Golden Land to start work on RM155mil project
PETALING JAYA: Golden Land Bhd is starting the development of its RM155mil industrial Golden Gateway located in Batu Kawan, Penang in the next two weeks.
In a statement yesterday, the company said it has received all the necessary certifications and approvals from the authorities to embark on the project.
“To date, all the compulsory paperwork and preconditioned site assessments have been completed to a satisfactory level and Golden Land is now keen to move ahead into the construction phase of its maiden project,” it said.
The project is a medium industrial development located close to the Penang’s second bridge spanning over 21 acres of freehold land.
Golden Land targeted the project to be fully completed by November next year. The development consists of 52 units of semi-dee industrial factories and two units of detached industrial factories.
“The project is also strategically surrounded by established heavy industrial factories and is well-positioned to be focal point for intermediary businesses that provide support commercial services and solutions,” the company said.
Golden Land chief operating officer Ng Heng Phai said the appointment of the main contractor for the Golden Gateway project will be officially announced later this month.
He said the Golden Gateway aimed for a wide range of businesses because of the evolving landscape of the Batu Kawan area and that rapid modernisation was paving the way for fresh business and commercial opportunities.
“In line with this, we believe Golden Gateway will be an important and timely addition to the vicinity, and so we are eager to move forward with this project in a way that satisfies our own vision and dedication to quality, as well as the aspirations of those who will soon make this their preferred business address,” said Ng.
Golden Land is a loss-making firm. For the third quarter ended March 31, the company’s losses widened to RM8.2mil from RM0.85mil a year earlier due to impairment of its property development project in Kota Kinabalu.
Meanwhile, its revenue for the quarter tripled to RM3.84mil from RM1.1mil previously.