007/IJARBSS/v11-i11/11306 [Google Scholar] [Crossref]

19. Rahmadhi, R., & Hendrasto, H. (2022). Financial goals and investment discipline among Malaysian investors. BusinessToday. BusinessToday https://www.businesstoday.com.my/2023/02/21/80-of-malaysian-investors-set-new-financial-goals-to-combat-inflation-volatile-economic-conditions/ [Google Scholar] [Crossref]

20. RinggitPlus. (2023). Durian Capital investment scheme overview. RinggitPlus. https://ringgitplus.com [Google Scholar] [Crossref]

21. Securities Commission Malaysia. (2024, August 16). SC launches GROWMatch to bridge financing gaps and drive sustainable growth in agri-business. Securities Commission Malaysia. Retrieved from https://www.sc.com.my/resources/media/media-release/sc-launches-growmatch-to-bridge-financing-gaps-and-drive-sustainable-growth-in-agri-business [Google Scholar] [Crossref]

22. Securities Commission Malaysia. (2024). Guidelines on recognized markets (Equity crowdfunding and P2P lending). Securities Commission Malaysia. https://www.sc.com.my/regulation/guidelines/recognized-markets [Google Scholar] [Crossref]

23. Wan Amir Azlan, W. H., Ab Halim, A. H., & Ismail, R. (2020). Pelaburan secara pengumpulan dana masyarakat (crowdfunding) di Malaysia: Cadangan penambahbaikan dalam aspek pengawalseliaan dan penglibatan. Jurnal Undang-Undang dan Masyarakat, 27, 31–45. Universiti Kebangsaan Malaysia. https://journalarticle.ukm.my/16147/ [Google Scholar] [Crossref]

24. World Bank. (2017). Crowdfunding’s potential for emerging markets. World Bank. https://www.worldbank.org [Google Scholar] [Crossref]

• Analysis of Housing Deficit in Urban Cities: A Case Study of Port Harcourt
• Selection Factors for Security Service Companies in Strata Schemes in Malaysia
• Greed, Grievance, and Guns: A Resource-Driven Conflict in Zimbabwe's Mining Communities - A Case Study of Marange Diamond Mines
• Students’ Perceptions on Value-Added the Islamic Estate Planning Course in Real Estate Education
• Hotel and Resort Room Properties as Emerging Investment Vehicles: An Integrative Review of Performance Drivers