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Albatha Bukit Kiara Holdings Sdn Bhd, the holding company of Bukit Kiara Properties Sdn Bhd (BKP) and Affin Islamic Bank Berhad (AFFIN ISLAMIC) have entered into a Musharakah Joint Venture (JV) Agreement to jointly develop a property project with potential Gross Development Value (GDV) of RM300 million.

The two parties formally entered into a Musharakah JV to form a specific JV company, KL South Development Sdn Bhd. A Musharakah joint venture is a joint enterprise formed for conducting business, in which all partners share profit according to a specific ratio.

Albatha Bukit Kiara Holdings and AFFIN ISLAMIC will hold 70% and 30% stake respectively in this newly formed company.

KL South Development will develop a project named “VERVE® Suites KL South” at Jalan Klang Lama, a well-established neighbourhood in Kuala Lumpur. The freehold development will feature a total of 321 fully-furnished designer suites, 45 SOHO units and will retail at ground floor, all housed within two towers of 24 storeys.

Expected for preview in the second half of 2013, VERVE® Suites KL South will feature afirst-of-its-kind, innovative ‘Sky Bridge’ that will link the two towers together. Developed by BKP, the first VERVE® Suites project in Mont’Kiara features the only fully-furnished designer suites in Malaysia that come with four unique sky lounges.

“The participation of AFFIN ISLAMIC in this project signifies the confidence of the bank in BKP and its development. It is also one of the few partnerships between a bank and a private developer in the country,” said BKP’s Group Managing Director, Datuk NK Tong, during the signing ceremony of the Musharakah JV Agreement in BKP Gallery, Mont’Kiara.

“The cross-sector collaboration provides an excellent platform for both parties to synergise and leverage on each other’s expertise. With AFFIN ISLAMIC’s involvement, the joint venture company has strong financial muscle to deliver this innovative project in the established neighbourhood of KL South,” Datuk NK added.

“Both the BKP Group and the Affin Banking Group have had business dealings together since 2006 and our working relationship has been built on trust, mutual respect, open and transparent approaches. When the opportunity arose for both parties to enter a joint venture, it was a natural fit and an easy decision for both parties,” said AFFIN ISLAMIC’sChief Executive Officer, En. Kamarul Ariffin Mohd Jamil.

Both BKP Group and AFFIN ISLAMIChave been exploring possibilities of entering into a joint venture since 2007. The management of both entities has developed into a fruitful relationship over the years.

“It is a strategic fit between BKP Group and AFFIN ISLAMICin terms of our views for long term development. I am glad that both the companies share a common vision for this project. This collaboration will further strengthen our branding as well as extend the market reach of both companies,” Kamarul said.

(From Left) Datuk NK Tong (Group Managing Director of Bukit Kiara Properties) signing on the Musharakah Joint Venture plaque, witnessed by En. Kamarul Ariffin Mohd Jamil (CEO of Affin Islamic Bank), Mr LK Fan (COO of Bukit Kiara Properties) and En. Hazlan Hasan (Head, Business Banking of Affin Islamic Bank). (From Left) Mr LK Fan (COO of Bukit Kiara Properties), Datuk NK Tong (Group Managing Director of Bukit Kiara Properties), En. Kamarul Ariffin Mohd Jamil (CEO of Affin Islamic Bank) and ) En. Hazlan Hasan (Head, Business Banking of Affin Islamic Bank) posing for photo after unveiling the VERVE® Suites KL South project.


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