Milux makes foray into property development

Electrical and kitchen appliance maker Milux Corp Bhd is proposing a diversification of the company’s business to property development.

Milux explained that in view of the increasingly competitive household appliances market, the diversification into property development would provide an additional income source. This followed an earlier announcement of a joint venture condominium project in Genting Highlands.

The Genting Highlands project sits on a 6.38-acre parcel located close to Bandar Gohtong Jaya and Awana Golf and Country Resort.

The company said the project has a gross development value of RM2.13bil while the gross development cost is estimated at RM1.05bil. It expects the project to start in the second quarter of 2017 and anticipated completion in the last quarter of 2020. - By The Star