Ken plans to branch out into hospitality sector with new project
KUALA LUMPUR: Engineering specialist Ken Holdings Bhd will branch out into the hospitality sector with its upcoming Ken TTDI (Taman Tun Dr Ismail) commercial development.
The project is due to be completed by 2014, Ken Holdings chairman K.C. Tang said. The company invested RM120 million in the project.
It will consist of a combination of corporate suites, grade A office spaces, banking hall, art gallery and various food and beverages (F&B) outlets, among others.
The 36 corporate suites will be leased out to get recurring income, he said, adding that the suites are designed to be user-friendly.
Ken TTDI is targeted to achieve multiple platinum rating in Green Building ranking and also MSC status.
Tang said Ken Holdings' construction division will be more focused on developing its own projects instead of bidding for new ones.
"Construction and property development is the best combination for us at this moment," he said.
Executive director Sam C.S. Tan said there will be other property projects launched this year. These include Ken Rimba Jimbaran, which comprises 168 units of larger double-storey homes, slated to be launched in the third or fourth quarter.
Another project will be Ken Rimba Legian, part of Ken Rimba development in Shah Alam, Selangor, scheduled to be completed by the second quarter.
These projects will boast of "green" terrace houses.
"In Malaysia, we have to deal with heat. We're going to try to make the homes cool by themselves so that buyers don't have to use much of airconditioners or fans.
"We will have drain water housing tanks for all our terrace houses," said Tan.
Speaking on the demand for "green" homes, he said, it has so far been very encouraging, adding that the level will increase once the projects are completed.
"We are the pioneers in this (green homes) with our Ken Bangsar high-rise residential as well as Ken Rimba landed residential and Ken Rimba Commercial Centre," he claimed.
For the year ended December 31 2011, Ken Holdings recorded an operating revenue of RM87.2 million and profit of RM23.2 million.
The stock gained 1 sen to close at RM1.31 yesterday.