Kuala Lumpur, 31 July 2007. The Al-Nibras Islamic Real Estate Fund (Al-Nibras Fund), established by Kuwait Finance House (Labuan) Berhad (KFHL), a wholly-owned subsidiary of Kuwait Finance House (Malaysia) Berhad and AmanahRaya Investment Bank Ltd (ARIB), Labuan, a wholly owned subsidiary of Amanah Raya Berhad, has purchased two villa apartment blocks in Reflections at Keppel Bay.
The two blocks, comprising 56 waterfront homes along the seafront, were sold to the Al-Nibras Fund for about $286 million. Apartment units in the two blocks range from the two-bedroom type of average 1,076 sq ft to penthouse units of 5,000 sq ft.
"We have identified Reflections at Keppel Bay as an ideal investment, due to its prime location in Singapore's southern coast, the superior quality associated with the Keppel brand and its iconic design by master architect Daniel Libeskind. A premium waterfront development like Reflections at Keppel Bay will definitely attract investors from the Gulf Cooperation Council countries.
"This investment demonstrates our commitment to share the Middle East experience in this part of the world. We are happy to have established relationship with Keppel on this deal and look forward to more opportunities of working together," said Mr K Salman Younis, Managing Director of Kuwait Finance House (Malaysia) Berhad.
The US$200 million Al-Nibras Fund has begun to make inroads into Singapore and in the ASEAN region.
"We believe that the purchase of these two properties is a clear indication that we are committed to only buying the best of class to ensure continued support by investors. Located at a prime location and of world-class quality, the properties will definitely make a major contribution to the Fund," said Mr Haszeri Hussin, Chief Executive Officer of ARIB, Labuan.
"With our commitment to world-class quality and developing well-planned integrated lifestyle communities, we are heartened that the Keppel brand continues to attract discerning international homebuyers.
"We are excited that the Al-Nibras Fund has chosen Reflections at Keppel Bay to be part of its quality portfolio in Asia which lends prestige to the reputation we have built for the world-class waterfront precinct of Keppel Bay.
"As Kuwait Finance House seeks to grow its presence in Asia, we hope to contribute to its experience," said Mr Kevin Wong, Managing Director of Keppel Land. Further to this initial investment, Kuwait Finance House is in talks with Keppel to make further investments and to collaborate on a broader front.
Keppel continues to build on relationships established with companies from the Middle East. In Infrastructure, following its S$1.7 billion contract in Qatar for an integrated waste management facility, Keppel Integrated Engineering (KIE) is presently pursuing a few large projects in the Middle East while Keppel Land has recently signed a Heads of Agreement with ALDAR, the Abu Dhabi Real Estate listed entity, to jointly develop two prime waterfront projects in Abu Dhabi.
Developed jointly by Keppel Corporation Limited and property arm Keppel Land Limited, Reflections at Keppel Bay is the second residential development to premiere at Keppel Bay which also comprises the FIABCI-award winning condominium, Caribbean at Keppel Bay, a world-class marina ¿ Marina at Keppel Bay, and the new landmark cable-stayed bridge linking the mainland to the marina on Keppel Island.
Reflections at Keppel Bay has a total of 1,129 residences, of which some 558 waterfront homes launched initially have been sold.
Keppel Bay is set to put Singapore on the world's prime real estate map as a true waterfront precinct, presenting the best in waterfront and urban lifestyles. All owners of homes in Keppel Bay enjoy 10 years of complimentary membership and five years free subscription to Marina at Keppel Bay.
Located just a five-minute drive away from the Central Business District, Keppel Bay is part of the vibrant waterfront city in southern Singapore comprising Sentosa and the upcoming Sentosa Integrated Resort, HarbourFront and Vivo City, Singapore's largest entertainment and retail hub.
About Kuwait Finance House
Incorporated in the State of Kuwait in 1977, Kuwait Finance House (KFH) is listed on the Kuwait Stock Exchange. A market leader in the Islamic banking industry in Kuwait, KFH is engaged in providing Islamic banking services, including consumer banking, real estate financing, lease financing, trade finance, direct investments and portfolio investing, all of which are conducted in strict compliance with Islamic law.
