FABER Group Bhd hopes to generate between RM700mil and RM800mil in property sales over five years, starting in the first quarter of 2005, non-executive chairman Datuk Anwar Aji said yesterday.
He said the company had received City Hall approval for the layout plan for its 40ha in Jinjang, Kuala Lumpur.
“Of the development, 70% will be landed property, 20% medium-cost condominiums and 10% commercial units,” he told reporters after the company's EGM in Kuala Lumpur.
He said, however, the group's plan was subjected to changes depending on market demand.
Anwar said the group had three business units - property, healthcare and hotels.
He said the property sector contributed 10% of the group's revenue, healthcare 60% and hotel operations the balance.
Since the hotel operations were having the most problems, he said Faber Group would focus on the healthcare business, while trying to be a niche player in the property sector.
“We are looking into areas where we might be able to expand our healthcare division,” he said.
The group, which currently has a 15-year concession to provide clinical waste, management, laundry services, engineering services and biomedical maintenance for government hospitals, plans to penetrate more healthcare markets overseas.
Having made headway into Brunei, it now looked forward to make its presence felt in other countries in the region.
Anwar said the group was confident that it would succeed following the proven track records that it had in the healthcare business.
He said the group, which runs the Sheraton hotel chain in Malaysia, was listed under the Practice Note 4 category due to the lethargic hotel business as a result of several negative developments recently.
Under its restructuring exercise, Faber Group planned to dispose of its hotel assets and the proceeds would be used to trim down its debts from bondholders. – Bernama
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