Real estate agency enters construction and development
PETALING JAYA: GS Realty had recently acquired approximately 30% stake in NWP Holdings Bhd, expanding its business from a real estate agency to construction and development.
GS Realty director Datuk Seri Nelson Kee and Datuk Helen Zhang Li have joined NWP’s board of directors..
Kee said he hoped to expand GS Realty’s real estate business venture from brokerage into construction and development through the partnership with NWP.
“There are plans and talks to work with developers for construction projects, which will likely be mixed developments, with focus on landed properties,” he said in a press conference recently.
He pointed out that there are no plans to introduce drastic changes in the main operations of both GS Realty and NWP as yet.
According to Kee, the new chief executive officer of NWP has yet to be appointed.
GS Realty is a property agency that is conducting sales for at least 30 developers, and its targeted sales this year are at RM12bil.
Kee became a major NWP shareholder after acquiring 11.48% of NWP’s shares. GS Realty has since increased its stake in the group.
NWP’s original major shareholder, Cashflow Budget, sold its 7.56% stake at the rate of 25 cents per share.
Sepang Heights, another major shareholder, has seen its stake reduced to 41.33% after selling 28.1 million shares.
NWP Holding Bhd has four subsidiary companies specialising in timber and logging, construction and development, as well as agriculture or nursery, which were based in Kuala Lumpur, Sabah and Laos.
