Business | Property

Aldar to steer Dh16b project in Malaysia

Aldar Properties and Millennium Development International on Wednesday announced they will lead the development of Dh16.5 billion Iskandar Financial District (IFD), located in the southern region of Malaysia, on behalf of Global Capital, a consortium of GCC and Malay-sian investors.

  • By Nadia Saleem, Staff Reporter
  • Published: 00:32 October 9, 2008
  • Gulf News

Dubai: Aldar Properties and Millennium Development International on Wednesday announced they will lead the development of Dh16.5 billion Iskandar Financial District (IFD), located in the southern region of Malaysia, on behalf of Global Capital, a consortium of GCC and Malaysian investors.

Oussama Kabbani, Vice Chairman of the board and Managing Director of Millennium Development International, told Gulf News, "The initial investment committed by Global Capital is in the range of $1 billion for the land and infrastructure development," adding that the total building cost in the IFD will exceed $4.5 billion (Dh16.5 billion).

The IFD will be the new centre of Medini Iskandar Malaysia, the recently launched integrated development area totalling 103.8 million square feet. The IFD land area is approximately 15.3 million square feet and the intended built-up area is 42.1 million square feet.

Serviced apartments

The potential hub of Islamic Finance in South East Asia, the IFD offers a district for financial institutions, banks and corporate headquarters, commercial office buildings, shopping centres, condominiums and serviced apartments, five-star hotels, conference and meeting facilities as well as community services.

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