WCT eyes RM2 billion worth of jobs this year

PETALING JAYA: WCT Holdings Bhd is looking to clinch RM2 billion worth of local and foreign property development and construction jobs this year.
"We are targeting RM1 billion of jobs in Malaysia and another RM1 billion from Middle East, the overseas market. That is the target that we set for 2015," said its executive director Kenny Wong Yik Kae after the group's signing ceremony with New World Hotels & Resorts last Friday.
WCT yesterday announced the appointment of New World Hotels & Resorts to manage New World Petaling Jaya Hotel, which was recently reported by SunBiz.
The deluxe hotel, scheduled to open in the third quarter of 2016, is part of WCT's RM1.8 billion Paradigm Integrated Commercial Development in the area.
He said the New World Petaling Jaya Hotel project is a diversification of its core business in construction and development, and will eventually contribute about 15% to bottom line in the near future.
Wong said the group is currently focusing on its 202.34-hectare township in Rawang which is expected to kick-start next year.
"We are very optimistic about our township project in Rawang, our 500 acres of land there has got dedicated interchange in the township which has already been built, hopefully we can kick start next year," he added.
Wong said the group still has a landbank of about 404.68 ha in the country.
On its expansion plan, Wong said the group plans to expand its property business in the northern region, particularly in Penang, however he sees the prices and competition in the region as a big challenge.
"I think we have always interested in Penang, the northern region, those are the areas that we are looking at, but of course price is not cheap. Everyone is there and it is very competitive," he said.
Meanwhile, Wong added that WCT is still looking at the right time to set up its first real estate investment trust (REIT) which may take a year to finalise the REIT as it is still at initial process.
"Definitely it is something that we are looking at, but we have to find the right timing to put up the REIT," he said.
WCT's REIT exercise would enable the group to unlock values on its matured retail malls and its Gateway@KLIA2 mall concession.
WCT intends to REIT its three existing malls, which have an estimated total asset value of RM2 billion.
Maybank Research in a report last November said proceeds from the REIT would ease WCT's financing of its new shopping malls. Also, shareholders could benefit via a distribution of shares in the REIT.