ID :
30787
Tue, 11/18/2008 - 15:51
Auther :
Shortlink :
https://oananews.org//node/30787
The shortlink copeid
SHENYANG MALAYSIA CORP SIGNS MOU FOR PROJECT IN CHINA
KUALA LUMPUR, Nov 17 (Bernama) -- Shenyang Malaysia Development Sdn Bhd(Shenmas),signed a memorandum of understanding (MoU)today with the Administrative Committee of the Shenyang Finance Development Zone to develop a Muslim Community Centre cum Regional Finance Centre in Shenyang City, China, with a gross development value of RM11 billion (US$1=RM3.59).
The project will start by the end of 2009 and is expected to be completed
within the next five years.
The proposed project is on a mixed basis, comprising both commercial
and residential development.
"Shenmas has been given 128 days to undertake a feasibility study with the
signing of the MoU.
"I think by June next year everything should be finalised," said the head
of
the special unit for overseas projects, Economic Planning Unit of the Prime
Minister's Department, Ir Zaini Omar.
The land is situated within the Shenyang Finance and Trade Development
Zone,
in Shennhe District, Shenyang City.
It will be divided into two parcels, with the first measuring an area of
approximately 64,319 sq m and the second, approximately 117,488 sq m.
Meanwhile, the Islamic Banking and Financing Institute of Malaysia Sdn Bhd
(IBFIM) managing director/chief executive officer, Dr Adnan Alias said it
would discuss with potential financiers, the structure of financing for the
project.
So far, IBFIM, the financial advisers for the project, has received letters
of support from AmInvestment and CIMB Islamic.
Asked whether there would be any problem securing financing due to the
current credit crunch, Adnan said: "We don't foresee much difficulty in raising
the needed finance."
The project will start by the end of 2009 and is expected to be completed
within the next five years.
The proposed project is on a mixed basis, comprising both commercial
and residential development.
"Shenmas has been given 128 days to undertake a feasibility study with the
signing of the MoU.
"I think by June next year everything should be finalised," said the head
of
the special unit for overseas projects, Economic Planning Unit of the Prime
Minister's Department, Ir Zaini Omar.
The land is situated within the Shenyang Finance and Trade Development
Zone,
in Shennhe District, Shenyang City.
It will be divided into two parcels, with the first measuring an area of
approximately 64,319 sq m and the second, approximately 117,488 sq m.
Meanwhile, the Islamic Banking and Financing Institute of Malaysia Sdn Bhd
(IBFIM) managing director/chief executive officer, Dr Adnan Alias said it
would discuss with potential financiers, the structure of financing for the
project.
So far, IBFIM, the financial advisers for the project, has received letters
of support from AmInvestment and CIMB Islamic.
Asked whether there would be any problem securing financing due to the
current credit crunch, Adnan said: "We don't foresee much difficulty in raising
the needed finance."
