KUALA LUMPUR – Property development and construction services company Jiankun International Bhd has promoted its president Datuk Saiful Nizam Mohd Yusoff to non-executive chairman.
According to a bourse filing today, Saiful, who is the son-in-law of Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi, has a direct interest of 2.5 million ordinary shares and 2.9 million in warrants in the public-listed company.
Company chief executive officer Edwin Silvester Das said with 54-year-old Saiful’s redesignation, Jiankun is anticipating a RM2 billion rise in the gross development value (GDV) of its property projects.
“All our endeavours prioritise environmental sustainability, green practices and affordability for the benefit of our homeowners,” Edwin said in a statement today, pointing to the company’s pioneering freehold project called Taman Panchor Jaya in Nibong Tebal, Penang.
“The pricing for these 116 double-storey terrace houses is expected to be so competitive that serious enquiries have already surpassed the available units by a ratio of 2:1, against the backdrop of land scarcity in Penang and rising demand for gated communities.”
He added that Jiankun is also venturing into another promising freehold development in Simpang Ampat, Bukit Tambun – with the project comprising 520 service apartments located just 10km from the second link to Penang Island.
The expected GDV from the project ranges between RM200 million and RM220 million.
Another of the company’s projects is an ambitious RM1.2 billion redevelopment of a 3.69 acre site along Jalan Tun Razak here involving “eco-friendly” 52-storey apartment towers and three additional towers with retail and residential components.
Saiful was quoted as saying that the prime real estate in the central business district here in close proximity to the Kuala Lumpur Convention Centre promises lucrative returns for Jiankun over the next five to eight years.
Meanwhile, Jiankun executive director Datuk Donald Lim Siang Chai said through the company’s ventures in Klebang about a 15-minute drive to Melaka Gateway, the company is poised to leverage the revival of the mega deep-water port project in Southeast Asia.
“The anticipated benefits stemming from the China Belt and Road initiative would be mutually advantageous.
“Accordingly, we shall strategically synchronise the launch of our Klebang project with the progression of this monumental undertaking.” – May 10, 2024