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Monday, April 27, 2009

RM120m Ken Bangsar to complete by Q3

KEN Holdings Bhd's (KHB) exclusive service apartments project, Ken Bangsar, located at Bukit Bandaraya in Kuala Lumpur is to be completed by the third quarter of this year.

The company's managing director, Kenny Tan Boon Kang who disclosed this, said the project has a gross development value (GDV) of RM120 million comprising a block of 14 floors of 80 units.

Speaking to reporters after the company's annual general meeting (AGM) today, he stated that during the soft launch, about 50 per cent of the units had been taken up.

According to Tan, the company has a landbank of over 138 acres in the Klang Valley, Penang, Genting Highlands and other strategic locations in Malaysia.

He said Ken Holdings has plans to expand its landbank and is looking to purchase at a good price.

The company has projects in hand in the Klang Valley and Penang with a GDV estimated at RM700 million to keep it busy for the next five years.

On the property sector, Tan said there are certain areas like the KLCC and Bangsar, where prices are still firm.

"I foresee low and medium end housing being affected rather than that for the high-end properties," he said.

Ken Holdings will spend RM80 million for the construction of its new headquarters at Taman Tun Dr Ismail. It will have a block of 12 floors of office space.

The project is expected to be completed in three years and construction will start by the end of the year or in early 2010.

By Bernama

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