Sycal Berhad through 2 newly acquired development subsidiaries, namely Sycal Properties Sdn Bhd (SPSB) and Sycal Resorts Sdn Bhd (SRSB), has entered 3 new development projects in Cheras (Kuala Lumpur), Bukit Gambir (Penang) and Lumut. The estimated balance Gross Development Value (GDV) is RM 255 million.
The company has also in October 2007 entered into joint venture with a third party jointly develop 122 units of shop lots and 92 units of residential houses in Taiping, Perak with estimated GDV of RM 138 million.
Apart from the above stated development projects, the Group also has a development projects in Skudai and Kulai, Johor Bahru with total estimated GDV of RM 170 million.
The Group also in negotiating with few land owner to joint develop the land, as well as with State Government in Perak, Melaka, Terengganu and Pahang for privatization of government land.
For the next 3 years, the group expected the Property Division will contribute more than 40% of group revenue.
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