RM2.3bil GDV for Worldwide projects

By THE STAR

SHAH ALAM: Worldwide Holdings Bhd says its new residential and commercial property projects in the Klang Valley have a total gross development value (GDV) of about RM2.3bil.

Group managing director Datuk Ibrahim Md Yusof said the projects would boost the company’s earnings and drive its growth in the current financial year.

Speaking after the company’s AGM and EGM yesterday, he said Worldwide had focused on residential development for the past few years but felt it was “the right time” to venture into commercial development again.

The commercial projects consist of a 25-storey office block, called Menara Worldwide, in Jalan Bukit Bintang, Kuala Lumpur; the ALAMi project in Shah Alam; and the final stage of Worldwide Business Park, also in Shah Alam.

Datuk Ibrahim MD Yusof

Ibrahim said Worldwide’s residential developments comprised the Kapar Bestari Township (102.02ha), Puncak Bestari (50.32ha) and further development in Subang Bestari.

“We plan to develop the remaining 60.72ha in Subang Bestari and we are talking to a hypermarket for possible development,” he said.

Ibrahim also said Worldwide planned to increase its land-bank, with a possible acquisition of some 121.45ha of freehold land in Selangor for an estimated RM7.70 per sq ft.

Worldwide would finance the purchase with cash and bank borrowings, he said.

On Worldwide’s venture into the sale of carbon credits, he said the company had submitted a technical report to the authorities for approval before presenting it to the United Nations.

It was reported in August last year that Worldwide was planning to sell carbon credits generated by its Air Hitam sanitary landfill in Puchong. The project is expected to reap over RM11mil in net profit between 2007 and 2012 from the sale of some 400,000 tonnes of carbon emission reduction credits.

Carbon credits, a Clean Development Mechanism Project under the Kyoto Protocol (an international treaty aimed at reducing greenhouse gas emissions), are actively traded in Europe and the United States.

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