“The increased revenue was contributed by the progress of construction works from Phase 2 of The ERA albeit lower progress of construction works from the near completion residential projects namely Phase 3 and Phase 4 of Taman Puteri in Kulim, Kedah for the current quarter,” the group said.
This involves about 1,260 acres of the total 2,300 acres to be reclaimed for the island known as Island A, which the project developer Silicon Island Development Sdn Bhd — the 70:30 joint venture between Gamuda and the Penang state government — had previously estimated would cost RM6 billion in total to reclaim, with the cost of common infrastructure expected to be RM2.
The loss-making group said the proposed diversification is in line with its objective of generating an additional income stream in response to the group’s "lacklustre" financial performance and to reduce its reliance on the furniture business as its sole revenue contributor.
On Thursday (June 22) morning, GenM disclosed that the purchaser, Smart Miami City LLC, had decided to end its current bid after requesting an extension of the exclusivity period and amendments to the commercial terms of the Sale and Purchase Agreement — requests that GenM chose not to grant.
The group’s wholly-owned subsidiary Sunsuria Symphony Sdn Bhd (SSSB) will be acquiring MLSB’s shares through internally-generated funds from Ong Thuan Bok and Kho Weng Kooi — 640,000 shares (64%) from Ong and 160,000 shares (16%) from Kho.
“We had offers and ready opportunities in Kota Kinabalu, Melbourne and Maldives, but we wanted Sarawak because there is so much going for it – its growth and optimistic possibilities.
Tan Sri Abu Bakar Abdul Jamal was the 10th chief and the first four-star admiral of the Royal Malaysian Navy.
“GenM has seen the value of its investment in Miami increase approximately 400% in just over a decade, and firmly believes in the sustained strength and growth of the Miami market.
This is the first BTR project by a Malaysian developer in Australia, in a bid to strengthen thegroup’s presence there.
WORQ Express at Alunan Resort is its first outlet outside of central Malaysia.
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