PanaHome Corp expects sales at its Malaysian unit PanaHome Malaysia Sdn Bhd to soar from RM30 million this year to RM450 million in 2018, as it seeks more government-related partnerships as well as joint-venture projects with private developers, reported the media.
“We expect our figures to be better but we want to remain conservative,” said Shinichi Watabe, director and board member of Osaka-based PanaHome Corp, which is a sister company of the bigger Panasonic group.
When it entered the Malaysian property market, PanaHome Malaysia initially ventured on housing construction in the luxury segment on an individual contractual basis with private developers and house owners.
The company has now entered into joint ventures with private developers on a much bigger scale.
Aside from some high-end contracting work in the Klang Valley, the company has commenced work on a high-rise condo project in Sentul, Kuala Lumpur. It has also embarked on the development of 30 housing units in Kuantan, Pahang, in a 2.3 billion yen (RM66.7 million) project that started in September 2014.
Watabe is especially optimistic of the company’s joint-venture work in gated 64-acre Taman Rinting in Iskandar Malaysia, Johor.
“PanaHome would like to go into more gated and smart townships in both Japan and the region,” said Watabe.
However, he declined to provide details on the company’s Iskandar or Sentul project, stating only that the company is working with local developers.
Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my