| Al Rajhi To Buy Office Units In I-City For RM95 Mln |
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KUALA LUMPUR, July 28 (Bernama) -- Al Rajhi Bank (Malaysia) is purchasing 36 units of i-City Cybercentre 1 Office Suites for RM95 million, marking its first property venture in the country.
The purchase accounted for 80 percent of the units completed in the first phase of i-City, a RM2 billion integrated and sophisticated township on 72-acres of land in Section 7, Shah Alam, Selangor.
"The investment of Al Rajhi in i-City demonstrates its real value and an increasing interest among Middle Eastern companies in our property market," I-Berhad director, Eu Hong Chew said.
I-Berhad is the developer of i-City.
Speaking to reporters after the signing of a sales and purchase agreement between the company and Al Rajhi here Monday, he said the bank had already paid ten percent of the purchase price.
The entire exercise involving the purchase is to be completed over the next two to three months.
The first phase of i-City comprises 44 units of cybercentre office suites totalling 300,000 square feet. I-Berhad will retain 20 percent of the units for local information, communication and technology companies (ICT).
Eu said i-City, which is expected to take five years to complete, is the only commercial property in Malaysia with a "last-mile fibre optics to the units" network. It will have a capacity up to 10Gbps.
The network thus supports a wide range of Internet Protocol-based services and applications, making i-City an efficient place to work, play and live in.
Meanwhile, Al Rajhi chief executive officer, Ahmed Rehman said the investment represented the bank's first foray into real estate investments in the country. It was a strategic decision for the bank.
Al Rajhi Bank, headquartered in Saudi Arabia, is the largest Islamic banking group in the world with a network of more than 600 branches.
-- BERNAMA
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