The group has lined up about RM1.7 billion worth of launches from May to December 2019, concentrating on landed residential properties within the affordable to medium price range (RM500,000 to RM700,000).
The proposed acquisition of the parcels is strategically located in Tasek Gelugor, within the Seberang Perai Utara district. The town, adjacent to Taman Sepadu, is easily accessible from Butterworth, Kepala Batas and Padang Serai. Further, the parcels are near the Tasek Gelugor Keretapi Tanah Melayu (KTM) station, with accessibility to the North-South Expressway at approximately 9km in distance.
Following the recent cancellations/postponements of megaprojects and downsizing of the mass rapid transit 2 and LRT3 projects, coupled with a slower property market, we expect competition in project tenders to intensify.
It has a track record of approximately two decades of delivering non-residential and residential buildings. Notable projects include the German-Malaysian Institute, student hostels for Universiti Teknikal Malaysia Melaka and International Islamic University Malaysia, seven polytechnics, and 4th military camp for the General Operations Force of the Royal Malaysia Police.
TA Securities: Maintain buy with an unchanged target price (TP) of RM4.25
TA Securities: Maintain buy with an unchanged target price of 28 sen.