WCT to launch mixed projects with RM700mil in GDV

WCT Holdings Bhd (WCT) is expected to launch several mixed development projects with an estimated gross development value (GDV) of RM700 million out of its remaining GDV of RM25 billion this year, its Deputy Managing Director, Goh Chin Liong said.

The property launches include Bandar Bukit Tinggi in Klang, The Paradigm in Petaling Jaya, and Medini Iskandar Malaysia in Johor Baharu.

"The projects range from medium to high-end properties. However, there will be more launches of affordable housing this year, mainly in Bandar Bukit Tinggi where we will be working with the Selangor government," he said.

Speaking to reporters after the company's annual general meeting and extraordinary general meeting on Tuesday, he said the affordable housing projects would have GDV of between RM100 million and RM200 million.

Goh said the company planned to allocate RM5 billion of the RM25 billion GDV for a long-term investment in property segments like shopping malls and hotels as its residual income.

In the face of challenging economic scene, he said the company would be focusing on infrastructure projects, including the MRT 2 and LRT 3 as well as specialised building projects.

"Traditionally, the projects contribute better in terms of margin as it is easier to control.

"We will also continue to bid for projects under the segments, including in the Middle East, particularly Qatar," he said.

WCT also plan to explore the ASEAN region, starting with Indonesia, which has a huge market for infrastructure, he said, adding it was looking on the possibility of forming a joint venture (JV) with an Indonesian company.

In terms of financial performance, Goh said WCT expected a stronger second half in 2015 and to perform equally good as in last year's financial year.

For the financial year ended Dec 31, 2014, WCT recorded a pre-tax of RM149.45 million on a revenue of RM1.66 billion.

WCT Holdings is investment holding company with an investment in two main subsidiaries, with three core businesses, namely engineering and construction, property development, property investment and management. - Bernama