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Sunday, October 21, 2007

Zelan banks on repeat performance

By New Straits Times

The RM400 million Hampshire Residences is almost completely sold since its official launch late last year

Fuelled by the response to its Hampshire Residences condominium, Zelan Bhd is developing a second upmarket project in the vicinity of the Kuala Lumpur City Centre (KLCC).

This gives the group, which only recently ventured into development from its mainstay of construction and engineering, the rare distinction of being among the few with more than one project in KL's most prized real estate address.

The new undertaking costing RM169.4 million is the result of a development agreement between its subsidiary, Zelan Development Sdn Bhd, and landowner Masteron Liga Klasik Sdn Bhd.

To be developed on a 25,000sq ft site off Jalan Yap Kwan Seng and along Jalan Lidcol, the project with an expected height of 33 storeys will abut the 388-unit Hampshire Residences, which is slated for completion by December 2008.

Since it was officially launched late last year, almost all the units in Hampshire Residences have been sold, thanks partly to the expertise of one of Zelan's jointventure partners, Singapore property giant CapitaLand Ltd.

For the new venture which is currently pending approvals from the relevant authorities, Zelan could embark on a similar tie-up.

For the financial year ended Jan 31, 2007, Zelan's foray into development contributed only RM30 million or 4.7 per cent to the group's total revenue, but this is likely to increase as more opportunities are sought out.

The group is also venturing abroad: In Bangkok, Thailand, it acquired a long-term lease on a 2.64-acre site, upon which it will build a Grade A office building, while in Hyderabad, India, it will develop luxury villas and condominiums jointly with a local partner.

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