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Friday, January 18, 2008

Malton plans RM2b property launches

MALTON Bhd plans to launch residential and commercial projects worth RM2.1 billion in gross development value (GDV) over the next three years.

The developer is also exploring the possibility of expanding abroad to China, Vietnam and Thailand.

"We are still looking at our options, whether we want to go in with partners, and we have not firmed up anything," Malton director for sales and marketing Tracey Lai said at a media briefing yesterday in Kuala Lumpur.

Chief operating officer Yeoh Teng Tatt, meanwhile, said Malton is discussing terms and conditions with landowners in Vietnam but declined to provide further details.

On the domestic front, Malton expects to come up with sales previews for residential and mixed-development projects in the Klang Valley by middle of this year.

Malton's Ukay Spring residential project, which has a GDV of RM410 million, is an eco-friendly residential development with 88 bungalows and 60 semi-detached homes.

"Situated at the edge of a jungle in Ampang, the houses will have solar heaters and use rainfall catchments to water plants," said Yeoh.

The bungalows are priced at RM3 million each while semi-detached unit costs RM1.5 million.

Yeoh said Malton's property development arm is expected to do better this year, driven by its new launches, namely Pearl Villas, Amaya Saujana and V Square in November 2007, all located in Selangor.

All 42 three-storey semi-detached houses and two bungalows under the Pearl Villas development were sold. Malton is currently discussing en bloc sales of two corporate tower blocks under the V Square development.

The Klang Valley-based developer also plans to its maiden project in Penang by early April.

Known as Cantonment Land project, the project involves building a 36-storey duplex condominium, worth with a GDV of RM47 million.

For the financial year ended June 30 2007, Malton's construction and project management division recorded sales of RM429.9 million, or some 77 per cent of the group revenue of RM555.5 million.

Lai said Malton is set to net sales of RM1 billion from the three launches.

By New Straits Times (by Jeeva Arulapalam)

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