Equine’s big contributor in Crescentia Park

Equine’s big contributor in Crescentia Park
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By LAALITHA HUNT

SERI KEMBANGAN: Equine Capital Bhd is confident that its mixed residential and commercial development in Batu Kawan, Penang, will be a major revenue contributor for the financial year ending March 31, 2008.

Executive chairman Datuk Patrick Lim Soo Kit said there was great demand for landed properties in Penang.

“Land is scarce in Penang, therefore demand for new developments is very high,” Lim said after the company AGM yesterday.

He said the project, named Crescentia Park, would comprise double-storey linked houses, semi-detached houses, two-storey cluster linked houses and shop-offices.

The launch of the project, targeted by year-end, would be timely and strategic for the company intending to expand further into the recently-announced Northern Corridor.

From left: Equine Capital Bhd, executive chairman, Datuk Patrick Lim Soo Kit and Equine Capital Bhd, chief executive officer, Fung Yik Fai talking to reporters after the annual general meeting of the company on Thursday.
Lim also said Equine was leveraging on the Government's efforts to boost the property market with the implementation of new processes to expedite approval for development projects and the withdrawal of the real property gains tax this year.

This was in contrast to 2006 when market conditions were sluggish, resulting in fewer launches by Equine. Equine recorded pre-tax profit of RM7.2mil on revenue of RM74.74mil in FY07 compared with RM25.8mil and RM130.02mil respectively in FY06.

Lim said Crescentia Park on a 450-acre site, with an estimated gross development value of RM860mil, would take 10 years to complete.

The company was always on the lookout to buy land in the country but had no plans to venture overseas yet, he said. “Malaysia still offers tremendous potential and opportunities for growth.”