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Friday, April 25, 2008

CIMB Mapletree to set up RM5b property fund

CIMB Mapletree Management Sdn Bhd, a joint venture between CIMB Group and Mapletree, a leading real estate company in Singapore, is targeting to set up RM4.7 billion to RM5 billion property fund early next year.

CIMB Mapletree’s chief investment officer Muhyiddin A. Razack said the fund would be focusing on Malaysian properties.

To date, a total committed capital of property assets worth RM400 million has been established by the company, he said at a media briefing after the launch of a property project in Taman Desa, off Jalan Klang Lama, by Peter’s Holdings Sdn Bhd.

“With borrowings, the total fund size will reach RM1.4 billion to RM1.5 billion from RM400 milllion currently, of which 80 per cent of the fund is already allocated mainly for properties in Malaysia,” Razack said.

In Malaysia, CIMB Mapletree has been involved in property projects in Penang, Petaling Jaya and Kuala Lumpur, he said.

CIMB Mapletree’s latest venture is a condominium project in Kuala Lumpur in collaboration with Peter’s Holdings.

“We are also doing sale and lease for properties in Technology Park Malaysia,” Razack said.

The company also has interest in property projects overseas, including a shopping mall near Bangkok, he said.

“Good investment properties are hard to come by these days,” Razack said, adding that CIMB Mapletree will remain focused on properties in the office, retail and residential sectors.

CIMB Mapletree is involved in a profit-sharing arrangement with Peter’s Holdings for the project known as Papillon Desahill Condominium.

Peter’s Holdings’ senior general manager Andrea Loke said gross development value of the project was estimated at RM180 million.

It featured 225 condominium units, priced from RM480,000 to RM800,000 each, which are scheduled to be completed by 2011, she said Loke said about 35 per cent of the units had so far been taken up with most of the buyers from Malaysia.

“The target buyers are young affluent purchasers and investors. We have received encouraging response since the soft launch early this month,” said Peter’s Holdings’ managing director Peter Loke.

The company is into residential and commercial property projects in Perak, Selangor and Johor with gross development value of about RM1.2 billion.

It is also involved in the manufacturing of tower cranes in China.

By Bernama

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