SERI KEMBANGAN (June 27): Country Heights Holdings Bhd is confident of being back in the black with four new proposed projects, said executive chairman Tan Sri Lee Kim Yew.
Speaking at a media conference after the company's 34th AGM today, Lee said the projects include the building of Asean's largest automotive expo centre in Seri Kembangan, a 62-acre Islamic trade and financial centre in Melaka, a wellness, anti-ageing and aesthetics hub and a hospitality and resort development.
"Property development (nowadays) must be supported by industries. Purely build-and-sell properties are too competitive," he said.
Dubbed the Car City Centre, the automotive expo centre is a mixed development with an estimated GDV of RM1.5 billion. It will be developed over two phases and will kick off at the Mines International Exhibition and Convention Centre.
As for the wellness hub, the developer will be building a one-stop centre with one million sq ft of space over the next three years to cater to retirees and senior citizens. Located close to the Palace of Golden Horses, the development will have a GDV of RM1.2 billion to RM1.5 billion.
The concept combines the element of wellness with the Malaysia My Second Home (MM2H) scheme. The hospitality and resort development will see the developer create a place where one can stay and enjoy wellness facilities and services.
Last but not least, the Islamic financial centre in Melaka dubbed Cheng Ho lslamic Trade and Financial Centre will be spearheaded by a one million sq ft building worth RM1 billion. Of the total area, 800,000 sq ft will be allocated for offices and serviced apartments while the remaining 200,000 sq ft will be a trade centre for silk and Pu'er tea.
To fund the four projects, Country Heights plans to raise a RM1 billion war chest, either through direct borrowing, bond issues, or via strategic partners.
"We will still focus on our core business, real estate development. We expect to turn (the company around) in the next 12 months, provided we are able to secure the RM1 billion fund," he said.