“We are targeting more niche and affordable projects for a start and will progress from there.”

RICHARD NGIAM TEE WEE, BSL Corp Bhd chief executive officer

PETALING JAYA: BSL Corp Bhd aims to develop a small-scale and affordable housing project in Ipoh, Perak, after announcing plans to diversify into the property market.

Chief executive officer Richard Ngiam Tee Wee said as the division is still new, the plan is to focus on small-scale development projects at niche markets outside the Klang Valley.

Ngiam said the proposed project in Ipoh would be for landed property involving fewer than 50 units, with an expected gross development value of RM10 million.

“While we agree currently there is an oversupply in the market, we are targeting more niche and affordable projects for a start, and will progress from there. We target to launch it by the end of this year,” he said after BSL’s annual general meeting, here, yesterday.

Ngiam said in the long term, the company plans to be one of the Industrialised Building Sys- tem (IBS) players in the market.

In November last year, BSL established a 51:49 joint venture with Wong Sze Chien to explore acquisition, investment and development opportunities in properties.

On its engineering, procurement, construction and commissioning (EPCC) for large-scale solar (LSS) plants business, Ngiam said the firm plans to double the size of the contract it handled last year.

He said last year the firm had EPCC for LSS of two megawatt (MW) and expected to secure at least a couple more this year.

For the financial year ended August 31 last year, BSL’s net profit was 35.8 per cent lower at RM3.06 million, from RM4.76 million recorded in the previous financial year.

Revenue in the same period increased 38.2 per cent to RM149.62 million, from RM108.26 million previously.