For the first half of 2007, KFH has achieved a total profit of US$869.08 million with total assets of US$27.94 billion. KFH has been accorded an upper medium grade (high creditworthiness) investment credit rating of ¿A2' by Moody's Investors Service, as well as ¿A+' by Standard & Poors and Capital Intelligence. Kuwait Finance House (Malaysia) Berhad (KFHMB) is a wholly-owned subsidiary of KFH and was officially opened on 17 February 2006.
About AmanahRaya Investment Bank Ltd, Labuan
AmanahRaya Investment Bank Ltd (ARIBL), licensed by the Labuan Offshore Financial Services Authority, was established in December 2006. The establishment of ARIBL is to enhance as well as create financial values in originating foreign denominated financial instruments in the international marketplace.
ARIBL services provide clients with the flexibility of using internationally denominated financial instruments for growth in foreign markets. ARIBL will focus on the five core areas which includes amongst others, deposit, loan, corporate finance/advisory, fund management as well as securities services. These are as part of AmanahRaya efforts to contribute to the development of Labuan, making it one of the preferred international offshore financial centres in the region. ARIBL is 100% owned by Amanah Raya Berhad (AmanahRaya), a government-owned entity, with its core business of public trusteeship and estate administration which has contributed significantly towards to the development of trusts industry in Malaysia.
About Keppel
Keppel Corporation Limited (Keppel) is in the Offshore & Marine, Property and Infrastructure businesses to deliver sustainable earnings growth and create maximum value for shareholders. The Group also has an Investments Division for which Keppel is continuing to build value. Keppel is strategically invested in more than 30 countries worldwide with a global customer base.
The Offshore and Marine division, under Keppel Offshore & Marine Limited, is a market leader in the offshore rig, ship conversions and repair and specialised shipbuilding businesses.
Property arm Keppel Land Limited, is focused on two core businesses of property development for sale and property fund management. Keppel Land is the developer behind mega waterfront developments like Caribbean at Keppel Bay and Marina Bay Financial Centre.
Keppel's Infrastructure Division comprises Power Generation, Environmental Engineering and Network Engineering businesses. Keppel's Investments Division comprises mainly its interests in Singapore Petroleum Company, k1 Ventures and MobileOne.
The two blocks, comprising 56 waterfront homes along the seafront, were sold to the Al-Nibras Fund for about $286 million. Apartment units in the two blocks range from the two-bedroom type of average 1,076 sq ft to penthouse units of 5,000 sq ft.
"We have identified Reflections at Keppel Bay as an ideal investment, due to its prime location in Singapore's southern coast, the superior quality associated with the Keppel brand and its iconic design by master architect Daniel Libeskind. A premium waterfront development like Reflections at Keppel Bay will definitely attract investors from the Gulf Cooperation Council countries.
"This investment demonstrates our commitment to share the Middle East experience in this part of the world. We are happy to have established relationship with Keppel on this deal and look forward to more opportunities of working together," said Mr K Salman Younis, Managing Director of Kuwait Finance House (Malaysia) Berhad.
The US$200 million Al-Nibras Fund has begun to make inroads into Singapore and in the ASEAN region.
"We believe that the purchase of these two properties is a clear indication that we are committed to only buying the best of class to ensure continued support by investors. Located at a prime location and of world-class quality, the properties will definitely make a major contribution to the Fund," said Mr Haszeri Hussin, Chief Executive Officer of ARIB, Labuan.
"With our commitment to world-class quality and developing well-planned integrated lifestyle communities, we are heartened that the Keppel brand continues to attract discerning international homebuyers.
"We are excited that the Al-Nibras Fund has chosen Reflections at Keppel Bay to be part of its quality portfolio in Asia which lends prestige to the reputation we have built for the world-class waterfront precinct of Keppel Bay.
"As Kuwait Finance House seeks to grow its presence in Asia, we hope to contribute to its experience," said Mr Kevin Wong, Managing Director of Keppel Land. Further to this initial investment, Kuwait Finance House is in talks with Keppel to make further investments and to collaborate on a broader front.
