Al Salam Bank-Bahrain, one of the kingdom’s pioneering Islamic banks, said it has successfully completed and sold a joint venture comprising 73 villas worth an estimated RM260.6 million ($86 million), in Penang Island, one of Malaysia’s largest seafront residential developments.

The venture, Martinique Villas By-the-Sea, was named as the best villa development in Malaysia at the South East Asia Property Awards 2011. The awards recognize the best developments in the region’s residential real estate industry.

Successful completion of this project was a result of a tripartite venture involving Al Salam Bank-Bahrain, Eastern & Oriental Bhd (E&O) and CIMB-Mapletree Management, who entered into an agreement in 2006 to jointly-develop the villas.

A private event was held in Penang to mark the culmination of this successful collaboration where Al Salam Bank was represented by CEO  Yousif Taqi while E&O was represented by its deputy managing director Eric Chan and CIMB-Mapletree was represented by CEO Raja Noorma Raja Othman.

Commenting on the project, Taqi said, "This joint venture with E&O and CIMB-Mapletree has been a very fruitful one for all parties, and we couldn’t haveasked for better partners to collaborate with in Malaysia."

“We are proud of the quality of this development, and see this as another key step to our commitment to invest in Malaysia,” Taqi stated.

Chan said, "E&O’s aim is to fulfill individuals’ lifestyle aspirations and I am happy to say that through this partnership, we have been able to deliver this in the form of the 73 villas which are the creme de la creme of the properties in Seri Tanjung Pinang."

The villas comprise two-storey and three-storey units spread over 15 acres and offer spectacular views of the sea in Seri Tanjung Pinang, one of Penang’s most sought after residential enclaves.

The first batch of 40 villas were launched in 2007 and delivered to buyers in 2009 while the remaining 33 villas were launched in 2010 and completed early this year.

In his comments, Raja Noorma said, "The secret to a successful joint venture lies in the insightful selection of players who will bring together a unique congruence and synergy of shared objectives and complementary capabilities."

“Leveraging on CIMB-Mapletree’sunrivaled network and reach, we were able to bring together two other highly respected entities in Al Salam Bank Bahrain and E&O, to strike a tripartite partnership that delivers an award-winning end-product with an innovative and cross-border structure,” he added.-TradeArabia News Service