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Monday, May 18, 2009

KFH may invest in Aussie property projects

KUWAIT Finance House (Malaysia) Bhd (KFH) is considering the possibility of investing in property development projects in Australia, says its director for real estate advisory, Siti Mariam Mohd Desa.

"We are still considering the venture and have received a few invitations. We are looking at mixed-development projects and Australia is stable in terms of investment," she told reporters after the Pavilion residences key handover ceremony in Kuala Lumpur today.

Siti Mariam said that KFH had already participated in a few property development projects in countries like Singapore, China and Malaysia.

"The few projects in Malaysia are mostly located in the Kuala Lumpur City Cente (KLCC)and other areas like Sunway Quay in Selangor and in Penang.

"Property prices in Malaysia are generally lower," she added.

On the Pavilion Residences, Urusharta Cemerlang Sdn Bhd chairman Tan Sri Zainol Mahmood said it was an exclusive world-class apartment complex, with a gross development value of about RM600 million.

The Pavilion Residences are located within the Pavilion Kuala Lumpur integrated development. It is six-star luxury residences comprising 368 units across two towers, ranging from studios, one to four bedroom units, duplexes and a penthouse.

The four-bedroom units were sold at over RM4 million each and the penthouse at an impressive price of RM15 million.

The tower two has been sold to purchasers from over 18 different countries including Australia, Bahrain, Canada, England, Hong Kong, Japan, Italy, Malaysia and Mauritius.

KFH sold the Pavilion Residences Tower One to IMMO Pavilion, a local holding company that is part of the IMMO Portfolio Target Fund managed by SEB Asset Management, one of Europe's largest real estate fund managers.

KFH was the former equity partner of Urusharta Cemerlang, holding a 49 per cent stake in the entire Pavilion Kuala Lumpur integrated development. The Qatar Investment Authority has since acquired its share.

By Bernama

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