Mayland expects RM1b from five projects

PETALING JAYA: Malaysia Land Properties Sdn Bhd (Mayland) expects to chalk up RM1.3bil in revenue over the next 12 to 18 months, said vice-chairman Tan Sri David Chiu. 

This would come from five new developments – Kenny View (RM500mil), phase three of Plaza Damas (RM300mil) and Sri Putramas (RM200mil), as well as condominiums in Sri Hartamas and Johor Baru (RM150mil each). 

Chiu, also deputy chairman and chief executive officer of Hong Kong-based Far East Consortium International Ltd (FEC), said there was increasing demand for hotel and serviced apartment. 

“We want to remain focused on building mid- to high-end housing, particularly condominiums and serviced apartments,” he said after the official handing-over of the Sheraton Subang Hotel and Towers to FEC yesterday. 

Mayland is the developer of various properties, including Hartamas Shopping Centre, Plaza Damas, Waldorf Tower and Prima Regency serviced apartments in Johor Baru. 

FEC, meanwhile, is engaged in hotel operations in Asia. It owns and operates seven hotels in Hong Kong and two in Malaysia – Dorsett Regency in Kuala Lumpur and Sheraton Subang. 

Chiu said FEC was keen to expand it hotel business in Malaysia following its acquisition of Sheraton Subang for RM120mil last year.  

“We are bullish on the hotel industry in Malaysia and if possible, we would like to acquire more hotels here,” he said adding that the company was currently completing its third hotel in Kuala Lumpur.  

The RM80mil Maytower Hotel is expected to open its doors in July. The company also has another hotel under development in Johor.