Kuwait Finance House (KFH) AGM for Investment Sector Abdul Nasser Al-Subeih said that KFH achieved USD 6.5 million (KD 1.8 million) as profit when exiting Asia 2 real estate fund. He added that the operation achieved internal return that reached 15.8% yearly, and stressed that the fund that is in Malaysia began operating in 2010 by investing in the development of one of the major real estate projects in Malaysia, which is Pavilion 2 in Kuala Lempur. This project is the extension of Pavilion 1 that has two residential towers and a shopping mall, and is located at the capital’s commercial area.
He noted that achieving such high profit shows the feasibility of investing in the fund and the proper forecasting of the developments of the Asian and Malaysian markets. He stressed that KFH is keen to take full advantage of investment opportunities in the real estate field worldwide. He went on to say that KFH continues to study numerous investment opportunities in various markets; thus cementing its presence in the international business arena.
Meanwhile, International Real Estate Department Manager Ali Al-Ghannam stated that KFH took part in managing and developing Pavilion 1 by paying USD 135 million, as part of its efforts to reinforce its business in Malaysia. It is worth noting that the total value of the project is USD 1.3 billion, and that it is the first joint venture real estate project for KFH in Asia and the first investment in Malaysia. This project achieved internal return that reached 25%. He added that Pavilion 1 occupies 130,000 square meters and has 450 shops, in addition to 130 residential units; while Pavilion 2 is a 55 floor residential tower that has 473 residential units and 12 car parking levels. This project occupies 6000 square meters.