Software development company to develop first property project

KUALA LUMPUR (Sept 8): The Media Shoppe Bhd (TMS), a software development company, is venturing into the construction and property development segments with the development of a 12.14ha land in Kemaman, Terengganu.

TMS, via its wholly-owned subsidiary Exonion Sdn Bhd (ESB), has entered into a managing contract agreement with Johor-based property developer, Total Merit Sdn Bhd for RM192 million to develop the land.

“The diversification of the business into the property development and construction industry is aimed at providing another source of income to the Company, which has been dependent on the IT business. With the additional stream of income, we strive to turnaround TMS into a profit making company in the next few years,” said TMS executive director Datuk Low Lion Kian in a statement yesterday.

He added that although TMS has been a software development company, the construction project will be no obstacle to the group as the new management has the resources, expertise and experience to complete the project.

ESB has been appointed the managing contractor and will be responsible to provide professional project management facilities to construct a mixed-use development project.

The yet-to-be-named project, will comprise 43 units of 2-storey shop lots or offices, five block of 12-storey apartments, a block of 11-storey affordable apartment, mosque, kindergarten and a swimming pool as well as other infrastructure works related to the development.

Construction works will commence upon signing of the letter of award, which will be issued within 14 days after the execution of the managing contract agreement. The project is expected to be completed in 48 months.