Seacera to develop project with RM10b in GDV
Published on: Tuesday, March 31, 2015
Kuala Lumpur: Seacera Group Bhd is expected to develop a township-concept project on a 202.34-hectare site in Hulu Langat with a gross development value (GDV) of more than RM10 billion. Group Managing Director Zulkarnin Ariffin said the manufacturing company would develop the land either on its own or through a partnership. He said Seacera's project would definitely be higher in value than other RM10 billion GDV worth of projects in the area.
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"We think this project will be a success because our land is nearer to the city than other properties which are located further away. "The take up is expected to be good, if the positive respond received by other developers in the area is anything to go by," he told a press conference after the company's extraordinary general meeting (EGM) here Monday. Zulkarnin said details of the project would be made public once the company has a concrete decision and as per restricted under the regulators' rule. On the EGM, he said Seacera received the shareholders' approval to acquire a 15.23-hectare land in Melaka from Sri Alai Sdn Bhd for RM32.75 million.
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The acquisition was entered into through Seacera's 51 per cent subsidiary, Seacera Land Sdn Bhd. The shareholders also approved the proposed diversification of the company and its subsidiaries' businesses into property development and construction activities.
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The company has a landbank of 242.8 hectares.Commenting on the company's target to achieve a RM1 billion market capitalisation by 2019, he said it is on track. Stay up-to-date by following Daily Express’s Telegram channel.
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