Kuwait Finance House (KFH) announced that it acquired a KD 20 million (RM 237 million), 25,000 square meter, 20-storey office building in the Malaysian capital Kuala Lumpur, from Mah Sing Group in partnership with Autron Corporation that KFH possesses 80% share of the deal.
The International Real Estate Department Manager Ali Al-Ghannam stated that the real estate project called The Icon Jalan Tun Razak is rendered a fruitful investment opportunity. Moreover, it is one of the businesses managed by KFH Asian Real Estate portfolio, which was established four years ago, and continues to achieve high returns for its investors.
Al-Ghannam stressed that the deal reveals the role that KFH plays in the East Asian region since it firmly planted its roots in Malaysia by establishing an independent bank that was capable of receiving many awards in a very short period of time that did not exceed four years. KFH-Malaysia has sealed several prime investment deals in various fields, where it linked KFH with East Asia. He added that the Asian markets are the platform that served as a turning point for other international markets, since it witnesses many benefits like flourished economy, prime investment environment, legislations, and encouraging laws; in addition to high growth rate witnessed by such markets.
Regarding KFH's Asian Real Estate portfolio, Al-Ghannam mentioned that the portfolio has achieved 15% average annual return for investors, which cements the investors trust in the portfolio that managed to sell one of two Pavilion residential towers in less than half of the designated time frame for its marketing and selling for individuals that are interested in acquiring residential units in the tower that stands high in Kuala Lumpur.
He added that each Pavilion tower, which has become a perfect model for real estate projects in East Asia and is rendered the highest residential tower in Malaysia, has more than 200 residential units.