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Wednesday, July 8, 2009

TSI to reap stronge arnings from abroad

TSI Holdings Sdn Bhd, a construction and property company controlled by Tan Sri Ibrahim Mohamed, expects revenue for the current year to match the RM180 million it posted last year, helped by strong overseas earnings.

Ibrahim, who controls 75 per cent of TSI, grew to prominence in 2007 after he sold Wisma Denmark office block along Jalan Ampang to the Suncity group for RM170 million.

The privately-held firm, which earns between RM70 million and RM80 million a year in revenue from overseas operations, said contribution from abroad has been growing by as much as 20 per cent this year.

This is largely due to the S$11.6 million (RM28 million) marina sand project contract it secured in Singapore. The project is expected to be completed within six to eight months.

TSI has market presence in Indonesia, the Philippines, Singapore, Thailand and the Middle East.

Group managing director Lim Seng Kok said the company may venture into property business in these countries if there are opportunities.

"We were approached but the proposals must be within our expectation," he told Business Times in Kuala Lumpur recently.

On the domestic front, TSI has 30.35ha of landbank with a total gross development value (GDV) of RM1.6 billion that will keep the firm busy for the next 10 years.

Its latest development, First Residence@Kepong Baru, which has a GDV of RM160 million, offers 474 condominiums in two tower blocks, with more than 800 units of car park bays expected to be completed by 2011.

The units range from 930 sq ft to 1,450 sq ft and prices are from RM233,000 to RM333,000 per unit. Lim said 90 per cent of Block A non-Bumi units have been sold.

"We did not offer financial packages but instead we tried to design the product to suit the target audience. We are happy that the apartments are selling faster than expected, despite the slowing economy," he said.

TSI also has two other ongoing development projects namely a wholesale city called GM Klang@Bandar Botanic Klang that is being developed on a 5.86ha site and Taman Sg Karang Maju in Kuantan that consists of 55 units of single-storey houses.

Slated to be the largest wholesale city, GM Klang will be developed in four phases and will take between eight and 10 years to complete.

Estimated GDV for the project is RM1.5 billion and once completed it will consist of about 2,000 units of shops.

By Business Times (by Zurinna Raja Adam)

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