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Tuesday, November 18, 2008

Shenmas to develop RM11b project

KUALA LUMPUR: Shenyang Malaysia Development Sdn Bhd (Shenmas) yesterday signed a memorandum of understanding (MoU) with the Administrative Committee of the Shenyang Finance Development Zone to develop a Muslim community centre cum regional finance centre in Shenyang City, China.

The project, with a gross development value of RM11bil, will start by end 2009 and is expected to be completed within the next five years.

The proposed project is on a mixed basis, comprising both commercial and residential development.

“Shenmas has been given 128 days to undertake a feasibility study with the signing of the MoU.

“I think by June next year everything should be finalised,” said the head of the special unit for overseas projects, Economic Planning Unit of the Prime Minister’s Department, Tan Sri Zaini Omar.

The land is situated within the Shenyang Finance and Trade Development Zone, in Shennhe District, Shenyang City. It will be divided into two parcels, with the first measuring about 64,319 sq m and the second, about 117,488 sq m.

Meanwhile, Islamic Banking and Financing Institute of Malaysia (IBFIM) managing director/chief executive officer Datuk Dr Adnan Alias said it would discuss with potential financiers, the structure of financing for the project.

So far, IBFIM, the financial advisers for the project, had received letters of support from AmInvestment and CIMB Islamic.

Asked whether there would be any problem securing financing due to the current credit crunch, Adnan said: “We don’t foresee much difficulty in raising the needed finance.”

By Bernama

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