Zelan To Develop 33storey Condominium Next To Hampshire Residence

Zelan To Develop 33storey Condominium Next To Hampshire Residence
Business Times 

ZELAN Bhd is developing another 33-storey condominium block worth RM169.38 million, in the Kuala Lumpur city centre following its success with Hampshire Residences.

In a statement made available to Business Times yesterday, Zelan said its unit Zelan Development Sdn Bhd signed a property development agreement with landowner Masteron Liga Klasik Sdn Bhd (MLK) last Friday.

The property development project is on 0.23ha along Jalan Lidcol, off Jalan Yap Kwan Seng and next to Zelan's existing Hampshire Residences. This new block of condominiums will also incorporate car parking and recreational facilities.

The statement also said the joint-venture agreement with MLK does not require Zelan's shareholders' approval. Construction of the project is expected to begin upon securing approvals from the relevant authorities.

Recently, Zelan posted net profit of RM50.4 million in the three months to July 31 2007 on a revenue of RM257.2 million. Its second quarter profit rose 89 per cent as it chalked up higher earnings from overseas construction jobs, besides sales of its Hampshire Residences luxury high-rise homes.

The RM400 million Hampshire Residences comprises 388 condominium units in two 33-storey blocks. Due to be completed by December 2008, it is a joint development with landowner Impian Kirana Sdn Bhd and Singapore-based CapitaLand Ltd.