KUALA LUMPUR: Minply Holdings (M) Bhd expects bigger contribution from its property division, with several development projects coming up in the next two to three years, while expanding its core business in plywood trading and the manufacture of furniture parts.
To reduce reliance on its core business, Minply diversified into property development and construction early this year, and the new business had started to flourish, group managing director Datuk William Tan said in a statement yesterday.
The group is now focusing its resources on a prime project known as Pantai Avenue, spanning 3.9 acres, with a gross development value (GDV) of RM40mil.
To date, about 75% of the project has been sold. It is expected to generate a profit of RM10mil this year and next year.
Another project, The Setapak, with a GDV of RM81mil, was expected to generate profit of RM15mil over three years, Tan said.
“Having diversified our activities slightly, however, we are not losing sight of our plywood trading. We plan to venture upstream into high-end plywood manufacturing,” he said, adding that it was in the process of setting up a plywood factory.