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Monday, March 10, 2008

Profitable Plots ready to shop again in Iskandar


PROFITABLE Plots, the land investment division of the UK's Profitable Group, may buy more properties in the Iskandar Development Region (Iskandar) in Johor to ride on rising prices.

Profitable group operations director for Asia, John A. Nordmann, said the company is optimistic of strong demand for properties in the area.

In fact, he said, the company recently sold RM20 million worth of properties by UEM Group, the Ledang Heights development in Nusa Dua, to a pool of investors from Singapore.

"This shows that there is indeed strong demand for properties in strategic areas such as those in Iskandar. We will be looking for more of such properties there," he told Business Times in a recent interview in Kuala Lumpur.

Profitable Plots is a strategic land investment company that acquires, subdivides and sell land parcels, primarily in the UK.

As part of its expansion plan, the firm is buying more land and other types of properties in Asia, encouraged by the robust economic development in the region.

Nordmann said Asian countries certainly have a lot to offer and Malaysia, as well as the Philippines, are the areas the company is looking at.

"Our strategy in Asia would be a little different from the one in the UK where we will not be concentrating solely on land investment. For instance in Malaysia, we will focus on strategic properties while in the Philippines we will focus on land.

"We are looking at opportunities in other countries in Asia as well. However, from the way we see things, Malaysia would probably get the larger share of our investment portfolio. Putrajaya is also another area in Malaysia that we are looking at," he said.

However, he declined to say how much money Profitable Plots would set aside for these investments.

Meanwhile, Nordmann called on Asian investors to look at investment opportunities in UK land, which could potentially provide investors with returns of up to 500 per cent.

With a total landbank of more than 60ha (170 acres) in the UK, he said the company currently handles some RM500 million worth of investments in Asia.

"Although the return takes longer compared to other investment options, the risk is lower and the return is huge.

"In the present stock market condition, investors should look at the potential of land investment in UK," he added.

By New Straits Times (by Anna Maria Samsuddin)


1 comment:

Mark said...

http://www.bernama.com/bernama/v3/news.php?id=367182

Companies Commission Raids Three Companies Over Illegal Land Investments


KUALA LUMPUR, Oct 24 (Bernama) -- The Companies Commission of Malaysia (SSM) today raided three companies suspected of offering investments in illegal land investment schemes.

The raids were conducted simultaneously at the UK Land International (M) Sdn Bhd, Profitable Plots Sdn Bhd and Edgeworth Properties (Malaysia) Sdn Bhd.

The companies had allegedly contravened sections 94 and 363 of the Companies Act 1965.

In a statement, SSM said it had conducted surveillance on the companies over the past couple of months.

It said the companies offered the public to purchase and invest in plots of land in foreign countries, notably England and Canada, and used attractive marketing strategies, among others, promising extremely high rate of returns.

"Any company offering investments in interest schemes must comply with Division 5, Part IV of the Companies Act and other relevant provisions of SSM's Policy Guidlines and Requirements before they can start offering such investments to the public," added the statement.

Non-compliance of Division 5 Part IV of the Companies Act is an offence under section 94 (1) of the Companies Act and carries a penalty of imprisonment for five years or RM100,000 fine or both whilst section 363 (5) entails a penalty of 10 years imprisonment or RM250,000 fine.

The statement advised the public to verify the status of schemes by contacting SSM at 03-40476111/6222 or fax at 03-40476317 and via e-mail to enquiry@ssm.com.my.

-- BERNAMA