Tasweek invests in Malaysia

Abu Dhabi: Tasweek Real Estate Development and Marketing, an advisor and solutions provider serving the property markets, has announced that it has entered into a joint venture with Casabrina Vacation Villas in Malaysia to develop, own, operate and market the luxury resort’s properties.

According to Masoud Al Awar, Tasweek’s CEO, the new Dh920 million (US$250 million) property portfolio is expected to generate an annual investment yield of 5 to 7 per cent.

Tasweek said in a statement that the joint venture will facilitate purchase and sale of strategic assets; asset management; joint ventures and strategic alliances; and marketing consultancy.

He said: “The deal is part of the company’s property portfolio which reflects the company’s investment focus on Malaysia’s thriving tourism industry.”

“Our venture with Casabrina Vacation Villas enables us to have a direct hand in overseeing and promoting this captivating Malaysian development,” said Al Awar.

He added: “Interest among Middle Eastern buyers is quite high, which is why we decided to have a greater stake in the villas. We also expect to gain broader insights on the mechanics of the booming Malaysian real estate sector by becoming a more active domestic market player.”

As per the venture terms, Tasweek is expected to market nine boutique villa hotels, spread over 30 acres of hillside, under a Shariah-compliant scheme.

Dr. Numan Ashour, UAE-based chief economist, told the Gulf News that shifting towards Malaysia for real estate development is a good move.

“Malaysian property market is booming and it is a very good opportunity nowadays to invest in that country whose GDP growth is the 8th at the global level with very low unemployment ratios,” said Ashour.

He added: “Th eMalaysia market is thriving now and it is a very good chance to reap benefits and to attain profits in the property market in that country.