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Uzbek firm plans RM1bil project | A company controlled by Uzbekistan businessman Datuk Dr Shavkat Ibragimov is planning to develop a major hotel-cum-retail complex in Putrajaya at a total cost of some RM1bil.
A memorandum of understanding for the purchase of 14.4 acres of land for the project was signed between Saiyor Resources Sdn Bhd and Putrajaya Holdings Sdn Bhd yesterday.
The land is located in the southern commercial region (precinct 5) of Putrajaya, and Saiyor plans to develop a 450 to 500-room five-star hotel, 600 units of serviced apartments and a 540,000 sq ft waterfront retail complex there.
According to Putrajaya Holdings chief executive officer Datuk Mohamad Othman Zainal Azim, the project is one of the first foreign investments in the Putrajaya commercial area and is expected to be fully completed in four to five years.
''The project, with a total development cost of RM1bil, is huge especially during such economic times,'' he said.
He described precinct 5 as an important precinct with the Putrajaya Convention Centre located there, and foresaw much synergy between the centre and the hotel-cum-retail complex to be developed next to it.
Othman said the complex would also cater for other areas outside Putrajaya, such as Shah Alam, Dengkil and Bangi right up to Seremban, which would provide a catchment of over 1 million people.
Saiyor Resources director Arthur Koh said the project would be financed by the company's various business partners from countries like Switzerland, Latvia, Russia and Turkey.
He said Malaysia was chosen for the investment because of its political stability and strong financial and economic system, plus its business-friendly climate.
''The time for investment is right as Malaysia is coming out of its recession,'' he added.
Koh said Malaysia would be the platform for the Saiyor group's business forays into other countries in the region.
According to him, the group is also on the look-out for opportunities to take over public listed companies to ease its entry into the property development sector of the economy.
Incorporated in Malaysia early last year, Saiyor Resources is an offshoot of Ibragimov's multi-profile firm , Saiyor, which was founded in 1988 in Samarkand, Uzbekistan.
Saiyor's businesses encompasses multi-million-dollar ventures in hotels, construction, trading, agriculture and manufacturing.
Source : The Star 11/2/2003
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