Prinsiptek expanding
Prinsiptek is keen on making a bigger foray into the Malysian and regional property sector, to widen its earnings base and take advantage of the positive property market.
Executive director Foo Chu Pak said the company's foreign ventures were strategic for reducing its dependence on local projects and tapping opportunities in neighbouring countries, including Thailand and Laos.The group has secured a turnkey project from Thailand's National Housing Authority worth 194 million ringgit (Bt1.97 billion) and entered into a joint venture to undertake a mixed development in Bangkok with a gross development value of 175 million ringgit. The mixed development by Prinsiptek International planned for launch at the end of the year will comprise double-storey link houses, semi-detached houses, medium-cost flats and three-storey shop offices. "With the 48.4 acres [19.59 hectares] of freehold project, our land situated in Ayutthaya province about 60 kilometres from the heart of Bangkok is more suitable for landed residential property, such as bungalows, semi-detached units and terrace houses," Foo said. "In Bangkok, purchasers prefer convenience, security, facilities and affordable housing, which is why studio or one-bedroom apartments are the most popular. But in the suburban areas, the preference is for landed residential units that are spacious within gated and guarded enclaves." The company is undertaking a turnkey construction project for the Thai National Housing Authority to build low-cost flats for 194 million ringgit. In Laos, Prinsiptek is in advanced talks with the landowner of a 3.24-hectare site for a four-phase development.
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