Bina Puri poised to launch RM500m projects

PETALING JAYA (Nov 16): Bina Puri Holdings Bhd aims to launch property projects worth RM500 million in 2018, said its executive director Datuk Matthew Tee in a report by the Asian Nikkei Review.

The company currently has property projects with a cumulative GDV of RM3.16 billion, with the biggest ones being The Opus Residence @ KL (RM400.5 million), Riveria Sentral @ KL (RM1.29 billion), Condominium @ Cheras Perdana (RM250 million), and 8 Avenue @ Kota Kinabalu (RM266 million).

Meanwhile, Bina Puri is also acquiring a controlling stake in property development associate Ideal Heights Properties Sdn Bhd, which is developing the RM15 billion Kuantan Waterfront Resort City (KWRC) project.

“Post-acquisition via a share swap exercise, Bina Puri will hold a 51% equity interest in IHP, which will almost double the company’s net assets per share. KWRC involves a reclamation of up to 500 acres over the next 10 years, and the development plan include a water theme park, a marina and yacht facilities, indoor aquaria and waterfront alfresco outlets. We are excited and look forward for the upcoming Kuantan’s first integrated resort,” said Tee.