KUALA LUMPUR-Locally based CIMB Bhd. and the Singapore government’s investment arm Temesak Holdings Ltd. has proposed a joint venture to launch new real estate funds in Malaysia. The terms and conditions of the joint venture are still being hammered out.The current plan is for the two entities to create a special purpose vehicle incorporated in Malaysia. CIMB’s participation in the special purpose vehicle would be made through a newly incorporated wholly-owned subsidiary. The companies say further details of the proposed JV will be announced upon the signing of a joint venture agreement. Temesak would be involved through MCM, a wholly owned subsidiary of Mapletree Investments Pte Ltd., which in turn is a wholly owned subsidiary of Temesak.

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