Ken sees 2007 property sales of RM80mil

By THE STAR

KUALA LUMPUR: Property developer Ken Holdings Bhd plans to sell RM80mil worth of properties this year, riding on the positive market outlook and encouraging sales in the first half year, said managing director Tan Boon Kang.

He said sales would mainly come from its projects in Shah Alam and Bangsar. It expects some RM40mil to RM50mil from the soon-to-be-launched Ken Bangsar, a 14-storey upmarket serviced apartment taking shape on the site of the former Puncak Bandaraya building in Bangsar.

“Ken Bangsar will be a major income contributor when we start selling it soon,” he said after the company’s AGM yesterday.

The hilltop project will have 80 high-end condominium units with a gross development value (GDV) of RM120mil. A sneak preview of the project is planned for next month.

Tan said sales would also be driven by the Rimba Jaya low-cost apartments in Shah Alam and Ken Damansara 3 in Petaling Jaya, which was due for completion this year.

Ken Holdings also has seen encouraging response to its double-storey link house project in Seri Kembangan, which was undertaken via the build-then-sell concept.

For the year just ended Dec 31, the group posted a pre-tax profit of RM9.9mil on revenue of RM75.7mil.

On new projects, Tan said the group planned to develop 13 very high-end bungalows on a 2.9-acre site nestled between resort hotels in Batu Ferringhi, Penang. The proposed development will have a GDV of RM60mil.

Ken Holdings is also developing a RM50mil building that would have office space and serviced apartments in Taman Tun Dr Ismail, Kuala Lumpur.

“We will use 15% of the office space for our corporate headquarters and rent out the rest,” Tan said.

According to Tan, Ken Holdings has 140 acres, mainly in the Klang Valley, which would keep it busy for the next five to seven years.

“We will continue to provide a wide range of properties from low-cost apartments to upmarket bungalows.

“We do not intend to focus on specific segments,” he said, adding that the group was committed to helping Selangor solve its squatter problem.

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