KUALA LUMPUR: Johor-based property developer Gold Li Holdings Bhd plans to launch its first high-rise residential project in 2027 as part of its strategy to expand beyond its traditional landed property segment.
Chief financial officer Tey Bock Heng said the proposed high-rise project in Muar has an estimated gross development value of more than RM300 million.
"While we will continue to focus heavily on our core landed property business, we have actually planned to launch our very first high-rise project next year.
"This project will consist of 599 units of high-rise apartments. This marks a new product segment outside of our traditional residential portfolio,” he said during a virtual press conference after the company’s ACE Market listing ceremony.
Tey said the company decided to venture into the high-rise segment after conducting a comprehensive study of local market conditions in Muar.
He said the segment remained underserved and viewed it as an opportunity to expand the brand by introducing the first major high-rise apartment development in the area.
At the opening gong, the company made its debut on the ACE Market of Bursa Malaysia at 12 sen, a discount of one sen over its initial public offering price of 13 sen, with 3.09 million shares traded.
Commenting on the opening share price, Tey said the weaker opening price could be due to broader market conditions and external uncertainties, but described the impact as temporary.
"We remain confident that over time the share price will better reflect the underlying value, fundamentals, and growth prospects of the group.
"More importantly, the IPO proceeds will strengthen our position, support our future development plans, expand our landbank, and enhance our ability to deliver sustainable growth moving forward,” he said.
On expansion plans, Tey said Gold Li would focus on developing its existing landbank, particularly in Muar, Tangkak and Batu Pahat, while also evaluating potential strategic opportunities in new markets.
"We are very keen on long-term expansion, and we will evaluate all viable business opportunities outside of Johor when the time is right,” he said.
At 5 pm, the counter closed 2.5 sen lower at 10.5 sen, with 44.19 million shares changing hands. - Bernama
