7 August 2020, Friday | 11:40pm

TSR to beef up ops, attracted interest from Taiwan, HK and Japan


PETALING JAYA: TSR Capital Bhd, a property and construction group, is beefing up its presence in its core markets and anticipates the business environment to improve with stronger foreign direct investments (FDI).

Its chief financial officer Ng Kim Keong told the New Straits Times (NST) that TSR was cautiously optimistic it can grow this year.

Ng said the group had received inquiries from Taiwan, Hong Kong and Japan investors for joint venture (JV) opportunities for its landbank in Langkawi, Kedah and Port Dickson in Negri Sembilan.

TSR is developing a 77-acre site in Kuah town in Langkawi, and 25.5ha in Port Dickson and has started a project there called PD Waterfront.

Ng said the progress development for PD Waterfront, which has an estimated gross development value of RM2.5 billion, wasvcurrently 20 per cent.

"We plan to build water villas, hotels, apartments, and retail. Investors are coming to us for JV opportunities. They also want to purchase the properties for investment or development,” said Ng.

The land in Kuah is located next to St Regis Langkawi and overlooks the Blue Andaman Sea.

TSR is planning a resort township jointly with the landowner Terusan Al-Maju Sdn Bhd and US-based Globe Venture Holdings Inc.

The resort development will include apartments, resorts, hotels and commercial with potential GDV exceedIng RM3 billion.

"We are focusing on a niche market. We are in advanced stage of discussion with some of the investors, and if they come in, it will boost our projects in terms of development and sales as they can market the properties in their respective countries," said Ng.

Ng said TSR was improving its cash flow to support on-going projects.

Last November, the group received its shareholders’ approval to sell 70 per cent of TSR Tower at Mutiara Damansara to Ivory Code Sdn Bhd (ICSB) to raise RM18.59 million cash and free up shareholder advances of RM14.39 million.

TSR said in a filing with Bursa Malaysia that the disposal serves as an opportunity for the group to raise funds and improve its cash reserves.

Completed in April 2014, the 17-storey building, located near to the Curve, Tesco, Ikea, IPC Shopping Centre, and eCurve, has a net lettable area of 152,000 square feet.

On whether the building was still up for sale, Ng kept mum.

The NST reported in 2017 that TSR was looking to sell the building for close to RM180 million.

TSR had received inquiries about the property from private investors who planned to buy it to house their corporate office or for investment purposes.

There were also inquiries from local government agencies and multinational corporations that were looking to relocate.

"TSR still owns 30 per cent, after selling 70 per cent of the group's equity interest to ICSB. We are keeping our options open on what we want to do next. The building is 100 per cent occupied and giving us good returns," said Ng.

ICSB is a company linked to TSR deputy chairman Tan Sri Lim Kang Yew.

Source: New Straits Times


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