KFH in talks with foreigners to develop land in Bandar Nusajaya

JOHOR BARU: Kuwait Finance House (M) Bhd (KFH) is in discussions with several foreign investors to jointly develop its land in Bandar Nusajaya near here.

Managing director Datuk Salman Younis said the investors were from Australia, China, Indonesia, Singapore and the Middle East.

He said the 624 acres worth US$300mil were located near the Johor State New Administrative Centre project, which was under construction in the Iskandar Development Region (IDR).

“Give us three more months before coming out with further details on the development plan and the parties involved,” Salman said.

He was speaking at a press conference at the launch of KFH’s awareness campaign for Islamic banking by Johor Economic Planning Unit director Datuk Hamsan Saringat.

The roadshow is the first in a series to be held in key market centres nationwide to highlight some of the bank’s products and services.

Some 200 participants from the state government, public and private sectors and small and medium enterprises attended the one-day event.

Salman said there was also the possibility that the bank would jointly develop the land with more than one foreign party as investors involved in the talk had shown serious commitment.

He said the land would be for a mixed residential and commercial development, adding the project would involve millions of ringgit in investment.

Salman said the bank saw many opportunities from the IDR and its main focus now was to help Johor in attracting more foreign investors and what it could offer them.

Johor's proximity to Singapore, he said, was also an added advantage in view of the republic's position as a reputable international financial centre.

“On that note, we are opening our Johor Baru branch in the first quarter of 2008 in the IDR, which is also the first outside the Klang Valley,” he added.

Salman said the bank’s long-term commitment was to have a strong presence in Southern Johor.

By The Star (By Zazali Musa)