MELAKA, Dec 22 — Yong Tai Bhd will continue to grow its property development business segment by seeking opportunities to acquire more land with good prospects, said Chairman Datuk Amil@Amir Junus.
He said the company has entered into five Memorandums of Understanding (MoUs) — with PTS Impression Sdn Bhd; Yuten Development Sdn Bhd; Terrawest Resources Sdn Bhd; Land & Build Sdn Bhd; and Admiral City Sdn Bhd — on several proposals.
These include the acquisition of the entire equity interest in PTS Impression which holds the licence to produce and stage ‘Impression Melaka’; a joint venture with Yuten to develop 1.2 acres of land in Jalan U-Thant, Kuala Lumpur into high-end residences; a mixed development on 1.5 acres of land in Puchong owned by Terrawest; and a mixed development on 1.77 acres of land in Johor Baharu for which Land & Build holds the development rights.
“We also propose to acquire 17 acres of seafront land in Melaka for a potential development into a theatre as well as to jointly develop 100 acres of leasehold land also in Melaka,” he said in the company’s Annual Report 2015.
He said the proposed projects, spanning the next eight years, have a combined gross development value (GDV) of about RM7 billion.
The group will also seek joint venture opportunities with other established property developers in Malaysia to enhance its credentials as a property developer, he said.
“During the year under review, the key corporate exercises included the second joint-venture project with A99 Development Sdn Bhd to develop a hotel and serviced apartments known as The Apple in Melaka, a mixed development project comprising a 16-storey four-star hotel known as Courtyard by Marriot, and a 32-storey block of serviced apartments,” he said.
Yong Tai’s share of the profits will come from the sale of the serviced apartments and the operation of the hotel.