Seacera to develop RM10bil project in Hulu Langat
Date：2015/03/31
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Manufacturing firm Seacera Group Bhd plans to develop a township-concept project on a 202.34ha site in Hulu Langat.
According to Seacera group managing director Zulkarnin Ariffin, the company intends to develop the land either through a partnership or on its own.
With a gross development value (GDV) of over RM10 billion, Zulkarnin said the project will have higher value compared to other RM10 billion projects within the area.
“We think this project will be a success because our land is nearer to the city than other properties which are located further away,” he told the media following the company’s EGM.
“The take up is expected to be good, if the positive respond received by other developers in the area is anything to go by.”
He noted that the project’s details will be revealed once the company has arrived at a concrete decision.
Meanwhile, he revealed that Seacera obtained the shareholders’ approval to buy a 15.23ha site in Melaka for RM32.75 million.
The shareholders also gave the green light for the proposed diversification of Seacera, including its subsidiaries’ business, into construction and property development.
Notably, Seacera has a 242.8ha landbank under its portfolio.
Looking ahead, Zulkarnin said the company is on track to achieving its targeted RM1 billion market capitalisation by 2019.
“We have another four years and we should be able to achieve that with our plans in hands like expanding our existing business and do some potential development projects,” he said.
To date, the company’s market capitalisation stands at RM160 million.