Datuk Ilyas Mohamed, chairman of HAPRB (fourth from left) alongside industry experts and associates
KUALA LUMPUR: Hartanah AP Rakyat Bhd (HAPRB), a newly established real estate private equity firm led by Koperasi Amanah Pelaburan Bhd (KAPB) chairman Datuk Ilyas Mohamed and a team of real estate experts was introduced in Malaysia on Wednesday.
An initiative of KAPB, HAPRB aims to grow its current global investment market in the best interest of its members and the local targeted community as a whole.
According to a press release issued on Wednesday, HAPRB is backed by "solid and substantial funds" which allow purchasing of properties with readily accessible cash.
KAPB’s newly appointed advisor, Datuk Mustafha Abduk Razak, who is also the former president and CEO of Bank Rakyat, said this venture is expected to meet the gaps that exist between financial institutions and individuals.
“Given the current economy climate, property owners may find it a challenge to liquidate their assets on hand. With the sluggish property market, developers appear to face difficulties in selling their projects, and this is precisely where we step in,” he added.
HAPRB will seek out real estate investments with high-growth opportunity and substantial value creation at prime and major cities in Malaysia. It forecasts vast opportunities in view of the potential in the market, according to the press release.
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