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Friday, August 7, 2009

Eksons expects RM1b GDV for maiden property project

The second phase of the mixed development project dubbed 'The Atmosphere' will be launched on Saturday

Export-Oriented plywood producer Eksons Corp Bhd expects its maiden property project in Seri Kembangan, Selangor, to be close to RM1 billion in gross development value (GDV) over five years.

Eksons, listed on Bursa Malaysia's main market and records about RM300 million revenue per year, owns 60 per cent of the mixed development project dubbed "The Atmosphere".

Tempo Properties Sdn Bhd, a Seremban-based boutique property developer, holds the remaining 40 per cent of the project sprawling some 20.23ha, its location considered as "the heart of the Golden Triangle of southern Klang Valley".

"We are scouting for more (property) projects with Tempo," Eksons director Tang Seng Fatt told a news briefing yesterday on The Atmosphere's second phase that will be launched on Saturday.
Eksons specialises in the manufacturing of tropical thin plywood and operates two factories in Sibu and Tawau, with a combined capacity of 285,000 tonnes per year.

Over 90 per cent of the company's output is exported mainly to the US, the Middle East, North America, North Africa, Taiwan and South Korea.

Tempo, meanwhile, has been involved in property development for more than 10 years. Its projects include Taman Cengal Utama, Taman Prima Tropika and Medan Suria in the Klang Valley.

Tempo chief executive officer Khoo Boo Hian said the second phase of The Atmosphere is expected to generate a GDV of RM300 million and will be ready in two years.

Its third phase, due to kick off in 2011 or 2012, is expected to churn out RM600 million in GDV.

Eksons and Tempo Properties have secured RM23.5 million from the sale of its first phase covering 3.64ha that will entirely be occupied by the Giant hypermarket.

The Atmosphere is marketed as the premier lifestyle commercial development.

"It will be a hub for culture, nature, lifestyle and community for people from different walks of life," Khoo said.

Phase Two is divided into five themed segments with a total of 136 units of shopoffice, designer SOHO (small office home office) suites, boulevard shops and retail outlets.

The units are priced from RM860,000 onwards.

By Business Times (by Zuraimi Abdullah)

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