Asia Vision Capital’s dual-fund approach, with distinct conventional and Shariah compliant structures, is a practical accommodation of different investment mandates for the same underlying asset, Chief Investment Officer Ian Khor shared with IFN Investor.
Ian noted that Shariah compliance is not only a matter of faith alignment but also reflects sound investment fundamentals. “Islamic finance encourages asset-backed investing and risk-sharing, which align closely with our broader investment philosophy. It brings a level of discipline that benefits the entire structure, not just the Shariah tranche.”
The twin vehicles, QJBCCA PLT (conventional) and QJBCCI PLT (Shariah compliant), are both anchored in the same asset: Quayside JBCC, a mixed-use hospitality-led development within the Johor-Singapore Special Economic Zone (JS-SEZ).
“We’ve structured the fund around a development-first approach to maintain full oversight from the ground up. Our focus is on generating long-term value through a mix of recurring income sources within a single integrated development.”
This project includes a hotel, serviced residences, facilities for meetings, incentives, conferences and exhibitions plus dining, retail and advertising infrastructure – each contributing to diversified, long-term income potential. Ian said major hospitality brands have already come on board. Hyatt Place will operate the hotel, while Oakwood, under the Ascott Group, is set to manage the serviced residences.
Early interest has been encouraging, with both local and international investors responding positively. The five-year lock-in period is paired with a redeemable convertible preference share structure, offering pay-out mechanisms while giving the project room to mature.
Asia Vision is targeting to raise RM300 million (US$70.7 million) in capital and is keeping the door open for a potential REIT conversion, depending on market conditions and asset stabilization. “It is part of our roadmap, but not a fixed endpoint.”
Location is also a strategic advantage. With a new Johor-Singapore rail link expected to be operational by late 2026 and increasing activity around the JS-SEZ, Quayside JBCC is well-positioned to benefit from rising cross-border mobility and economic integration.
Looking forward, Asia Vision sees potential to apply its dual-fund strategy to other growth areas in Malaysia, particularly in sectors tied to infrastructure, the digital economy and urban development.
“We’re already assessing opportunities in the Klang Valley and beyond,” Khor shares. “This model has proven adaptable, and we think it can be replicated where investor interest and asset quality align.”
