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Monday, December 3, 2007

Mycom’s latest villa project fully taken up

KUALA LUMPUR: All 49 units of Mycom Bhd's latest phase of residential development in Mont' Kiara have been taken up, said group managing director Datuk Yap Yong Seong.

“We will be launching Phase 2 of Duta Villa in January or February. We have not advertised but all (49) units have already been taken up,” he said, adding that half the bookings were by expatriates.

Yap attributed the rapid take up to good planning and designing.

The four-storey villas with private lifts were valued at RM800 to RM1,300 per sq ft, he said after the company’s AGM last week.

Mycom's main projects are in Mont Kiara/Sri Hartamas and the Duta Grand Hotels in the Kuala Lumpur city centre. It has a 56% stake in Kenny Heights Development Sdn Bhd, which owns 73 acres in Mont' Kiara.

Sister company Olympia Industries Bhd (of which Yap is also a managing director) owns the balance 42% equity in Kenny Heights Development.

The group also owns 40,000 acres of oil palm plantations in Sabah.

On another note, Mycom's shareholders passed a resolution to change the company's name to DutaLand Bhd.

Yap said one key reason for the name change was because the company's main projects were in the Jalan Duta area.

He also said the new name would represent the direction that the company was heading, namely property development.

“We want to be known more as a land and property development company. The name would reflect the business of the group for many years to come,” he said.

According to its annual report, Mycom's group revenue for the financial year ended June 30 (FY07) rose by 23% to RM92mil from RM75mil in FY06.

The group's property division saw revenue drop to RM3.8mil for FY07 against RM6.7mil before. Revenue for its plantation division rose by RM23.2mil to RM85.5mil from RM62.3mil previously.

By The Star

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