Minetech Resources which has been predominantly a player supporting the property development industry with its quarry products, civil engineering, premix products and bituminous products will now get itself deeply involved in finished development with this latest land acquisition move.
The group via its property arm, MRB Property Sdn Bhd will be purchasing a plot of freehold land in a prime area of Ampang Kuala Lumpur for RM60 million for the purpose of development. The land measures around 5,612 square meters and is situated along major link roads with close proximity to KL City Centre.
For the past five financial years, the property development segment has been relatively dormant and only contributed to RM2.15 million of revenue. Accordingly, the Proposed Acquisition is undertaken as part of Minetech Group’s expansion plan to increase its land banks at strategic locations with growth potential and to scale up its property development portfolio to generate an additional stream of income for the Group moving forward.
Minetech is using its existing expertise as leverage to expand further into the business given that its existing construction arm complements its development ambition and minimise cost by engaging in-house contractors and engineers to undertake the construction works.
The success of this project will be the test for its future undertakings, the Group currently owns approximately 231,790 square metres of land located in other parts of the country.
