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Tuesday, September 28, 2010

1MDB gearing up for expansion plans in real estate industry

PETALING JAYA: The Government’s strategic investment unit, 1Malaysia Development Bhd (1MDB) seems to be gearing up for involvement in the real estate industry judging by its large recruitment plan recently.

1MDB placed a two-page recruitment advertisement in The Star on Sept 25, mostly for senior positions within various units in the real estate team of the company.

The vacancies were for positions in the project management unit, design and planning unit, supply chain management unit, project implementation unit, branding and marketing unit, quality assurance unit and corporate functions.

Sources familiar with the company said the new line-up would be for the redevelopment of the Sungai Besi Airport area and a new international financial district in Kuala Lumpur.

“1MDB is gathering resources right now to kick-start its expansion plan in the real estate industry,” the sources told StarBiz yesterday. The company, when contacted, declined to comment.

As reported in June, the Sungai Besi airport would be developed into a green mixed-use development that will feature a commercial hub.

To be known as “City of Malaysia”, the project will be jointly developed by Middle Eastern investors including the Qatar Investment Authority and 1MDB.

In its advertisement, 1MDB said: “At 1MDB, we strive to be a strategic enabler for new ideas and new sources of growth to further strengthen Malaysia’s competitiveness. Through innovation, creativity and high performance, we unlock strategic values to drive long term sustainable economic development. Join our real estate team to be part of this mission.”

According to its website, 1MDB has a unique difference in its pursuit of economic growth.

It creates business opportunities and forges global partnerships to bring home foreign direct investment for new high-impact growth.

It forms equal-capital joint ventures in investments with high multipliers, especially energy, real estate, tourism and agribusiness.

This business model has proven successful with an early indication of US$3bil investments from the Middle East.

By The Star

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