Seeking RM1.5 mil Working Capital for Housing Projects

Seeking RM1.5 mil Working Capital for Housing Projects

1 The Company – xxx Sdn Bhd

The Company was incorporated on the (xxx) of (xxx) 2010 with a Paid Capital of RM 1.5 mil to carry out Property Development and Construction Works, principally on a Joint Venture basis with the Government Authorities where payment will be very secure.

The Konsortium, while incorporated very recently, comprises of very experienced individuals as shown in the Company Profile attached. It can be seen that the Company has Mr Pee Kang Seng, a very experienced Civil Engineer leading a team of proven contractors to form a consortium of very efficient builders to undertake projects of medium sizes.

2 The Projects

2.1 Cadangan Perumahan……….di Cerang Guling, Kuala Trengganu

The Company has entered into an Agreement with Warisan Marang Sdn Bhd ( WM S/B, the Developer ) who has in turn, entered into an Agreement with Lembaga Tabung Warisan Trengganu ( LTW , the Land Owner ) to build 213 units of residential houses and shopoffices at Cerang Guiling, which is 20 km away from Kuala Trengganu town.

The Company shall assume the role of contractor as well as the marketing and sales of all the properties within the scheme,

In consideration of the above, the Company shall pay LTW a sum of RM 2.5 mil and WMS/B a sum of RM 1.5 mil on a quarterly basis over 24 months.

The first tranche of RM 600k was paid on April 2010. The next payment shall be due on April 2011 and thereafter every quarter.

All Buiding Plans have been approved and the Developer License has also been obtained in the name of Warisan Marang Sdn Bhd, whose role is only confined to assisting speedy Government Approvals for all submissions.

Currently, earthwork is in progress and is anticipated to complete by early April 2011 where upon the Company shall proceed to build 4 units of sample houses to launch the sales which hitherto has been very encouraging.

The project is expected to be completed within 20 months from the commencement of the sales.

2.2 Mawar Hotel in Johor Baru

This project is a 3 Star Hotel sitting on a piece of land belonging to the Majlis Wanita Johor under the patronage of the Consort of Sultan Iskandar comprising of 200 rooms plus other ancillary facilities.
The project is expected to cost RM 60 mil and shall be built on a Build, Finance , Lease and Transfer basis for a term of 40 years.

xxx Sdn Bhd has been requested by the Consort and her Personal Assistant, xxx to come up with a more detailed proposal and thereafter to proceed to build the hotel.

2.3 Perumahan 1 Malaysia

xxx has also made a presentation to Yang Berhormat Tuan Hj Jias bin Hj Sarday, the State EXCO of Dewan Undangan Negeri Johor recently to build a MIxed Development Scheme in Kluang comprising of a wet market, dry market, shopping complex, medium cost apartments, industrial shoplots and a boutique hotel.

The project shall be built on a piece of state land measuring 20 acres on a Build, Finance , Lease and Transfer basis.

2.4 Hostel for KPTM ( Kolej Politeknik MARA ) in Bangi and Cheras

The Company has also submitted an application to MARA to build student hostels for KPTM Bangi and KPTM Cheras which , upon completion can house 4000 and 2000 students respectively.

The Project is also expected to be built on a Build, Finance, Lease and Transfer basis over a period of 20 years.

3 Financial Requirement

In view of the Government’s call for more PPP Programmes ( Private Public Partnership Programme ), the Company , in view of its networkings, is desirous of enhancing its revenue and order books. Thus, it is imperative that the Company has sufficient working capital to appoint Architects and Planners to come up with the relevant concepts and proposals to impress upon the Government Authorities that schemes proposed by the Company is a Win-Win for both the Government and the Rakyat.

CAPITAL.MY