Saraya Holdings invests USD 325 million for land development of new international financial district zone in Malaysia

In the middle, Prime Minister of Malaysia, Datuk Seri Abdullah Ahmad Badawi, and  on the far left, Vice Chairman and CEO of Saraya Holdings, Mr. Ali Kolaghassi.
In the middle, Prime Minister of Malaysia, Datuk Seri Abdullah Ahmad Badawi, and on the far left, Vice Chairman and CEO of Saraya Holdings, Mr. Ali Kolaghassi.

Millennium will act as the Master Concessionaire and Land Developer (MCLD) of the approximately 365 acres project.

In the presence of the Prime Minister of Malaysia, Datuk Seri Abdullah Ahmad Badawi, Millennium represented by its Vice Chairman, Mr. Oussama Kabbani, signed a Memorandum of Understanding with South Johor Investment Corporation Berhad (SJIC) represented by its Chairman Dato Azman Mokhtar through its subsidiary Rim City Sdn Bhd (RCSB) to construct the new International Financial District part of the first integrated development area in the Iskandar Development Region (IDR), referred to as Node 1 (the International Financial District). The launch of Node 1 is expected to serve as a catalyst for the entire region with structured incentives designed to meet the needs of global businesses and a quality of life proposition to attract entrepreneurs and professionals.

Chairman of Millennium, Mr. Ali Kolaghassi, also Vice Chairman and CEO of Saraya Holdings, witnessed the signing ceremony and commented on the project saying: "This is part of our global mandate to seek unique opportunities in real estate development that address the growing demand for structured, end-user targeted products. Our investment in the International Financial District Zone fits well with our objectives and meets the need for a new financial hub to serve the expanding markets in Asia. Millennium is committed to making IDR a model for smart growth and a global destination of choice for commerce and financial services."

South Johor Investment Corporation Berhad (SJIC) will be a strategic partner with a 30% stake. In a joint press release, Dato Azman Mokhtar, Chairman of SJIC said: "the combination of financial and environmental ecosystems offered by IDR is unique and provides a solid foundation to make Node 1 a global success".

Millennium is the urban development management arm of Saraya Holdings, specializing in land development, real estate development and property management. It offers premium experience in large scale and mixed-use projects.

Other Memorandums of Understanding took place during the ceremony for the development of IDR; agreements included; ALDAR, MUBADALA and KUWAIT FINANCE HOUSE. The three investors and Millennium will be developing the region into different clusters of distinctive themed zones to create a complete lifestyle with a balanced mixture of eastern culture, heritage and style of architecture, coupled with the latest technology, world-class logistics and security systems.

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