KUALA LUMPUR: Ken Holdings Bhd expects to kick-start its mixed development project in Kota Baru, which has projected gross development (GDV) value of RM80 million, by end of the year at the earliest.
“The development approval has been secured. However, there are some technical issues that need to be addressed before we can kickstart the project by year-end or early next year,” said its group executive chairman Datuk Kenny B.K. Tan after the company’s annual general meeting, here, yesterday
Tan said Ken Holdings had already submitted the building plan to the local council and was awaiting its confirmation.
He added that the project would help the company improve its bottom line with a recurring income stream.
In 2013, Ken Holdings inked an agreement with Perbadanan Kemajuan Iktisad Negeri Kelantan to build Kelantan’s first green development in Section 16, Kota Baru.
The new project, located next to the KB Mall, will feature a green-compliant hotel and serviced suites.
Meanwhile, Menara Ken @ TTDI office tower in Taman Tun Dr Ismail, which is slated to be completed by the end of this year, is expected to provide an annual rental income of more than RM10 million.
It comprises platinum-grade office spaces, an art gallery, a performing arts theater, a roof-top pool, a sky bar, a gymnasium and a vast variety of food and beverage outlets.
On its financial outlook, Tan said the company would be able to sustain its performance with the projects in hand. It posted a net profit of RM31.95 million and revenue of RM91.08 million in the year ended December 31 last year.
He said Ken Holdings had about RM230 million in unbilled sales, which would be recognised over the next three years.
“We will look at all opportunities to grow the business and also look for more strategic landbanks.” Currently, the company has a landbank of 40.47ha in the Klang Valley, Pahang, Malacca, Penang, Perak and Johor.
Source from http://www.4-traders.com/KEN-HOLDINGS-BERHAD-20701058/news/Ken-Berhad–to-kick-start-Kota-Baru-project-by-end-of-year-20184450/