GUH group MD Datuk Kenneth H’ng Bak Tee says the Simpang Ampat project may take up to 10 years to complete.

GEORGE TOWN: GUH Holdings Bhd expects the potential replanning of its 18.6ha land in Simpang Ampat, Penang, to generate a higher gross development value (GDV).

Group managing director Datuk Kenneth H’ng Bak Tee said the replanning was likely to generate a higher GDV of about RM650 million from RM238 million projected previously.

“The original plan was to launch a RM238 million project comprising 322 units of landed residential units. We are now looking at a higher value for the project with commercial, high-rise and affordable housing,” he said.

H’ng said this after GUH’s extraordinary general meeting to approve an aquisition by its wholly-owned unit, GUH Land Sdn Bhd, of a 99.46 per cent stake in Million Crest (M) Sdn Bhd, a firm holding the land, here, yesterday.

He said the project could take eight to 10 years to complete, adding that GUH expected its property division to contribute over 20 per cent to the group’s revenue next year.

He said the group was confident of the proposed development due to its strategic location at the South Seberang Perai district and growing demand for affordable housing in mainland Penang. Bernama