The Media Shoppe Bhd makes first foray into property development

KUALA LUMPUR: Software development company The Media Shoppe Bhd (TMS) has made its first foray into the property development and construction industry through its wholly-subsidiary, Exonion Sdn Bhd (ESB), in a RM192 million deal to develop a piece of land in Kemaman, Terengganu.
ESB has entered into a managing contract agreement with Total Merit Sdn Bhd for the project. ESB, which has been appointed managing contractor, will be responsible for providing professional project management facilities for the development of the land measuring 12.14ha into a mixed project.

The project will involve the construction of 43 units of two-storey shoplots/offices, five blocks of 12-storey apartments, one block of 11-storey affordable apartments, and amenities, which include a mosque, kindergarten and swimming pool, and all related infrastructure works.
TMS executive director Datuk Low Liong Kian said although TMS has been a software development company, the property construction project will bear no obstacle to the group as the new management, which includes Low and Tan Tzu Pin, also a director of the company, has all the resources, expertise and experience in the industry to complete this project successfully.
“The diversification of the business into the property development and construction industry is aimed at providing another source of income to the company who has been dependent on the IT business. With the additional stream of income, we strive to turn around TMS into a profit making company in the next few years,” said Low in a statement.
The 48-month project period will begin upon the signing of the letter of award which will be issued within 14 days after the execution of the managing contract agreement.