KYM to launch new Teluk Rubiah plan
Posted on | August 2, 2007
By THE EDGE
KUALA LUMPUR: KYM Holdings Bhd will launch its revised master plan for the development of its 480-hectare Teluk Rubiah golf resort by year-end.
“The final draft is ready; it has still to be finalised,” its executive chairman and chief executive officer Datuk Seri Dr Isahak Yeop Mohamad told reporters after its AGM yesterday.
He said the company had come up with its update of the master plan three months ago and it was expecting its final draft to be finalised within the next few months.
“We will be upgrading the facilities for the golf courses, chalets and resorts,” he said, adding that it was also planning a new clubhouse for Teluk Rubiah, near Lumut in Perak.
Isahak said its improvement and development plan was to provide the necessary facilities to its members as the existing ones were limited.
“We also plan to launch a commercial development and golf club membership,” he said, adding that its commercial development would consist mostly of shops lots and shophouses.
KYM chief operating officer Allan Chin Kong Yaw said the company expected the gross development value (GDV) of Teluk Rubiah to be about a few hundred million ringgit.
“Our funding for this improvement plan will be coming from mixed sources, such as banks and internal funds,” he said, adding its property division did not contribute much to its revenue for the past financial years.
However, Chin said it was planning to pursue several township developments in Kuala Lumpur, Seremban and Melaka through joint ventures.
“The plan will be finalised very soon,” he said, adding that it would be targeting the middle income group for its yet-to-be finalised town developments.
“We are currently in the discussion and negotiation stage with some parties. And if things go well, we should be busy by next year,” he said.
It posted a turnover of RM70 million for the year ended Jan 31, 2007, down 3.27% from RM73 million in the previous year due to lower sales from its manufacturing division.
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