KUALA LUMPUR: Bintai Kinden Corporation Bhd (BKC) is diversifying into property development and management business to reduce its reliance on the mechanical and electrical (M&E) engineering business.
Under the plan, the company will undertake two mixed property development and management projects that has healthcare facilities and wellness services namely Holistica Melaka and Holistica Penang.
With an estimated gross development value (GDV) of RM558 million, Holistica Melaka is an integrated holistic and wellness themed mixed development project comprising condominium-hotel (condotel), residential condominiums, retirement and lifestyle apartments, wellness club as well as a medical specialist centre, which will be operated and managed by a reputable healthcare operator.
Holistica Penang, with an estimated GDV of RM83.7 million, is a lifestyle condotel development project on the Penang Development Land.
The project features a 21 storey building comprising 98 condotel units.
BKC managing director and chief executive officer Ong Choon Lui said the expansion of the group's property development business segment is part of it's corporate strategy to diversify into other industries with strong growth prospects instead of depending solely on its existing core M&E engineering business.
"The board believes that the mixed development projects would contribute 25 per cent or more to the company's future earnings and improve the financial position of the BKC
group.
"The additional revenue contribution from the mixed development projects is expected to enhance the company's profitability and returns on shareholders' funds," he said in a statement today.
BKC has past experiences and expertise in undertaking and completing various construction of property development and related projects across a span of 36 years.
Some of the notable property development projects under its belt are PKNS Housing Scheme Bangi, Selangor, Mount Pleasure Apartment, Penang, Kiara Water Fall Condominium Bayu Angkasa, Kuala Lumpur, Anjung Villa Condominium, Bandar Baru
Sentul, Kuala Lumpur, Kiaramas Sutera Condominium, Kuala Lumpur, Parcel I: Taman Sri Rampai Housing and Community Facilities and Rafflesia Condominium at Bandar Baru
Sentul Kuala Lumpur.
The property development and management business segment of the BKC will be spearheaded by Ong and chief operating officer Yen Yew Wing @ Yen Yew Ming.
Apart from property development, BKC had in October 2020 ventured into distribution of Covid-19 vaccine to create a new source of income in view of the fluctuation seen in its core M&E engineering business, which involves project tenders, due to the Covid-19.
Bintai Healthcare Sdn Bhd (BHSB), a subsidiary of BKC was granted the exclusive rights from Generex Biotechnology Corporation and its subsidiary NuGenerex ImmunoOncology Inc, to distribute, sell and commercialise the Covid-19 vaccine in Malaysia, Brunei, Myanmar, Cambodia, Timor-Leste, Indonesia, Laos, Philippines, Singapore, Thailand and Vietnam.
It has also been given the first right of refusal to distribute and market the vaccine within Australia, New Zealand and the global halal market.
In addition, on 8 January 2021, BHSB was appointed the exclusive distributor by Korea's SLAB Asia Co Ltd for Greenie Medi Cold Chain Box designed for the storage and distribution of Covid-19 vaccine in Malaysia.
BHSB has also been appointed as an authorised distributor to distribute the full range of the product in South East Asia countries.
Greenie Medi Cold Chain Box was designed for the exclusive use in transporting and storing medical products at very low temperatures.
It keeps the inbox temperature at negative 70 degrees Celsius (-70℃) for up to 120 hours.