Melati Ehsan to develop more affordable housing

KUALA LUMPUR (Feb 21): Melati Ehsan Holdings Bhd will focus on affordable-housing development around the Klang Valley to rely less on its construction segment.

Melati Ehsan managing director Tan Sri Yap Suan Chee said the company wanted to move towards the property market to boost real estate revenue contribution as its construction segment had not be doing well.

"We bought some land in Kepong and Selayang, and we are planning to launch (the affordable-housing project) in the third quarter of the year," Yap told reporters at Melati Ehsan's annual general meeting here today.

He said construction contributed around 70% of the company's revenue.

Moving forward, Yap said the group wants to achieve construction and property development revenue contribution at around 50% each respectively.

At 12:30pm, Melati Ehsan shares fell one sen or 1.15% to 86 sen for a market capitalisation of RM102.68 million. The company's latest reported net assets per share stood at RM1.76. — theedgemarkets.com

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