Share
KUALA LUMPUR (April 23): KWEST Sdn Bhd, the property arm of Retirement Fund Inc (KWAP), will serve as a platform for the fund to invest in local property development projects, Bernama reported.
KWAP CEO Datuk Wan Kamaruzaman Wan Ahmad said KWEST prioritises on growing through partnerships and selected projects that are aligned with the firm’s values.
The pension fund had previously bought 13.53ha of Seri Tanjung Pinang 2 in Penang. It also has land in Kuala Lumpur — 0.29ha in Jalan Changkat Kia Peng and 0.50ha in Jalan Stonor.
“We are in the process of obtaining the land title for the Seri Tanjung Pinang 2,” he said.
KWAP has allocated 10% of its investment for the property segment, and the investment is expected to grow further following the acquisition of the land, he added.
While KWAP’s real estate portfolios are mostly overseas — Australia, the UK and Germany — Wan Kamaruzaman said the focus would remain on the local market due to its better returns.
“The returns from overseas markets, due to the volatility and current economic condition, stood at less than 5%,” he said. “With the local market offering better returns, why should we diversify into the global market?”
The company owns the Integra Tower and AIA Cap Square Tower in the Klang Valley, Bernama cited.
TOP PICKS BY EDGEPROP
The Gardens @ Mid Valley City
Mid Valley City, Kuala Lumpur
