KFH Bahrain
KFH Germany
KFH Kuwait
KFH Turkey
Contact Us
Branch & ATMS Locator
Kuala Lumpur 14 February 2008 - Work on three themed zones in Node 1, the flagship catalyst project to develop the first integrated international city infrastructure in the Iskandar Development Region (IDR), is scheduled to commence soon. Rim City Sdn Bhd (RCSB), the master concessionaire of Node 1, and Cultural Cluster Sdn Bhd (CCSB), have jointly announced that the definitive agreement has been made effective. RCSB is a subsidiary of South Johor Investment Corporation Berhad (SJIC) while CCSB is a special purpose development vehicle majority owned by Al-Nibras 2 Limited, a Labuan-based private fund company managed by Kuwait Finance House (Labuan) Berhad (KFHLB), which is in turn a wholly-owned subsidiary of Kuwait Finance House (Malaysia) Berhad (KFHMB).
Node 1 is set on 2,300 acres of prime greenfield land in Nusajaya, located between the second crossing to Singapore and the Johor New State Administrative Centre (JSNAC). The world-class development promises to offer a new global benchmark in residential, work and recreational communities, in line with the core values of sustainability and creating a complete lifestyle for entrepreneurs and professionals alike. CCSB is vested with the development of the Logistics Village, Creative Park and Heritage District, covering approximately 620 acres of land with a built-up area of 54 million square feet, offering an abundant choice in residential and commercial properties, and mixed development.
The transaction - valued at RM1.2 billion - represents the initial investment towards land development and infrastructure rollout for the three zones, forming part of a total development value that is likely to exceed US$5 billion. The execution of this transaction, as well as the groundbreaking of Node 1 earlier this month, together with the incentives and support packages announced by the Government last year, will contribute towards a major milestone in delivering unparalleled opportunities to the global investment community and end-users of real estate products.
Dato' K Salman Younis, the Managing Director of KFHMB said, "We are delighted to be an early participant in the rapid success story of IDR and eagerly anticipate the launch of activities at the site. We also welcome our potential partners and future tenants."
He added, "Our strategy to participate in the growth of infrastructural projects is by working closely with other issuers. All these tie in with our core value to support the vision and mission of the countries in which we operate."
We are confident that the development of economic zones such as the IDR will generate more infrastructural developments like satellite townships, highways, sewerage systems and water distribution systems," stated Dato' Salman.
Meanwhile, Arlida Ariff, Managing Director of South Johor Investment Corporation (SJIC) declared, "SJIC is pleased to have KFHMB, a leading Islamic investment house and a successful real estate financier/investor in Malaysia, as a pillar in IDR's growth and we look forward to our participation in CCSB as a shareholder and partner.
As a major shareholder of Rim City, we are looking forward to rolling out developments in Node 1 in 2008. Since 2007 was a year of capacity building for us, we are certain that all parties involved are equally excited at the work that's going to take place as well as the developments that are coming on stream," Arlida added.
About Kuwait Finance House (Labuan) Berhad (KFHLB)
Kuwait Finance House (Labuan) Berhad (KFHLB) is a 100% owned subsidiary of Kuwait Finance House (Malaysia) Berhad and was incorporated as KFH (Labuan) Berhad, on 25 August 2005. After being granted an offshore banking licence by the Labuan Offshore Financial Services Authority (LOFSA) on 8 December 2005, KFHLB now operates as an offshore bank under the Labuan Offshore Banking Act 1990.
The offshore banking business offered to KFHLB's customers complements the businesses of its parent company Kuwait Finance House (Malaysia) Berhad (KFHMB) and of Kuwait Finance House-Kuwait. A full range of services offered include Foreign Currency Deposits, International Trade Financing, Short/Medium/Long Term Syndication Facility, Funds Investment and Securities Trading.
About South Johor Investment Corporation Berhad (SJIC)
SJIC is an investment holding company which promotes and coordinates the development to support the Iskandar Development Region (IDR). SJIC does this by investing in selected strategic and catalytic initiatives through shareholding stakes in joint ventures or contribution of land either through sale or lease or granting of a concession or development rights.
The mission of SJIC is to promote and coordinate the development and international positioning of IDR.
