By Joanna Hartley
Kuwait Fianance House will hlep build Eskander City, the biggest realty project in Malaysia.
Kuwait Finance House (KFH) has won a contract to develop the commercial and technological centres within the biggest real estate development in Malaysia, it was announced on Saturday.
The project, Eskandar City in Medini, which aims to create a business hub in southern Malaysia linking the region more firmly with Singapore, is expected to achieve a total development value of $6bn during the next 10 to 15 years.
KFH has been charged with the construction of office towers, educational institutions, shopping malls and residential areas, housing villas and apartments, the company said in a statement. However, it did not reveal how much it would be investing in the scheme.
The project would cement KFH’s presence in Malaysia and South East Asia, said Ali Al Ghannam, the company’s international real estate department manager.
“The project carries fruitful chances to achieve rewarding long-term profits for its clients and shareholders, which reflects the paramount role that KFH is playing as a contributor in developing the area's infrastructure to execute it in Asia,” he said. Eskandar City would also include the building of an international Islamic finance center, the first in South East Asia, that would house international financial institutions, banks, and financial institutions working in the field, he added.
In November, an Eskandar official said the project was seeing lower investor interest due to the global financial crisis.
Other partners includes Rim City Sdn Bhd, Cluster Sdn Bhd Cultyral, Mubadala Development Company that leads a group of companies called Global Capital, and includes well-known companies, such as Al Dar Real Estate, Global Millennium for Development, Khazana Company and Jumeirah Capital.