Property developer wants to go public this year.
New development: Murly with a scale model of Vertu Resort.
GEORGE TOWN: Aspen Group, a property development company based in Penang, is targeting to list in Singapore and Malaysia this year.
Its chief executive officer Datuk M Murly said the group was now in advanced stages of discussion with Singapore authorities, which it hoped to complete by the second quarter.
“We have also started to talk to banks in Malaysia,” he said.
He spoke after briefing the media on the group’s forthcoming projects in Penang.
The total GDV for the new projects is approximately RM1.392bil, comprising the RM620mil Vertu Resort in Batu Kawan, the RM135mil mixed-development Beacon project in Sungai Pinang, and the RM637mil HH Residence scheme in Tanjung Bungah.
“The group will also launch the RM700mil Nouvelle Residence in Subang in 2017,” Murly said.
Murly said the year 2015 was remarkable for Aspen Group where it saw the group made positive progress and recorded distinctive sales and delivered a robust performance.
“We achieved total sales of RM900mil for financial year 2015, which is a remarkable record for a relatively new name in the industry, considering most established players and financial analysts had recognised 2015 to be a very challenging year for the property industry,” he added.
In 2016, the group is targeting to achieve a RM400mil to RM500mil revenue and a net profit of about RM90mil.
“Over the next two to three years, we aim to generate about RM1bil of new sales backed by the new projects to be launched soon,” he said.
Murly added that the group was exploring with its joint-venture partner Ikano Pte Ltd to undertake commercial projects in the Philippines and Bangkok.
On Vertu Resort, Murly said the project was located on a 7.17-acre site in the RM8bil Aspen Vision City project in Batu Kawan, which was being undertaken by Aspen and Ikano.
“Vertu Resort is the second phase and the first residential development in Aspen Vision City.
“We plan to preview this development to existing customers and interested parties from Jan 22 to 24.
“It is the first resort-inspired, high-rise development in mainland Penang, which will also be the first condominium project in Seberang Prai with a Green Building Index (GBI) certification,” he said.
