Venturing into bigger things

finance these projects, which will be backed by RM2bil worth of assets.

The first project will re-strategise Country Height’s current hospitality and resorts segment to lure the rich to set up a second home in Malaysia; and the second to develop a 2.5 million sq ft wellness and aesthetics hub to attract foreign companies and hospitals to build high-end apartments for medical tourism and retirement.

The third project comprises a 2 million sq ft car-show centre to showcase the latest vehicle models and accessories while the fourth will be an Islamic trade and financial centre in Malacca to provide a platform for trading in silk, tea, porcelain, jade, gold and palm oil.

“We aim to start these projects this year. They will take two to three years to complete. The four divisions will get listed separately once they are on a proper footing,” says the man who introduced med- ical tourism and second home for foreigners.

As some of the earlier projects Lee had planned did not take off or succeed, will these new ventures suffer a similar fate?

“I don’t think these are empty talk. I will not simply implement them if there is no fund. In the past, politics had seeped into many aspects of the business world, and I could not do much. I hope this will not happen under the new government.

“I have experienced 40 years of success and failure, I think I am wiser and more careful now,” Lee says.

His success stories include developing a rubber estate into Country Heights, turning a waste mining land into Mines Resort City, and transforming Sarawak’s logged- over forest into Borneo Highland Resort.

But his report card has been tainted by a failed palm oil farm project, high debts, greed and over-expansion in business, and poor performance of Country Heights.

To attract investors to return to Country Heights, Lee is planning to revalue the company’s land and properties.

“The assets have never been re-valued. Once this is done, our re-valued net tangible asset should be RM10 to RM11 per share. Currently, it is only RM2.8.”

The share of Country Heights closed at RM1.29 on Thursday.

In the first quarter of this year, this medium-sized company incurred a net loss of RM2.4mil on a revenue of RM20.58mil.

Now that his good friend has become the 7th Prime Minister, will his life as a businessman get better and easier?

Says Lee: “I want to maintain my relationship with Dr M like before, but now he is the PM, with so many people surrounding him, there is a red line. But for business proposals, I will follow the proper channels to get approval.”

Although Lee has not resolved his tax issues, he will not ask for any favour from the prime minister.

“Until today, my tax is not settled yet. I want to settle my case via the judiciary system, and not through the administrative power of the PM. All I want is the return of justice to me,” said Lee.

As someone who had suffered humiliation in the past, he will champion for the amendment of “unfair tax laws”.

Despite his success, this man with a humble beginning is approachable.

Before making his foray into property development, he had been a trade apprentice, translator, salesman, and pusher of Chinese medicine and antiques.

Lee’s savings from early jobs enabled him to be a small speculator in Singapore’s booming property market from the late 1970s to early 1980s.

With over RM5 million as capital, Lee plunged into the local property market in 1985 at age 30.

The first project was developing Tan Sri Azman Hashim’s rubber estate, in which the concept of country living made him famous.

Having gone through life’s ups and downs, Lee is thankful for whatever he has now.

“Knowing Mahathir is the biggest honour in my life,” he says.