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Wednesday, December 16, 2009

Asian Finance Bank courts foreign buyers for KL project

Asian Finance Bank Bhd (AFB) expects to attract investors from Asia, Australia and the Middle East for its RM500 million mixed development project called Crest Jalan Sultan Ismail in Kuala Lumpur.

Chief executive officer Datuk Mohamed Azahari Kamil expects to announce the results of roadshows held in Qatar, South Korea and Indonesia next month.

The roadshows will be extended to Singapore, Australia and the Philippines, while AFB's associate in London, European Finance House, will help market the property.

"A lot of investors are looking at Malaysia for long-term investments in commercial and residential properties. Demand is tremendous, especially for properties in the Golden Triangle area," he told reporters after the signing of a partnership agreement between AFB and Crest Worldwide Resources Sdn Bhd (CWR) in KL yesterday.
CRW, a member company of SKN Land and Development Sdn Bhd, has appointed AFB as the global marketing representative promoting Crest Jalan Sultan Ismail, as well as the end financier for the project.

The project, which is expected to be completed in 2011, features a 44-storey residential tower and a 26-storey office block spanning 0.28ha.

Out of the 288 Crest residential units, only 92 units are left for sale, while SKN Land plans to sell the Crest office tower en-bloc.

Mohamed Azahari said a few sovereign wealth funds are currently in talks with AFB's majority shareholder, Qatar Islamic Bank, to invest in the Crest office tower.

He added that AFB plans to grow its property loan portfolio, which is currently small. About two-thirds of the bank's loan portfolio is in trade financing.

After three years operating in Malaysia, AFB's funded assets have grown to RM1 billion, of which property comprises about one-fifth.

By Business Times (by Hamisah Hamid)

1 comment:

Anonymous said...

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In my opinion you have misled.