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Thursday, December 27, 2007

MPC focuses on action in Johor’s IDR

PETALING JAYA: Main-Board listed Malaysia Pacific Corp (MPC) will focus fully on Johor’s Iskandar Development Region (IDR), where it has several exciting projects in the pipeline.

An artist's impression of Aptec

MPC president and CEO Bill CP Ch’ng said the projects include a massive, four million sq ft permanent exhibition site named Asia Pacific Trade and Expo City (Aptec), 200 units of bungalows and 281 units of shop houses.

Aptec is to be launched by the middle of next year after we enlist a strategic partner for the project, on a 25-acre site in Lake Hill City, Nusa Damai, some 30 km away from the city centre,” said Ch’ng.

Aptec will become the main catalyst for growth in Nusa Damai and complement the government’s vision for IDR,” he said.

“Once completed, Aptec will also feature a shopping mall, a hotel and a high-rise condominium project, making it a one-stop centre for the business community, especially for those from abroad,” he added.

According to Ch’ng, Aptec was conceptualised following the huge demand for China-made products, and besides opening up for wholesalers and traders from China, Aptec will also feature products from India and the Asia Pacific region.

Ch’ng said MPC had put on hold all development plans in the Klang Valley to concentrate fully on Johor’s IDR.

Among the plans on hold include the Red Sails theme restaurant and entertainment complex abutting Wisma MPL along Jalan Raja Chulan. Ch’ng revealed that MPC hopes to sell Wisma MPL for at least RM250 million and use the proceeds for its Johor projects.

“We will concentrate fully on Johor where we have a land bank of 600 acres, loosely translating into a gross development value (GDV) of RM6 billion over the next 10 years,” said Ch’ng.

Ch’ng said that MPC’s project in Taman Nusa Damai would remain a medium-cost housing development while Lake Hill City is for mixed-development projects. Some 300 acres have been utilised to construct some 2,000 low- and medium-low cost houses.

“We are also planning to launch a heritage village with amphitheatre for cultural shows and a purpose-built shopping centre catering for tourist from the Asia Pacific region,” said Ch’ng.

MPC recorded a pre-tax profit of RM18.23 million for the year ended 30 June 2007.

By theSun (by Tim Leonard)

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