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Wednesday, May 14, 2008

Hypermarket set to boost GUH’s business

PENANG: The set-up of a hypermarket in Seremban is expected to boost the property business of GUH Holdings Bhd in Negri Sembilan.

Tesco Stores (M) Sdn Bhd recently got the go-ahead from the relevant authorities to proceed with its plans for a new outlet in Taman Bukit Kepayang, which is only about 3km to the Seremban town centre.

To date GUH has developed and sold 1,300 landed residential and commercial properties on a 270-acre site in Taman Bukit Kepayang.

GUH managing director Datuk Kenneth H’ng said the hypermarket would be located on 12.5 acres, which GUH sold to Tesco Stores a year ago.

Datuk Kenneth H’ng

Construction works on the hypermarket, which will occupy more than 40% of the site, is scheduled to start in early 2009.

“The project will boost the sales of the residential and commercial landed properties in Taman Bukit Kepayang,” H'ng told StarBiz.

He said the group planned to launch some 590 units of landed residential and commercial properties on a 57-acre site with an estimated gross sales value of RM200mil this year. “After this launch, the group will still have a land bank of 170 acres for development in the area,” he said.

H’ng said GUH expected the contribution from its property sector to increase to about 10% this year from 2% last year.

On its printed circuit board (PCB) manufacturing business, H'ng said the group would spend RM43mil to expand its operations in China's Suzhou and Penang.

“The capital expenditure is to increase the production of multi-layer PCBs and to introduce a new range of silver-through-hole PCBs, which are used in a higher range of audio and visual electronic consumer products,” he said.

The expansion exercise, to be completed by year-end, would enable the facilities in Penang and Suzhou to increase their annual production by 75%, H’ng added.

For the financial year ended Dec 31 2007, the group posted pre-tax profit of RM35.5mil on revenue of RM298mil, compared with RM21.5mil and RM274mil respectively a year earlier.

By The Star (by David Tan)

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