May 20, 2011 - PropertyGuru.com.myWCT Bhd, one of Malaysia's largest construction and property development companies and providers of high-end and luxury properties, is aiming for RM300 million worth of property sales this year
“We hope to do better than last year and we are bidding for more projects,” said Datuk Capt A Suffian, Chairman of WCT, at the company’s annual group meeting (AGM).
He noted that the company’s new property sales comprise residential and commercial projects in Johor, Klang Valley and Sabah.
“We are exploring more landbank.”
As of 31 December 2010, WCT had a total gross development value (GDV) of around RM7.81 billion, of which 40 percent (approximately RM3.05 billion) had been sold. It has an undeveloped landbank of around 120 ha.
The Paradigm mixed development in Petaling Jaya and the Bandar Bukit Tinggi Township in Klang, as well as the d'Banyan Residency luxury homes in Kota Kinabalu, are some of WCT’s properties.
Looking forward, Mr. Suffian said the company’s property investment operations, such as those in retail and hospitality assets, will play a bigger role in WCT’s earnings.
The company’s overseas portfolio includes the expansion of its real estate business in Vietnam, where it received an investment certificate in 2008.
“Property investment is the next wave of growth,” Mr. Suffian said, adding that WCT will utilise the resilience of the hospitality and retail markets to increase the company's recurrent income base.
“There is an oversupply of offices. During a downturn, retail and hospitality assets go down last,” he said.
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