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Friday, September 11, 2009

India project catalyst for MK Land’s international property foray

PETALING JAYA: MK Land Holdings Bhd’s joint-venture development in Bangalore, India, is set to be a catalyst for the company’s foray into the international property market, says executive chairman Tan Sri Mustapha Kamal Abu Bakar.

“The project will be launched in March after we get all the approvals from the authorities involved,” he said yesterday after officiating the start of construction works for a bus terminal in Damansara Damai.

“We are being recognised by India as having the expertise to build projects that focus on affordable houses such as the ones we develop in Damansara Damai,” he added.

MK Land’s housing project in India has a gross development value of RM3bil, according to Mustapha.

He said the company first got involved in affordable housing in the 1990s to help solve the problems posed by squatters.

“Now, our efforts to help these people have opened the eyes of other countries such as India to replicate this kind of concept,” he said, adding that the perception that low-cost housing did not bring much profit was not true.

Such projects can be lucrative if done in big volumes, according to Mustapha.

“To date, we have sold more than 14,000 houses valued at about RM1.2bil. Damansara Damai is now being populated by more than 90,000,” he said.

By The Star

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