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Tuesday, May 27, 2008

Ken Holdings plans projects worth RM650m

PROPERTY developer Ken Holdings Bhd plans to develop half of its 56ha land in Shah Alam, Selangor, and Bangsar in Kuala Lumpur, with a projected total gross development value of RM650 million.

"This is sustainable to the group over the next four to five years," managing director Tan Boon Kang said after the group's annual general meeting in Kuala Lumpur yesterday.

TAN: All house prices will ultimately go up due to escalating prices in raw materials.. we will have to eventually pass these down to purchasers

The group is developing a low-cost apartment and shop lots on the Shah Alam land, while a high-end serviced apartment is being developed in Bangsar.

Another 26ha of land area is located in Perak, Penang and Genting Highlands, Pahang.

Ken Holdings, which has about RM22 million cash in hand and zero gearing, is continuously looking to acquire more land especially in Klang Valley and other cities in the country.

"We are always on the lookout for more land, but there is nothing solid right now as we are still focusing on our existing land bank," Tan said.

Commenting on whether the high price of raw materias will effect the group's performance in future, Tan said: "All house prices will ultimately go up due to escalating prices in raw materials. We will have to eventually pass these down to purchasers."

Ken Holdings posted a RM8.4 million net profit for its financial year ended December 31 2007 against RM3.9 million previously. Revenue was reported at RM60.2 million.

Tan said he expects Ken Holdings to maintain its performance this year attributed from existing projects.

By New Straits Times

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