Ken expects a better 2011

KUALA LUMPUR: Ken Holdings Bhd expects to see a better performance this year driven by robust demand for its properties.

Managing director Kenny BK Tan said the company's ongoing projects expected to be completed on schedule included the Ken Rimba project in Shah Alam, comprising both commercial and residential developments.

For the next five years, Ken will focus on its projects in Shah Alam with a gross development value of about  RM500 million, he said.

"At the same time, between RM200 million and RM220 million will be invested for the construction of a hotel in Penang and a new corporate office project in Taman Tun Dr Ismail," Tan said after the company AGM on Monday, Apr 18.

He said the new corporate office, which is expected to be completed by 2013, will provide a steady stream of recurring income for the company in the long term.

Ken has over 90 acres (36.4ha) of landbank in the Klang Valley, Perak and Penang. For the financial year ended Dec 31, 2010, it reported a pre-tax profit of RM24.1 million. — Bernama