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Klang Valley projects are top earners for MK Land | MK LAND Holdings Bhd expects its residential property projects in the Klang Valley to be the major contributor to group revenue this year.
''The residential market is still the best performer and our three projects - Damansara Perdana in Petaling Jaya, Damansara Damai in Sungai Buloh and Cyberia Smarthomes in Cyberjaya - will account for about 80% of total revenue in 2003 and 2004,'' MK Land executive director Datuk P. Kasi told StarBiz on Saturday.
He said 85% to 90% of group revenue would be derived from affordable and upmarket housing projects, and the rest from commercial and resort development.
Kasi said MK Land, which has grown into a property supermarket with a diversified property portfolio featuring affordable housing, lifestyle living, commercial development and resorts, also expected to perform better this year.
''We have nine ongoing projects in Selangor, Perak and Kedah, and have plans to move into other new markets. The potential sales of future projects amount to between RM15bil and RM16bil, which will ensure strong cash flow in the next 10 years for MK Land,'' he added.
The group had recorded sales value of RM3bil from the sale of 32,000 units of various property types in the last six years.
Kasi said of this, 20,000 units had been completed and the rest were under construction.
He said MK Land had massive land bank ''but we have to be selective in what we do in order to build according to market needs.''
The group's resort projects, he added, had also performed well and the Bukit Merah Laketown Resort would continue to record sales of between RM100mil and RM150mil a year for the next 15 years.
Only 200 acres of the 1,650-acre development, located near Taiping, Perak, has been completed.
On its latest resort development, the Langkawi Lagoon Resort, Kasi said the 57-acre project, which has a gross development value of RM861mil, would be completed in the next 10 years.
Phase 1A, built at a cost of RM100mil and featuring 96 hotel suites, 78 serviced villas, three bungalows, two sea cottages and a royal suite, has been completed. Developed by MK Land subsidiary Tema Teladan Sdn Bhd, the project was launched by Prime Minister Datuk Seri Dr Mahathir Mohamad on Saturday.
MK Land executive chairman Tan Sri Mustapha Kamal Abu Bakar, in his speech, said Langkawi Lagoon Resort was the group's third resort-based property after the Bukit Merah Laketown Resort and Taiping Golf Resort.
''The 5-star resort reflects MK Land's maturity in resort management and is set to capture the hearts and imagination of visitors with its unique architecture and kampung-style accommodation,'' he added.
Dr Mahathir, in commending the project's unique features, said Langkawi Lagoon could be further expanded to emulate the Port Grimaud village-on-the-sea development in southern France, which also showcases retail shops and restaurants on the sea.
''The living on-the-sea concept is very good as visitors will get to enjoy the experience of listening to the sound of sea waves and enjoy its serenity,'' he said.
Tema Teladan general manager Terence Saw said the project, based on the traditional Malay-style village, would offer more sea villas and some retail shops over the sea from next year.
''They would be repackaged and marketed differently to attract the lucrative local and foreign tourist market. With the completion of the Kuala Sungai Melaka Park nearby and the breakwater, many activities can also be organised for the guests,'' he added.
Sources : The Star |
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