Fututech well-stocked with residential projects

KUALA LUMPUR: Kitchen cabinet maker, Fututech Bhd, is well-stocked with residential projects for this and next year with a gross development value (GDV) of RM500 million.

Fututech executive chairman, Datuk Tee Eng Ho, said the company made its debut in the property development last year.

Tee said the company would launch its maiden residential project, “Vista Residence”, which has a GDV of RM300 million, at Gohtong Jaya, Pahang by the fourth quarter of this year.

He said the serviced apartments would feature twoand three-bedroom units, with the built-up areas ranging from 844 to 3,144 sq ft.

“All the units are fullyfurnished and the average selling price starts from RM700 per sq ft “Vista Residence, which sits on 0.6 ha, comprises 378 luxury units and 31 commercial lots,” he told reporters after the company’s annual general meeting here yesterday.

Tee said some 30 per cent of the units had been booked.

Besides “Vista Residence”, Fututech would also be launching its second residential project in Monterez Golf and Country Club, Shah Alam, which has a projected GDV of RM200 million, he said.

“The project will comprise 349 units of condominiums.

“We are targeting to launch the project by middle of next year,” he said.

He said at present, Fututech has RM130 million worth of contracts on hand.

Meanwhile, Tee said, the company expected the deal to acquire construction firms, Kerjaya Prospek (M) Sdn Bhd and Permatang Bakti Sdn Bhd, to be completed by the end of the third quarter of this year.

Fututech had earlier this year, signed a heads of agreement with its major shareholders – Datuk Tee Eng Ho, Datin Toh Siew Chuon and Tee Eng Seng – to start exclusive talks for the proposed acquisition of Kerjaya Prospek and Permatang Bakti for a total of RM380 million.

Chief executive officer, Evan Loo, said upon completion of the deal, Fututech would be able to realise some RM1.8 billion order book and RM2.3 billion worth of contracts the Kerjaya Prospect has.

“Fututech will also be seeing substantial revenue and net profit gains from the construction sector in the fourth quarter. — Bernama