MK Land to help state governments build affordable homes

MK Land to help state governments build affordable homes

SHAH ALAM, Nov 26 — MK Land Holdings Bhd, one of the largest property developers in Malaysia, welcomes requests from state governments to help build affordable homes.

Group Chief Executive Officer, Lau Shu Chuan, said the company was more than happy to help them because it has the experience in the building of affordable homes.

“MK Land founder, Tan Sri Mustapha Kamal Abu Bakar, is well-known as ‘King of Affordable Housing’,” Lau told reporters after the company’s annual general meeting here Thursday.

Lau said the company was not involved in the government’s affordable housing project, 1Malaysia People’s Housing.

He said currently, revenue from affordable houses accounted for about 50% of the company’s revenue, up from 20-30% previously.

Lau said the company was now focusing on the northern part of Peninsular Malaysia, like Perak, because it offered more potentials.

He said the company was expected to spend about RM7 million on resort development, of which some RM 5 million would be used to refurbish on its Bukit Merah theme park.

For financial year ended June 30, 2015, MK Land’s pre-tax profit rose to RM73 million from RM71.4 million in 2014. Its revenue, however, fell to RM488.3 million from RM488.7 million previously.