Tian Global to start new project after JV talks
Posted on | April 26, 2007
By THE STAR
KUALA LUMPUR: Niche property developer Tian Global Sdn Bhd plans to embark on another project after it has concluded talks on a joint venture.
Chief executive officer Datuk Loy Teik Ngan said the company was “earnestly talking to one (potential) partner.”
Since the completion of its maiden project, Flora Murni at Mont’ Kiara, the company had been approached by a few parties to form a joint venture to develop their land.
“The next project would most likely be a condominium in Kuala Lumpur. However, nothing can be confirmed yet as the ball is in the other side of the court,” he said during a media briefing and tour of Flora Murni yesterday.
Loy said there were sceptics when he first set up Tian Global – a personal investment vehicle – to undertake property development. However, the first project had been a good showpiece, which Loy hoped people would appreciate.
When launched in 2004, it was sold at RM285 per sq ft (psf) but had since appreciated to over RM550 psf.
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Datuk Loy Teik Ngan (left) and project director Evan Horsnell in the duplex condominium show unit at Flora Murni in Mont’ Kiara
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Loy said Flora Murni had a gross development value of RM90mil, comprising 71 bungalows, semi-detached houses and condominium units. Most units are sold, with seven condo units still held by the company to be sold later.
Flora Murni is a gated, high-end residential property, developed on 3.5 acres.
On the acquisition of more land, Loy said: “We plan to acquire more land to create small, boutique development and to keep it special. We are looking at the Klang Valley.
“If we have to buy, we will just buy. Otherwise, the next best thing is to set up joint venture with land owners.”
Meanwhile, on the termination of talks between MBF Corp Bhd and OSK Holdings Bhd on the latter’s acquisition of 49% equity interest in QBE Insurance (M) Bhd, Loy, who is also MBF chief executive, said the company was exploring other options.
“Maybe we will sell or keep, but there is no decision yet,” he said, adding that MBF was also looking into being taken out of the PN17 status as soon as possible.
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