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Wednesday, February 3, 2010

Bukit Jalil project to boost Ho Hup revenue

HO HUP Construction Co Bhd aims to make at least RM300 million in annual revenue for the next 10 years, driven by developments at its 24ha land in Bukit Jalil, Kuala Lumpur.

The company is planning what is known as Jalil Green City, an integrated commercial and residential development that could be worth up to RM2.5 billion.

Its group managing director Lim Chin Choy said the original development plan has been revised.

Jalil City will now have six high-end residential towers, three Grade-A MSC-status office buildings, a 12-storey office block and a 1.5 million sq ft shopping mall.
The development will also comprise five-to-eight-storey shop offices as well as recreational and green facilities.

Jalil City is targeted to be an environment friendly and sustainable development. The buildings will incorporate green features.

Previously, the plan was to build conventional-type shop-offices housed in four- to eight-storey buildings, a hypermarket, a piazza, 2,000 units of condominiums and a Grade A office building.

"We want to make this the best development for Klang Valley. I will aim for three awards for the project for best integrated commercial development, best high-rise residential development and best shop-office development," Lim told Business Times in an interview in Kuala Lumpur recently.

Lim, formerly the chief executive officer (CEO) of property developer Magna Prima Bhd, took over Ho Hup on June 1 2009.

The company has been in the red since 2006. In the fiscal year ended December 31 2008, its net loss was RM56.2 million.

For the nine months to September 30 2009, it posted a net loss of RM23.8 million.

Lim has been spearheading Ho Hup's corporate restructuring to reduce debt, inject new capital and generate revenue.

By Business Times

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