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Wednesday, July 25, 2012

MK Land to build more affordable housing, hopes to counter recession

IPOH: MK Land Holdings Bhd will build more affordable housing next year to counter the potential recession, its chairman Tan Sri Mustapha Kamal Abu Bakar said.

He said affordable housing was particularly saleable during recession and that the company would concentrate its projects in Selangor, Perak and Kedah.

"We have gone through three recessions since we started 28 years ago and we are still around. The secret is to have a basket of projects," he said.

Speaking to reporters after handing over keys to house owners at Meru Perdana here yesterday, Mustapha Kamal said the company would not concentrate on upmarket or commercial development next year. Although the focus is on affordable housing, the company will not compromise on structural integrity, sound proofing, termite resistance and quick completion.

"I am not worried," he said when asked on how the company would face a possible recession. He added that only when the market recovers, the company would build more upmarket projects.

"We own large land bank which allows us to build 114,000 units of various types of projects," he said, adding that critical mass was created from building affordable housing.

"We get our profits from shop lots that are built near affordable housing projects," he said.

By Business Times

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