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Monday, October 22, 2007

Gadang builds earnings hopes on new projects

By New Straits Times

GADANG Holdings Bhd, a construction and property company, is planning to launch its maiden mixed development projects in Vietnam and Penang next year.

"Negotiations are ongoing with the landowners.

"In Vietnam, we are exploring different projects comprising mixed housing and commercial developments; and in Penang, we are looking at a luxury mixed development," managing director and chief executive officer Datuk Kok Onn said.

Kok told Business Times that the Penang land deal may be finalised in three months, while negotiations in Vietnam may conclude early next year.

Gadang may build properties worth more than RM300 million in Vietnam and Penang.

"We may develop the projects in a joint venture based on luxury concept. We are targeting foreign investors to buy the properties," Kok said.

Gadang may launch more projects in Vietnam and Penang if the two are successful.

Its property division contributed a net profit of RM7.5 million last year, more than double the RM3.2 million made in 2005.

Kok expects earnings to improve this year amid Gadang's plans to launch two new projects next month.

Its Taman Pinggiran Pelangi in Rawang, Selangor, will comprise 423 single-storey terrace and semi-detached houses.

Taman Seri Bukit Segambut will offer 54 three-storey terrace houses with a combined gross development value (GDV) of RM80 million.

Gadang also has 8ha in Tampoi, Johor, earmarked for a housing and commercial project, which is expected to reap RM190 million in GDV. The first phase will be launched in the next quarter.

Next year, it will launch a mixed development in Kuang, Selangor, with a GDV of RM80 million.

Gadang currently has four ongoing projects in Selangor and Kuala Lumpur, which can easily generate some RM210 million in GDV collectively, and land worth about RM100 million.

"Gadang will continue to expand its development activities, and is confident of establishing the company as one of the leading players in property development," Kok said.

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