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Monday, November 3, 2008

Global crisis won't derail Malton's regional ambitions

Chief operating officer Yeoh Teng Tatt said the crisis will not derail plans to expand its property developments regionally nor will it derail any current projects.

"We are exploring potentials abroad and will carry out feasibility studies when something materialises. In the meantime, we will proceed to develop current projects as per plan even if we are suffering from thinner (profit) margins," Yeoh said.

The main board-listed firm's current outstanding order book totals some RM2 billion, which will keep it busy until 2011.

Yeoh said Malton is expected to do better this year, encouraged by sales from its recently launched projects including Amaya Saujana, V Square, Pearl Villas and Bayu Villas.
"For new launches, we did quite well for the higher-end products, which are more resilient to the market (slowdown)," Yeoh said.

For fiscal year ended June 30 2008, it posted a net loss of RM3.1 million from a net profit of RM4.7 million in 2007.

While there may be no further launches for the rest of this year, Malton is gearing up to launch its maiden signature condominium project in Penang, dubbed The Mansion@Cantonment, also the first for the firm outside the Klang Valley, by early next year.

It is a 36-storey block with duplexes fronting the sea and city worth RM47 million.

Also in the plan is to launch a mixed-commercial project in Taman Maluri, Cheras, worth some RM200 million, by March 2009.

"We are fortunate to have an in-house construction arm to plan our resources. This holds water for our next launches," Yeoh said.

To augment its landbank and continue with its property developments especially in Johor, Malton recently bought Austin Heights Sdn Bhd (AHSB) for RM103 million.

AHSB is involved in a 78.8ha project called Austin Heights in Tebrau, Johor, comprising houses, condominiums, retail units and schools.

By Business Times (by Sharen Kaur)

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