Sun, 23 Jun 2024

HEADLINES :


ADVERTISEMENT

KTI is set to be Sabah’s first developer listed on ACE
Published on: Sunday, May 19, 2024
By: David Thien
Text Size:


A display model of the Avani Hotel @ The Logg - Heart of Luyang mixed development project with the Condominium apartment block.
Kota Kinabalu: KTI Landmark Berhad (KTI) is set to be Sabah’s first property contractor and developer with IBS construction expertise and facilities to be listed on the ACE Market of Bursa Securities Malaysia on June 19, 2024.

The prospectus will be launched on May 21 at a ceremony to be held at the Kota Kinabalu International Convention Centre (SICC) here.

The Sabah-based company, founded by Gordon Loke and his wife in 1984, is managed by group managing director and CEO Gordon Loke and executive director Wilson Loke, with good track records of building quality affordable homes over the years and now has embarked on mixed development with a hotel, shopping mall and residences at “The Logg” – Heart of Luyang project.

It is part of KTI’s management plan to take the business to new heights through internal reinvestment and business diversification, while retaining the company’s mission to provide quality and affordable properties.

Gordon Loke (left), Wilson Loke (right)


KTI is now among the key developers appointed by the Sabah Housing and Urban Development Board (LPPB) to build affordable housing for the public and civil servants under the Malaysia Civil Servants Housing Programme projects in the State as the Sabah Government has recognised KTI as a significant contributor to Sabah’s urbanisation development. The company has completed RM1.6 billion worth of properties initiated by LPPB by 2023.

KTI has ongoing and upcoming projects with a total GDV of RM2.2 billion across Kota Kinabalu, Tuaran, Sandakan and Papar in Sabah, of which 30 per cent are projects awarded by LPPB and the remaining are joint ventures and its own projects. KTI’s market share in Sabah’s residential property market is close to five per cent.

Bursa’s Main Market and ACE Market provide companies with greater visibility via the capital market and a clearly defined platform to raise funds from both institutional and retail investors. The ACE Market is a sponsor-driven market designed for companies with growth prospects. 

KTI’s recorded revenue of RM112.9 million in the financial year ended Dec 31, 2022, an increase of 12.75 per cent from FY2021, while FY2022 unbilled sales stood at RM638.9 million, representing 6½ times FY2021 revenue.

Seeking a listing on the ACE Market of Bursa Securities, KTI aims to issue 160 million new shares and 45 million existing shares, representing 20 per cent and 5.6 per cent of the enlarged share capital of the company, respectively, to raise funds for land bank purchases, working capital and the expansion of IBS manufacturing.

KTI is the first CIDB-certified IBS manufacturer in Sabah, and it has 25 years’ experience in the use of the IBS construction technique, achieving a good Quality Assessment System for Building Construction scores.

Properties were mostly sold at 20 per cent to 25 per cent below the average market price, made viable by KTI’s own efficient construction team and IBS casting yards.

 





Follow Us  





Follow us on             

Daily Express TV  








Property Top Stories

close
Try 1 month for RM 18.00
Already a subscriber? Login here
open

Try 1 month for RM 18.00

Already a subscriber? Login here