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Monday, May 10, 2010

Allstones eyes deals to revive abandoned projects

Allstones Group Asia plans to revive a few abandoned housing and commercial projects in Malaysia, Thailand and Singapore, founder and chairman K.H. Sim said.

It has in the past revived three projects which are now called Taragon Yap Kwan Seng, Taragon Puteri Cheras and Taragon Puteri KL.

Sim said Allstones is focusing on Malaysia currently and is looking at two projects, but he declined to name them.

"We expect to complete the purchase of one project in the third quarter and start working on it by December. We hope to strike the deal for the second project in the fourth quarter and re-launch it early next year," he said.

The value of the two projects, including the three that Allstones has revived, is close to RM1 billion.
"It is challenging as sometimes banks don't want to take a haircut or shareholders don't want to sell. But it is a great satisfaction when it happens," he said.

Allstones has also been invited to do projects in Thailand and Singapore.

In Kuala Lumpur, Allstones is in talks to buy land for a residential development and hopes to seal the deal by year-end.

Sim said the outlook for residential properties in the Klang Valley is currently positive.

"If you are going to be an investor in properties, always look for projects that offer you value for money and go in early. And don't link yourselves to branded developers. Look for churns so you could have good returns," Sim said.

By Business Times

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