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Thursday, May 26, 2011

Fresh new start for Ibraco

KUCHING: Property developer Ibraco Bhd, which has exited the Practice Note 17 (PN17) list, will embark on a new residential project in Stutong here.

The company also plans to extend its property development activities to other major towns in Sarawak and venture into construction business.

Chew says Ibraco will launch the Stutong project in July.

Chief executive officer Chew Chiaw Han said Ibraco would launch the proposed Stutong housing project, comprising 77 single-storey terraced and semi-detached houses, in July.

“The project will have a gross development value (GDV) of about RM15mil,” he told StarBiz.

Bursa Malaysia on Tuesday removed Ibraco from the PN17 classification, about six months after the company completed its regularistion scheme.

Ibraco was classified a PN17 company after its revenue for the financial year ended Dec 31, 2009 fell below 5% of its paid-up capital.

The company's regularisation scheme involved the development of Tabuan Tranquility, a massive commercial, industrial and residential project along Kuching-Samarahan Expressway.

The mixed development on 66ha will comprise 640 double-storey terraced houses, 108 semi-detached houses, 60 units of three-storey townhouses, 76 units of four-storey shophouses, 72 semi-detached industrial buildings, an office block and a petrol station.

Tabuan Tranquility, to be developed in five phases up to 2015, has a GDV of RM517mil.

Chew said all the 76 shophouses priced between RM1mil and RM1.79mil had been sold. These shophouses are expected to be completed in July.

“About 85% of the Tabuan Tranquility phase 5 residential development, comprising 204 terraced houses and 38 semi-detached houses, have been booked,” he added. These houses are expected to ready by November 2012.

Chew said Ibraco also planned to undertake its first mixed property development in Bintulu or Miri.

He said the company had identified the land and might carry out the development via a joint venture with the landowner.

Although the plan has yet to be finalised, he hoped the project could take off this year.

To diversify its activities, Chew said Ibraco planned to venture into construction, including infrastructure and civil building works, for the private and public sectors.

“We are actively studying it. Ibraco is an experienced contractor and has all the expertise,” he added.

Ibraco, which has built about 10,000 properties over the years in the Tabuan area here, has a land bank of about 285ha, mostly in Kuching and Lundu.

By The Star

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