KUALA LUMPUR (July 9): Retail and property group Wing Tai Malaysia Bhd plans to officially launch its Jalan Ampang Le Nouvel Codominium project by year-end, The Edge Financial Daily reported today.
“We foresee a revenue boost in contribution [to the group] from the Jalan Ampang Le Nouvel Condominium project,” chief financial officer Lee Kong Beng told reporters after the group’s extraordinary general meeting yesterday.
Le Nouvel Condominium has a gross development value of RM800 million, and has 195 units with built-ups of between 1,810 and 2,832 sq ft. Lee believes the location and pricing of the condominium with a 460,000 sq ft saleable area, will interest investors and buyers.
He also shared that Wing Tai’s ongoing landed property projects in Penang, namely Jesselton Hills on the island and mid-ranged residences in Mahkota Impian and Bukit Minyak Utama on the mainland, may see new phase launches soon.
“We have more than 300 acres of land now in Penang and the Klang Valley but we want to increase our landbank. There is no decision on the size we are looking to purchase yet,” said Lee.
He is also positive on the outlook for the retail sector in the second half of 2015. “We expect both our core segments, retail clothing and property development, to contribute equally to revenue this year.”
Lee added that the company expects the retail section to pick up with tourist arrivals due to the weakening ringgit.
Wing Tai is also considering increasing the number of Uniqlo brand clothing stores due to its popularity in the suburbs of major cities in Malaysia.
Wing Tai is one of the top four biggest players in the domestic lifestyle retail market, with 85 outlets distributing 12 international brands such as Topshop, Topman, Dorothy Perkins, Miss Selfridge and Warehouse.
In third financial quarter ended March 31, 2015, Wing Tai’s net profit fell 42% to RM8.5 million on a slowdown in the property market and weak consumer spending.