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Friday, September 28, 2012

Weida plans luxury condos

It’s diversifying into property with two projects in Klang Valley

KUCHING: Weida (M) Bhd will embark on two high-rise residential condominium projects in Mont Kiara and Subang with combined gross development value (GDV) of more than RM600mil.

Group managing director Datuk Lee Choon Chin said the two upmarket projects were expected to have a total of some 660 units.

“The projects are expected to simultaneously get off the ground in second half-2013, and will take three years to complete,” he told StarBiz after Weida AGM here yesterday.

Lee said the two projects would be the first to be undertaken by Weida as it diversified into property development to broaden group revenue and earnings base.

He said the Mont Kiara project, which would be located near to the Garden International School and future mass rail transit (MRT) system, was to cater for both local and foreign buyers.

The Subang condominium project will be sited near a Japanese international school.

Lee said Weida, a leading provider of modern environmental engineering solutions, would incorporate green features, like energy and resource conservation, in both projects. “The design of the condominium units will be more friendly to environment living.”

The environmental engineering solutions provided by Weida group cover water and wastewater infrastructure, products and services; trenchless mapping, investigation and rehabilitation of buried utility assets; design-and-build, operation and maintenance of water and wastewater treatment plants. Others are renewable energy and environmental conservation as well as rural water, sanitation and renewable energy facilities.

Lee said the group was currently constructing a biogas plant and other wastes treatment facilities costing some RM93mil for an integrated centralised pig farm in Lubok Antu, Sarawak. The plant, which is expected to be ready next year, is one of the largest applications of biogas technology in Malaysia's livestock farming.

It has the capacity to generate up to four megawatts of electricity using the biogas produced. The electricity could be used internally or uploaded to the state's power grid.

On oil palm development in Tatau, Bintulu Division carried out by two Weida subsidiaries, Lee said nearly the entire 6,200ha had been planted.

“We have invested more than RM100mil in the development of the oil palm estates. About 70% of the palm trees have matured, the oldest being more than four years old,” added Lee.

He said with increased production of fresh fruit bunches in the next few years, the oil palm segment would increase its contribution to group revenue.

Weida's core business is in manufacture of polyethylene engineering products. The group owns and operates five plants in Sarawak, Sabah and Peninsular Malaysia, and a sixth plant in the Philippines.

Lee said the manufacturing and works segment contributed about 45% each to group revenue with the balance by the services division. Weida has been a leading turnkey builder of telecommunication towers in Sabah and Sarawak.

For the financial year ended March 31, Weida posted pre-tax profit of RM30.1mil on revenue of RM309.7mil and earnings per share of 19.9 sen.

By The Star

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