Kuwaitis Looking to Invest in Malaysian Property
This piece of news will probably send more than a few local property companies scrambling to their phones.
Star had this to report:
KUWAITI FIRM KEEN ON MORE PROPERTY DEALS
KUALA LUMPUR: Kuwait Finance House (M) Bhd (KFHM) plans to focus on investment banking and fund management businesses here, with initial investments in the real estate sector, said executive director K. Salman Younis.
The company’s US$600mil Baitak Asia Real Estate Fund made its first investment in a major project here, the Pavillion, and was keen to invest in at least four other properties in the region.
The fund, set up in collaboration with Singapore-based Pacific Star Group last June, targeted customers in Asia, he told a media briefing yesterday.
Without elaborating, Younis said this project was expected to yield returns of 10% to 15% annually. Full details on the investment would be disclosed in April, he added.
The Pavillion, a mixed development comprising a shopping mall and apartment blocks, is located at Jalan Bukit Bintang, Kuala Lumpur. It is expected to be completed within the next two years.
Other partnerships being worked out included with Sunway Group to carry out mixed property development, Younis added.
In addition to that, the company, which was one of the three foreign players awarded a banking licence by Bank Negara, planned to use Malaysia as a hub to expand into neighbouring countries. Although KFHM’s first branch will be officially launched today, it has been in operations since last August. As at Dec 31, 2005, KFH had a market capitalisation of US$8.9bil.
We check the Kuwait Finance House webiste, but it was entirely in Arabic. But most of the sites that we visited also agree that they are well funded and are ready to expand into other areas overseas, like real estate.
So, with so many property firms looking for financial backing here in Malaysia, anyone wants to step up?
We are from AXIS Properties, Jalan Kasipillay off Jalan Ipoh,51200 Kuala Lumpur. We have so many good & value commecial properties to propose to oversea investment purpose.So for them identify us, we wish to get registered our self with property malaysia like other agencies. Kindly furnish us in details to do so. Your kind co-operation on this matter will be highly appreciated. Thank you.
Comment by AXIS Prpertties — October 3, 2007 @ 3:31 pm
We are from AXIS Properties, Jalan Kasipillay off Jalan Ipoh,51200 Kuala Lumpur. We have so many good & value commecial properties to propose to oversea investment purpose.So for them identify us, we wish to get registered our self with property malaysia like other agencies. Kindly furnish us in details to do so. Your kind co-operation on this matter will be highly appreciated. Thank you.
Comment by AXIS Prpertties — October 3, 2007 @ 3:33 pm