KUALA LUMPUR: Construction-based Ho Hup Construction Company Bhd is planning  new launches worth RM1.6 billion next year including a 24-hectar mixed commercial and residential development known as Jalil Green City in Bukit Jalil in the first quarter of 2010.

Its Group Managing Director Lim Ching Choy said the group hopes to reduce
its present debts of RM110 million to at least RM60 million by the first half of next year by launching new projects and selling off non-core land.

"Moving forward, Ho Hup is poised to embark on quality driven niche developments with a high gross development value," Lim told reporters after presenting keys to house buyers in the revived Jalil Sutera project.

The Jalil Sutera project, launched in February 2003, came to a standstill in 2006 when the project was only 50 per cent complete due to financial and internal problems faced by the previous management of Ho Hup.
The new management recommenced construction in December 2008 and completed phase four in January 2009.

Apart from residential and commercial projects, he said Ho Hup was also looking at securing government infrastructure contracts and mega projects. " With our experience in reviving stalled and abandoned projects, we are now looking into the possibility of reviving other similar projects using our model of revival," he added.

Listed on the main boad of Bursa Malaysia, Ho Hup brings together a comprehensive range of capabilities in building, civil engineering, specialized intelligent building, property development, trading, and related services.
Lim said the company would announce its corporate restructuring plan on Oct 30 in line with Bursa's requirement. -- Bernama