Syariah-approved properties get boost



Syariah-approved properties get boost


A NEW Saudi-Singapore joint venture is looking to invest up to US$100 million (S$136.7 million) in syariah-complaint real estate in the Republic and in the region.


AEP Investment Management, formed by Saudi Arabia-based private investment firm Al Rajhi Group and Singapore’s AsiaEquity Partners, has already raised US$100 million and is looking to raise a further US$200 million.


It said on Wednesday that the joint venture will be based in Singapore and will focus on opportunities in real estate across the key markets of the Asia-Pacific region.


AsiaEquity founder Yusof Wahid said the credit crunch that has had an impact on property markets in the region is likely to create ‘real buying opportunities in the next two quarters’.


‘As value-added investors, we believe that at this point, the price levels will begin to consolidate for us to commence our acquisition activities in the markets that we like.’


The fund will invest in commercial, residential and industrial properties.


As a syariah-complaint fund, it will not invest in properties such as casinos or those where alcohol is served.


Source: Straits Times

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