Gromutual to go for industrial property in IDR
Posted on | July 17, 2007
By THE STAR
PULAI: Gromutual Bhd is looking for more vacant land within the Iskandar Development Region (IDR) to be developed into industrial properties in anticipation of increased demand for such properties among existing and new investors.
Managing director Teo Chuang Kwee said although the company had several on-going industrial development projects within the IDR, it was vital to add land bank to its portfolio.
“The company wants to position itself as one of the key players in the development of industrial properties within the IDR,” Teo told StarBiz recently.
Gromutual is currently developing two industrial projects – Tropika industrial park in Plentong and Kulai industrial park for light and medium industries.
Teo said it also owned factories in several industrial estates within the IDR that were leased out to foreign companies.
Singaporean manufacturers who had shown interest to relocate their operations to Johor would further boost demand for industrial properties.
“Logically, Johor is the best relocation choice for Singapore small and medium enterprises due to its close proximity to the republic,” he said.
Gromutual focused on the development of industrial properties within the IDR as other developers were more into residential projects, he said, adding that it offered factory buildings with contemporary styles and designs.
Teo said the property market within the IDR was likely to pick up towards year-end or early next year when projects started to roll out.
For the financial year ended Dec 31, 2006, Gromutual’s turnover rose to RM48.42mil from RM42.68mil in 2005. Its pre-tax profit stood at RM6.97mil against RM5.07mil previously.
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