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Thursday, August 20, 2009

Equine plans high-end project

SERI KEMBANGAN: Property developer Equine Capital Bhd is proposing to acquire 108.4ha with an estimated gross development value (GDV) of RM700mil in Batu Kawan, Penang.

The acquisition of the land, for high-end property development, will be funded by internally generated funds and external borrowings.

“We are negotiating with state authorities to expedite the purchase of the land,” Bernama quoted chairman Datuk Seri Tengku Ahmad Shah as saying after the company AGM yesterday.

Equine currently has a total land bank of 141.2ha in Seri Kembangan, Cheras and Batu Kawan, with an estimated GDV of RM1.1bil.

”We are on the look out to acquire land banks in Selangor and Negri Sembilan,” Tengku Ahmad Shah said, adding that its current land bank was sufficient for the company’s property business for the next five to 10 years.

He said Equine would launch several commercial and residential properties this year, with a GDV of RM300mil, mainly in Seri Kembangan, Cheras and Batu Kawan.

He said the development would include three- and four-storey shop lots and landed residential properties.

“We are projecting a growth for our current and future financial years,” Tengku Ahmad Shah said, adding that the company, as at March 31, 2009, had unbilled sales totalling RM70mil.

It posted a pre-tax loss of RM43.75mil for the financial year ended March 31, 2009 as turnover dropped 21% to RM86.083mil.

Tengku Ahmad Shah said Equine Capital would continue to dispose off its non-core business and assets to concentrate on property development.

It planned to sell Wisma KLIH in Bukit Bintang, which was valued at RM35mil, two years ago.

Meanwhile, Equine in a filing with Bursa Malaysia said it had signed a sales and purchase agreement to acquire a 15.88-acre piece of leasehold land in the district of Petaling from Jelang Puncak Sdn Bhd for RM47.4mil.

It planned to develop 156 units of two- and three-storey shopoffices with an estimated gross development value of RM127mil and a gross profit of RM18mil.

It added that the project would commence at the end of next year and was targeted for a mid-2012 completion.

By The Star

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