Prinsiptek Corporation, which has recently ventured into property development, plans to unveil three residential projects with a combined gross development value (GDV) of RM280 million.
Located near the upcoming Shah Alam Hospital in Section 7 and future line three of the Light Rail Transit (LRT III), its RM160 million housing project in Shah Alam will be rolled out in December 2014.
As for its residential projects in Sri Kembangan and Bangi which are valued at RM60 million each, they are expected to enter the market by next year and 2016 respectively.
In terms of land bank, the company currently holds 170 acres in Penang, Pahang, Klang Valley and in Thailand, with plans to purchase land in Johor.
“For now in Bangkok, we are doing mixed-development, which are residential and shop lots, that is still on-going and will be completed within two to three years,” said its Group Managing Director Datuk Foo Chu Jong.
Additionally, the firm has a current orderbook of RM550 million that is a mix of government and private projects. Located in Bangi, Puchong, Shah Alam and Terengganu, these developments are expected to last for two to three years.
“This year, we tendered for some RM800 million worth of projects, both from the private sector and government. Our success rate is 40 percent to 50 percent, depending on the type of project. Sometimes our success rate seems low but that is because some projects are tendered out in phases,” said Group Financial Controller Teoh Yee Shien.
Furthermore, Prinsiptek Corp is eyeing to merge with or acquire companies that produce construction materials. The firm is in talks with several parties, but they have not yet identified a suitable deal.
The firm is primarily involved in construction, property development and sales of construction materials.
Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my
