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Tuesday, March 18, 2008

Firm targets China and Vietnam

Venturing overseas has become a viable option for many Malaysian property companies to widen their earnings base and establish a stronger brand image in the region.

Developers with good track records and interesting project concepts to “export” to other emerging markets are making a beeline abroad.

According to Malton Bhd chief operating officer Yeoh Teng Tatt, the company is eyeing China and Vietnam to introduce its brand of properties to the growing middle class and newly rich population.

“We are talking to potential partners in those countries for possible joint ventures to undertake projects. Having established its name in building townships and niche residential projects, including gated and guarded projects in the Klang Valley, Malton is looking forward to replicate its success in other potential markets outside the country,” Yeoh pointed out.

It has also made a name in the commercial property market, including through the construction and project management for shopping malls such as Pavilion KL and commercial buildings such as Menara Uni Asia. Malton's construction arm, Domain Resources Sdn Bhd, was also looking to undertake building infrastructure projects overseas.

Although construction jobs currently contributed some 60% to group revenue, he said, the line-up of more exciting property projects in the next two to three years would most likely make property the bigger contributor.

Malton director of sales and marketing Tracey Lai said the company would be lining up more interesting products for its existing Bukit Rimau township and in Mutiara Puchong and Mutiara Indah. The 385-acre Bukit Rimau township will see more high-end houses launched this year.

“Instead of selling bungalow land, the remaining land will be turned into ready-built bungalows complete with interior designs and furnishings. Each of these tastefully designed bungalows will be going for between RM1.7mil and RM2mil,” she added.

Since the launch of Bukit Rimau in 2002, property products worth RM404mil have been launched to date while sales amounted to RM378mil. The RM780mil project will comprise mainly bungalows, semi-detached houses, townhouses, super-link terraced houses and apartments.

The remaining 40 acres will feature the commercial precinct comprising three-storey shop offices, service apartments, retail lots and hotel suites. The two gated community projects in Puchong - the 64-acre Mutiara Puchong and 83-acre Mutiara Indah will also see more new launches this year.

By The Star (posted on 17th March'08)

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