Latest news with #PPAM
Borneo Post
29-05-2025
- Business
- Borneo Post
Sabah developer KTI commits to affordable homes below RM300,000
From left: Wilson Loke (Group Executive Director), Stella Loke (Group Executive Director), Datuk Tan Kok Liang (Indipendent Non-Executive Director), Dato' Hj Hamzah bin Haji Ghazalli (Independent Non-Executive Chairman), Datuk Dr Gordon Loke (Group Managing Director/CEO), Chua Chai Hua (Independent Non-Executive Director), Lim Guik Moi (Independent Non-Executive Director), Harjeet Singh (Chief Financial Officer) and Azlan Khalid (Chief Operating Officer). KOTA KINABALU (May 29): Sabah-based property developer KTI Landmark Berhad has committed to keeping its affordable housing units below RM300,000, well under the federal ceiling price of RM380,000 for affordable housing. 'We don't go up to the RM380,000 mark. Even if we could, we prefer to offer homes in the RM250,000–RM300,000 range. That's part of our corporate social responsibility,' said KTI Group Managing Director and Chief Executive Officer Datuk Dr Gordon Loke after the company convened its first Annual General Meeting (AGM) since its listing on the ACE Market of Bursa Malaysia in June last year. KTI is an active contributor to the Perumahan Penjawat Awam Malaysia (PPAM) programme, a initiative offering subsidised homes for civil servants. Loke said KTI has delivered around 5,000 units under PPAM over the past five to six years. 'PPAM is more than a business opportunity; it is about meeting a national need. We want to ensure that all government staff, federal or state, have access to quality, affordable housing,' he said, adding that KTI works closely with Lembaga Pembangunan Perumahan dan Bandar (LPPB) on other state-linked affordable housing efforts. KTI recorded a profit after tax of RM8.5 million for the financial year ended 31 December 2024 (FY2024). The meeting, held here today, marked a significant milestone for the homegrown company, which began as a small construction outfit in 1984 and is now one of Sabah's most active property players. In his address, Loke said the company's performance post-listing reflects its firm footing in the industry. 'This is our first AGM since our IPO in June last year. Our share price has risen from RM0.30 at listing to RM0.40 as of yesterday, reflecting more than 30 per cent appreciation. This shows investor confidence in our long-term strategy and our strong focus on affordable housing,' he said. KTI Landmark posted RM175.4 million in revenue in FY2024, supported by total sales of RM267.8 million and unbilled sales of RM294.4 million. Despite RM1.96 million in listing-related expenses, the company reported a resilient bottom line and a healthy pipeline of projects with an outstanding order book of RM214 million and total gross development value (GDV) of RM2.73 billion, including hospitality and retail developments. Speaking to reporters later, Loke shared that KTI had launched seven projects simultaneously this year, with another three in the pipeline before the end of 2025. He added that five new projects identified would ensure continuity for the next five to seven years. 'We are already 41 years in the market. This longevity gives confidence to buyers and stakeholders. And we continue to receive enquiries from government agencies for staff housing solutions,' he said. He also expressed confidence that the ongoing US-China tariff war would not significantly affect the local construction sector. 'Most of our raw materials are sourced within ASEAN, so the impact on us is minimal. Prices have remained stable, and while we continue to monitor the situation, we don't foresee major disruptions,' he said. Meanwhile, KTI Group Chairman Datuk Hamzah Ghazalli said the company's listing last year was not merely a financial milestone but a signal of enhanced corporate governance, transparency and accountability. 'We have moved from being a local contractor to a fully-fledged developer with a national presence. Projects like Ayuria Place and The Logg reflect our capacity to deliver on both sustainability and lifestyle,' he said. KTI has integrated green building practices and digital tools into its operations, including industrialised building systems (IBS) and online property platforms catering to tech-savvy buyers. With Sabah's urbanisation continuing to rise and federal construction data pointing to a sector-wide rebound in 2024, KTI sees opportunities for further growth, particularly through strategic landbank expansion, public-private collaborations and enhanced ESG (Environmental, Social and Governance) commitments. The AGM ended on a note of gratitude. 'To our shareholders, staff and partners, thank you for standing with us. KTI's journey is only beginning. We remain dedicated to building not just homes, but a better Sabah,' said Hamzah.
The Sun
07-05-2025
- The Sun
Company director held over RM1.65m false claim for PPAM project
PUTRAJAYA: A construction company director with a Datuk title has been arrested by the Malaysian Anti-Corruption Commission (MACC) for allegedly submitting documents containing false details involving RM1.65 million in connection with the RM162 million Civil Servants Housing (PPAM) project in Perak. According to a source, the man in his 60s was arrested at about 5.15 pm yesterday when he turned up to give his statement at the MACC headquarters here. 'The suspect is believed to have committed the offence in March 2025 by submitting documents with false details to the bank to withdraw about RM1.6 million from a RM69 million financing facility for the project,' said the source. The man has been remanded for five days until May 11 after Magistrate Siti Roslizawati Mohd Zanin allowed the MACC's application at the Putrajaya Magistrate's Court today. MACC Investigation Division senior director Datuk Zainul Darus, when contacted, confirmed the arrest and said the case was being investigated under Section 18 of the MACC Act 2009.
The Star
07-05-2025
- The Star
MACC nabs company director over RM1.65mil false claim for housing project
PUTRAJAYA: A construction company director with a Datuk title has been arrested by the Malaysian Anti-Corruption Commission (MACC) for allegedly submitting documents containing false details involving RM1.65mi in connection with the RM162mil Civil Servants Housing (PPAM) project in Perak. According to a source, the man in his 60s was arrested at about 5.15pm Tuesday (May 6) when he turned up to give his statement at the MACC headquarters here. "The suspect is believed to have committed the offence in March 2025 by submitting documents with false details to the bank to withdraw about RM1.6mil from a RM69mil financing facility for the project," said the source. The man has been remanded for five days until May 11 after Magistrate Siti Roslizawati Mohd Zanin allowed the MACC's application at the Putrajaya Magistrate's Court Wednesday (May 7). MACC Investigation Division senior director Datuk Zainul Darus, when contacted, confirmed the arrest and said the case was being investigated under Section 18 of the MACC Act 2009. — Bernama
