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Monday, September 6, 2010

Wing Tai to launch projects in Malaysia

WING Tai Holdings Ltd, a property developer, will launch several new projects in Malaysia as it is bullish on the market, its deputy chairman Edmund Cheng said.

Wing Tai will continue to develop high-end properties in the Klang Valley. It currently has 80ha of land in Kuala Lumpur and Penang.

"We are looking to increase our landbank in the Klang Valley, and work with suitable partners," he said.

Wing Tai, through its Malaysian-listed unit DNP Holdings Bhd, will launch Kondominium Nobleton Crest at Jalan U-Thant in Kuala Lumpur in 2011, pending market conditions.

The project comprises three blocks of low-rise residences.

It will also launch a prime development in Jalan Ampang, Kuala Lumpur, comprising two blocks of 49-storey and 43-storey serviced residences.

The project, on a freehold site spanning 0.6ha, is under construction.

"Work is progressing well. The launch will depend on market conditions. The market can expect several other exciting projects," Cheng said in a recent interview with Business Times in Singapore.

Wing Tai, through DNP, is currently developing Verticas Residensi, 423 units of freehold condominium in the Bukit Ceylon enclave.

Cheng said the project has received good response from the preview of its Tower A in July 2009.

Tower B was officially launched in January 2010 and the units have been quite well received, he said.

Verticas is under construction and it is expected to be completed in 2012.

Its other ongoing developments are in Penang. They are Sentral Greens in Relau, Phase 2 of BM Utama in Butterworth, and Phases 4 and 5 of Taman Seri Impian, comprising terraced and semi-detached houses.

Wing Tai started in Hong Kong as a garment manufacturer in the 1950s. It expanded its business in Malaysia in the 1960s and has developed over 70 projects to date.

By Business Times

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