Chief operating officer Kwan Joon Hoe said the firm was working on reducing its gearing level to 0.5 times from 1.2 times currently.
LONDON: Malaysian Resources Corp Bhd (MRCB) continues to focus on lowering its debt level, which include spinning off its assets through direct sales and potentially listing its property and construction arms.
Chief operating officer Kwan Joon Hoe said the firm was working on reducing its gearing level to 0.5 times from 1.2 times currently.
“Reducing debt level is a continuous effort by the company. It is noteworthy that the bulk of our debt is backed by our infrastructure projects,” he said.
Kwan was speaking to reporters after the 7th Middle East Business Leadership Award here, where MRCB won the “Best Urban Property Developer Award” and “Best Transit-Oriented Development Award”.
MRCB’s construction arm currently manages an RM7bil order book that includes the development of PJ Sentral, Cyberjaya City Centre, the northern transport hub of Penang Sentral and Kwasa Sentral in Sungai Buloh.
Meanwhile, Kwan said its property arm is targeting between RM1bil and RM1.5bil in sales this year from residential development projects next to KL Sentral, known as Sentral Suites.
He said properties at the KL Sentral area have been enjoying high occupancy rates and the firm will focus on residential properties in the surrounding area.
Follow us on Wechat or Facebook for the latest updates.
Download StarProperty.my e-Mag(bit.ly/StarProperty_Emag) for more articles.
Want to contribute articles to StarProperty.my? Email editor@starproperty.my.
[slider id='81590' name='StarProperty' size='full']
