PETALING JAYA: Malton Bhd plans to launch eight property development projects worth some RM2.2 billion over the next three years, as well as beef up its construction division.

Executive director Hong Lay Chuan said Malton's construction unit has about RM200 million-odd worth of jobs in hand and that the division currently contributes some 30 per cent to group revenue.

Hong told reporters after the company's shareholder meeting here yesterday that Malton is bidding for design and build projects from the private sector.

He did not rule out tendering for government projects, especially those that come under the Economic Transformation Programme.

"We are bullish on both sectors and hope to do better this year. We do anticipate high cost in land and raw materials but if market sentiments hold up, we should do okay," he said.

For the nine months to March 31 2011, Malton's net profit increased threefold to RM45.7 million on a revenue of RM294.5 million.

On property development business, Hong said Malton foresees the market to be strong this year as demand for new houses is increasing.

Malton's eight new projects comprise medium to high-end residential and mixed property developments, the majority of which are located in the Klang Valley and some in Penang.

Hong said Malton is poised to benefit from the new launches, based on the success of its existing projects in the marketplace since mid-2010.

Malton has five on-going residential and mixed development projects worth some RM1 billion in the Klang Valley.

Hong said the projects in Bukit Rimau and Mutiara Indah in Puchong, which consist of 101 units of shop units and terraced houses respectively, were sold out even before the launch.

"We are looking for landbank to expand our property development division hence the need to raise funds," he said.

Yesterday, shareholders approved Malton's plan for a rights issue to raise between RM139.3 million and RM156.6 million.

Malton will use part of the money to buy land and undertake property development projects. Some RM60 million will be used to pare debt.

SOURCE: Business Times

Mahsuri Hotel & Condominium, an upcoming mixed development of a 24-storey hotel with 260 rooms & a banquet facilities for 800 seatings, 10 units 25” width 3 storey shops & a block of 23-storey luxurious condominium on a 3 acre site next to “The One” project in Bayan Baru, Penang.

Property Project : Mahsuri Hotel & Condominium
Location : Bayan Baru, Penang
Property Type : Hotel & Condominium
Units: 10 units (Shoplots), 91 units (Condo)
Land Tenure: Freehold
Developer : Harta Intan
Contact No.: 04-228 2163

Sri Cempa Apartment, strategically located next to SK Bagan Tuan Kechil along Jalan Mengkuang in Raja Uda, Butterworth. Each unit has a built-up area of about 967 sq.ft.

Property Project : Sri Cempa Apartment
Location : Raja Uda, Butterworth, Penang
Property Type : Apartment
Total Units: 88
Tenure : Freehold
Indicative Price: RM150,000 onwards
Developer : Harta Intan
Contact No.: 04-228 2163

GEORGE TOWN: The Penang Government will probe allegations that employees of housing developers booked units in projects prior to their launch and sold them later at higher prices.

Chief Minister Lim Guan Eng said such complaints had come to his attention.

He said the state, through the Penang Housing Board to be gazetted on July 1, would study measures to curb such practices, which allegedly caused house prices to increase almost immediately after their launch.

Lim said the board would also introduce measures to safeguard the interest of Penangites who wanted to buy affordable homes.

He said other steps that would be studied included control of the sale of affordable homes in Penang to only first-time house buyers.

“This is to ensure that every eligible Penangite will have the opportunity to own a home,” he told a press conference here yesterday.

He was asked if the state planned to introduce measures to limit ownership of homes.

“When the Penang Housing Board is gazetted, our main aim will be to build affordable housing and priority will be given to Penangites and first-time buyers,” he said.

Source: The Star

BM Residence, another exciting project by Tambun Indah in Bukit Mertajam. This project comprises:

Type A: 1,539 sf.
Type B: 1,442 sf.
Type C: 1,420 sf.
Type D: 1,334 sf.

Facilities

Other related post: BM Residence Condominium