Keppel continues to build on relationships established with companies from the Middle East. In Infrastructure, following its S$1.7 billion contract in Qatar for an integrated waste management facility, Keppel Integrated Engineering (KIE) is presently pursuing a few large projects in the Middle East while Keppel Land has recently signed a Heads of Agreement with ALDAR, the Abu Dhabi Real Estate listed entity, to jointly develop two prime waterfront projects in Abu Dhabi.
Developed jointly by Keppel Corporation Limited and property arm Keppel Land Limited, Reflections at Keppel Bay is the second residential development to premiere at Keppel Bay which also comprises the FIABCI-award winning condominium, Caribbean at Keppel Bay, a world-class marina ¿ Marina at Keppel Bay, and the new landmark cable-stayed bridge linking the mainland to the marina on Keppel Island.
Reflections at Keppel Bay has a total of 1,129 residences, of which some 558 waterfront homes launched initially have been sold.
Keppel Bay is set to put Singapore on the world's prime real estate map as a true waterfront precinct, presenting the best in waterfront and urban lifestyles. All owners of homes in Keppel Bay enjoy 10 years of complimentary membership and five years free subscription to Marina at Keppel Bay.
Located just a five-minute drive away from the Central Business District, Keppel Bay is part of the vibrant waterfront city in southern Singapore comprising Sentosa and the upcoming Sentosa Integrated Resort, HarbourFront and Vivo City, Singapore's largest entertainment and retail hub.
About Kuwait Finance House
Incorporated in the State of Kuwait in 1977, Kuwait Finance House (KFH) is listed on the Kuwait Stock Exchange. A market leader in the Islamic banking industry in Kuwait, KFH is engaged in providing Islamic banking services, including consumer banking, real estate financing, lease financing, trade finance, direct investments and portfolio investing, all of which are conducted in strict compliance with Islamic law.
For the first half of 2007, KFH has achieved a total profit of US$869.08 million with total assets of US$27.94 billion. KFH has been accorded an upper medium grade (high creditworthiness) investment credit rating of ¿A2' by Moody's Investors Service, as well as ¿A+' by Standard & Poors and Capital Intelligence. Kuwait Finance House (Malaysia) Berhad (KFHMB) is a wholly-owned subsidiary of KFH and was officially opened on 17 February 2006.
About AmanahRaya Investment Bank Ltd, Labuan
AmanahRaya Investment Bank Ltd (ARIBL), licensed by the Labuan Offshore Financial Services Authority, was established in December 2006. The establishment of ARIBL is to enhance as well as create financial values in originating foreign denominated financial instruments in the international marketplace.
ARIBL services provide clients with the flexibility of using internationally denominated financial instruments for growth in foreign markets. ARIBL will focus on the five core areas which includes amongst others, deposit, loan, corporate finance/advisory, fund management as well as securities services. These are as part of AmanahRaya efforts to contribute to the development of Labuan, making it one of the preferred international offshore financial centres in the region. ARIBL is 100% owned by Amanah Raya Berhad (AmanahRaya), a government-owned entity, with its core business of public trusteeship and estate administration which has contributed significantly towards to the development of trusts industry in Malaysia.
About Keppel
Keppel Corporation Limited (Keppel) is in the Offshore & Marine, Property and Infrastructure businesses to deliver sustainable earnings growth and create maximum value for shareholders. The Group also has an Investments Division for which Keppel is continuing to build value. Keppel is strategically invested in more than 30 countries worldwide with a global customer base.
The Offshore and Marine division, under Keppel Offshore & Marine Limited, is a market leader in the offshore rig, ship conversions and repair and specialised shipbuilding businesses.
Property arm Keppel Land Limited, is focused on two core businesses of property development for sale and property fund management. Keppel Land is the developer behind mega waterfront developments like Caribbean at Keppel Bay and Marina Bay Financial Centre.
Keppel's Infrastructure Division comprises Power Generation, Environmental Engineering and Network Engineering businesses. Keppel's Investments Division comprises mainly its interests in Singapore Petroleum Company, k1 Ventures and MobileOne.