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Tuesday, October 30, 2007

Zecon plans RM2b development in Sarawak

By New Straits Times

SECOND-board listed Zecon Bhd plans to develop over RM2 billion worth of residential and township development on an 800ha land not far from Kuching in Sarawak.

The company's subsidiary, Zecon Land Sdn Bhd, has received a provisional approval from Sarawak state planning authority for the development of the land at Semenanjung Demak, about 6km from Kuching.

The company will build more than 4,000 low- to medium-cost terrace houses and related infrastructure for Syarikat Perumahan Negara Bhd (SPNB) on a 200ha of the land, which is expected to cost about RM613.9 million.

The development on the remaining 600ha of land will include a township, comprising commercial, office and residential properties, with a gross development value of about RM1.6 billion.

Zecon group managing director and chief executive officer Datuk Zainal Abidin Ahmad said the projects will unlock the value of the group's land and accelerate revenue contribution from its construction division.

"With a development of this size and the group's commitment to deliver good quality properties, we are looking into tying up with other established property developers in Peninsular Malaysia to jointly develop the 600ha land," Zainal Abidin said in a statement released in Kuala Lumpur yesterday.

Zecon is optimistic that the SPNB project, which is set to start by year-end, would contribute positively to the group's construction division in the next financial year.

SPNB is undertaking the sale and marketing initiatives for the affordable housing project, while Zecon will be the contractor to complete the project in three years.

Zainal Abidin said site clearance and earthworks have already commenced.

Zecon and its group of companies are a leading integrated construction and infrastructure group. The group's principal activities include foundation engineering, civil engineering, building works, construction of highway and water infrastructure, property development, and toll concession.

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