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Mitrajaya says on track to secure RM1 bil worth of contracts or more

KUALA LUMPUR (June 8): Mitrajaya Holdings Bhd says it is on track to secure its target order book replenishment of RM1 billion this year, and possibly even more. It has secured RM700 million so far.

The group’s current outstanding order book stands at RM1.73 billion.

“We are not too far away. We believe this is achievable over the next few months. To achieve the RM1 billion is not a problem, maybe we can achieve more,” its managing director Tan Eng Piow told reporters, after the group’s annual general meeting today.

The group currently has a tender book of RM3 billion, comprising RM2.7 billion worth of building projects and 300 million worth of infrastructure projects.

Upcoming property projects in the pipeline include a commercial development in Pengerang, Johor, for a gross development value (GDV) of RM24 million, as well as a residential development in Bukit Beruntung, Selangor, for a GDV of RM20 million. Both are scheduled to be launched by the end of this year.

Their current land bank size in Malaysia is 254 acres. In South Africa, the group has 215 acres.

On Feb 27, the group formed a joint venture (JV) partnership with Gema Padu Sdn Bhd to jointly develop parcels of land in southern Kuala Lumpur.

The joint venture is 60% owned by Mitrajaya and the landbank size of the JV is 335 acres. According to Tan, the group hopes to start developing an industrial property on part of the land, in the next year or so. — theedgemarkets.com

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