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Tuesday, April 5, 2011

New Age buys land in Kuantan from EPF for RM12m

KUALA LUMPUR: Boutique developer New Age Portfolio Sdn Bhd is buying a piece of land in Kuantan, Pahang, from the Employees Provident Fund (EPF), which has potential to generate RM120 million in gross development value.

New Age is buying the 10.4ha land for RM12 million, said its chief executive officer Lai Yeng Fock.

The land is part of the 200ha Indera Mahkota 2 township, in which Pasdec Holdings Bhd is one of the major developers.

"We are negotiating the terms of the sales and purchase agreement with the EPF. We hope to start building the houses by the third quarter of this year," Lai told Business Times in an interview recently.

According to Lai, the project will be undertaken by a new company called Armada Bayumas Sdn Bhd, controlled by him and two other property investors.

Lai said he is also talking to a land owner in Klang, Selangor, for a big project.

"I want to be a long-term player in property development and some day develop a township that I can be proud off. My initial target is Klang Valley," Lai said.

Lai has over 20 years of experience in property development, starting with Talam Corp Bhd in 1986 and Brisdale Holdings Bhd. His final post was at WCT Land Bhd as its executive director.

At WCT, Lai was involved in key projects such as Bandar Bukit Tinggi in Klang, d'Banyan Residency @ Sutera Harbour, Sabah, and The Platinum Plaza in Vietnam.

He left WCT in 2008 to set up New Age with four partners, all businessmen. Its first project was Kinrara Hills in Puchong, Selangor, featuring 50 units of semi-detached houses that were fully sold.

"My selling point is extending the defect liability to 36 months from 24 months and offering three-year after sale service," Lai said.

New Age is planning a luxury condominium project in Kota Kinabalu due for launch this year, via its associate, Laser Plus Sdn Bhd.

Lai expects New Age to generate revenue of RM40 million in the current financial year to December 31, with two-digit growth year-on-year.

By Business Times (by Sharen Kaur)

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