#Exclusive* Ken Holdings to develop land near Genting

KUALA LUMPUR (Oct 15): Ken Holdings Bhd plans to build a mixed development property spanning five acres atop the popular highlands getaway, said its executive chairman Datuk Kenny BK Tan.

"There are a lot of facilities in Genting but not many condominiums or apartments. Plans are on the drawing board for a mixed development of commercial land near the casino," he told after its extraordinary general meeting on Monday.

The company will be submitting plans to relevant authorities for the five acre land that is situated "close to the bus station" soon, he said.

Currently, Ken Holdings has close to 20 acres of land in the Genting vicinity.

Tan said the company was also exploring opportunities in Melaka and Kelantan.

However, Tan mentioned that, "We are still considering the Melaka project as we see that conditions are not too favourable. If conditions are not supportive then we need not go in, we may sell the land."

Ken Holdings has a 10 acre plot in the Melaka city centre.

As for Kelantan, Tan said the company was in the midst of finalising details of a joint venture with the Kelantan State Development Corporation (PKINK) to build green buildings in Kota Bharu.

Meanwhile, Tan said that its shareholders were pleased to approve the  acquisition of Gadini Sdn Bhd, which owns 22.8 acres of land in Johor Bahru.

Ken Holdings is to submit its masterplan to the authorities next month and is expected to begin works by 2013.

"We will work in phases and hope to start building the residential phase first," Tan said, adding that the project's estimated gross development value was RM1.22 billion.

The site boasts floor area of some 992,000 sq ft and will comprise of residential and commercial properties, service apartments, a hotel, and a healthcare centre.

"From what I understand, once the RAPID Pengerang will be ready, there will be some 13,000 expatriates in the area. Thus, we would like to cater to this segment and to the Singaporeans," Tan explained.

This would be the first green township in Johor state.

He said that it will take between six to seven years to be completed but could be stretched to 10 years if authorities gave them more time.

Presently, Ken Holdings landbank stands at more than 130,000 acres.

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