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The IFD project, part of Medini Iskandar, with an estimated development cost in excess of $4.5bn, was officially launched in Cityscape Dubai.
The investment is spearheaded by Global Capital, an investment entity comprising prominent GCC and Malaysian Investors including Mubadala, Aldar, Malaysia Ventures, a subsidiary of Saraya Holdings, United World Infrastructure (UWI), Iskandar Investment Berhad, and Unity Capital.
The IFD attracted the interest of local, regional and international investors, as well as financial and development entities visiting Cityscape Dubai.
The project offers a world class master planned city center targeting financial institutions, banks, corporate headquarters, commercial office buildings, shopping centers, condominiums, serviced apartments, 5-star hotels, conferencing and meeting facilities as well as community service facilities. The IFD will turn Iskandar region in Malaysia into an important Islamic financial center in Southeast Asia. The IFD concept, a vision of the Prime Minister of Malaysia, capitalizes upon the advanced legislative environment that the Malaysian Government has put in place over the past 25 years to position the IFD as the new heart of Islamic finance in south East Asia.
The IFD is attractive due to its unique geographical location at the crossroads of trade routes between the East and the West; it is in a region that enjoys easy access to both air and land transportation services to Asia and the world. In addition, being close to Singapore - about 20 minutes by car - and being in the area between China and India whose economies witness a serious rapid growth, makes IFD a desirable location for investment.
The IFD developers and development managers, ALDAR Properties and Millennium Development International, a member of Saraya holdings, reported that the project attracted attention because of its unique location, the reputation of the investors in the consortium, the tax incentives offered by the Malaysian government and the high quality of the master plan design.
Oussama Kabbani, Vice Chairman and Managing Director of Millennium Development International, said:
"Malaysia was chosen by the investors in Global Capital after they conducted intensive financial and economic feasibility studies which revealed that the Iskandar region in Malaysia can provide unparalleled investment opportunities and high growth potential. The unique geographical location of the project as well as the strong governmental support in infrastructure execution and the provision of business incentives will ensure such successes. The results achieved in Cityscape proved that Global Capital's vision for this project was correct"
Mr. Kabbani added, "The government has already commenced the infrastructure, and they expect to start delivering plots for IFD's investors and developers within the coming 12 to 14 months". Mr. Kabbani concluded by revealing that all the development plots that were released for Cityscape were reserved by developers, and that a waiting list for other plots was established pending Global Capital's Board of Director's approval to release more plots at this stage.
"The total land sales requests generated in Cityscape and pending Global Capital's Board of Directors' approval will generate development projects with a value of not less than $2bn, the highest achieved number of foreign investment requests in Cityscape 2008" concluded Kabbani.
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Posted by Husam Odiabat
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