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Monday, May 12, 2008

Tempo Properties building up to Bursa listing

TEMPO Properties Sdn Bhd, a Seremban-based boutique property developer, is aiming for a listing on Bursa Malaysia by 2011.

Its chief executive officer Khoo Boo Hian said the company has been working towards fulfilling the profit requirements for a listing on the main board of the stock exchange.

Tempo Properties has been enjoying 40 per cent revenue growth every year for the last few years.

It posted RM60.5 million revenue last year.

Khoo said that Tempo Properties intends to boost its new image as a vibrant and niche developer.

"We need to do something different to compete with the big boys like SP Setia Bhd," he said.

Last month, the company launched a rebranding exercise to reflect its switch of focus to developments with medium-high pricing, emphasising design and security.

Its next commercial development in the Klang Valley, reflecting its new focus, is set to be launched in the third quarter of this year.

"In today's competitive market, you cannot just develop a mass product and expect people to buy. People now want to know who is behind a development. They want a brand to associate with," Khoo said.

Tempo Properties started out in Seremban in 1995, building mixed developments.

Its shareholders are Zenith Joy Sdn Bhd, which has 47.06 per cent stake, and Sterling World Sdn Bhd (52.94 per cent).

Sterling World is owned by a group of brothers who manage a rice wholesale business in Seremban.

By New Straits Times (by Presenna Nambiar)

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