About Rim City Sdn Bhd (RCSB)
Rim City Sdn Bhd (RCSB) was formed by its shareholders ¿ South Johor Investment Corporation Berhad (SJIC) and United World Infrastructure (UWI).
RCSB is the Project Development Vehicle for Node 1 to conceptualise and facilitate the design and development plan for the construction of a world class development project, through the development of appropriate real estate and infrastructure development models over an area of land measuring approximately 97 million sq. ft. in a single contiguous location within the Iskandar Development Region (IDR).
Node 1 is set on 2,300 acres of prime greenfield land in Nusajaya, located between the second crossing to Singapore and the Johor New State Administrative Centre (JSNAC). The world-class development promises to offer a new global benchmark in residential, work and recreational communities, in line with the core values of sustainability and creating a complete lifestyle for entrepreneurs and professionals alike. CCSB is vested with the development of the Logistics Village, Creative Park and Heritage District, covering approximately 620 acres of land with a built-up area of 54 million square feet, offering an abundant choice in residential and commercial properties, and mixed development.
The transaction - valued at RM1.2 billion - represents the initial investment towards land development and infrastructure rollout for the three zones, forming part of a total development value that is likely to exceed US$5 billion. The execution of this transaction, as well as the groundbreaking of Node 1 earlier this month, together with the incentives and support packages announced by the Government last year, will contribute towards a major milestone in delivering unparalleled opportunities to the global investment community and end-users of real estate products.
Dato' K Salman Younis, the Managing Director of KFHMB said, "We are delighted to be an early participant in the rapid success story of IDR and eagerly anticipate the launch of activities at the site. We also welcome our potential partners and future tenants."
He added, "Our strategy to participate in the growth of infrastructural projects is by working closely with other issuers. All these tie in with our core value to support the vision and mission of the countries in which we operate."
We are confident that the development of economic zones such as the IDR will generate more infrastructural developments like satellite townships, highways, sewerage systems and water distribution systems," stated Dato' Salman.
Meanwhile, Arlida Ariff, Managing Director of South Johor Investment Corporation (SJIC) declared, "SJIC is pleased to have KFHMB, a leading Islamic investment house and a successful real estate financier/investor in Malaysia, as a pillar in IDR's growth and we look forward to our participation in CCSB as a shareholder and partner.
As a major shareholder of Rim City, we are looking forward to rolling out developments in Node 1 in 2008. Since 2007 was a year of capacity building for us, we are certain that all parties involved are equally excited at the work that's going to take place as well as the developments that are coming on stream," Arlida added.
About Kuwait Finance House (Labuan) Berhad (KFHLB)
Kuwait Finance House (Labuan) Berhad (KFHLB) is a 100% owned subsidiary of Kuwait Finance House (Malaysia) Berhad and was incorporated as KFH (Labuan) Berhad, on 25 August 2005. After being granted an offshore banking licence by the Labuan Offshore Financial Services Authority (LOFSA) on 8 December 2005, KFHLB now operates as an offshore bank under the Labuan Offshore Banking Act 1990.
The offshore banking business offered to KFHLB's customers complements the businesses of its parent company Kuwait Finance House (Malaysia) Berhad (KFHMB) and of Kuwait Finance House-Kuwait. A full range of services offered include Foreign Currency Deposits, International Trade Financing, Short/Medium/Long Term Syndication Facility, Funds Investment and Securities Trading.
About South Johor Investment Corporation Berhad (SJIC)
SJIC is an investment holding company which promotes and coordinates the development to support the Iskandar Development Region (IDR). SJIC does this by investing in selected strategic and catalytic initiatives through shareholding stakes in joint ventures or contribution of land either through sale or lease or granting of a concession or development rights.
The mission of SJIC is to promote and coordinate the development and international positioning of IDR.
About Rim City Sdn Bhd (RCSB)
Rim City Sdn Bhd (RCSB) was formed by its shareholders ¿ South Johor Investment Corporation Berhad (SJIC) and United World Infrastructure (UWI).
RCSB is the Project Development Vehicle for Node 1 to conceptualise and facilitate the design and development plan for the construction of a world class development project, through the development of appropriate real estate and infrastructure development models over an area of land measuring approximately 97 million sq. ft. in a single contiguous location within the Iskandar Development Region (IDR).
