Prinsiptek in RM90m Bangkok project

SHAH ALAM: Prinsiptek Corp Bhd will embark on a mixed development project in Bangkok next month with a gross development value of RM90 million.

Its group managing Datuk Foo Chu Jong said the mid-range development should be completed within three to four years.

"The land for the Bangkok project is about 12.15ha and is only half an hour away from the city. It is at a very good location and is right beside a highway," he told Business Times after the company's annual general meeting, here yesterday.

Foo said the company has been constructing low-cost housing in Thailand (prior to this development) in a joint venture with the Thai government.

Prinsiptek expects to clock in double-digit growth this year from several developments and construction projects it had undertaken both locally and abroad.

Last year, the company bounced back with a net profit of RM2.27 million after recording a loss in 2009.

On local projects, Foo said Prinsiptek will embark on Vue Residences Service Suits in Jalan Pahang, Sri Gombak, Bangi in Selangor and Pahang in the coming months.

He said the company's current order book for construction stood at RM220 million while for development projects, RM489 million.

Foo added that its property projects were a mix of both leasehold and freehold developments.

Prinsiptek, he said, was in initial talks with the Sabah state government on a private finance initiative project that will enable the company to build government buildings and lease them back to the state government for the next 30 years.

Foo also said that it was looking for land to build more affordable houses under the My First Home Scheme.

"We are currently in talks to develop a leasehold housing area in Kajang under the My First Home Scheme," he added.

By Business Times