Latest news with #RM380
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.
Daily Express
25-05-2025
- Politics
- Daily Express
Shareda unable to build PPR units due to squatters
Published on: Monday, May 26, 2025 Published on: Mon, May 26, 2025 By: Hayati Dzulkifli Text Size: Chua said squatter issues are not confined to Sepanggar. - Pic (right) for illustration only. Kota Kinabalu: Sabah Housing and Real Estate Developers Association (Shareda) is unable to proceed with plans to build thousands of People's Housing Programme (PPR) units in Sepanggar due to unresolved squatter issues on the allocated 70-acre site. Immediate Past President Datuk Sr Chua Soon Ping said under the agreement with the State Government last year, Shareda is supposed to provide basic housing for B40 people in the State. However, the site is occupied by thousands of squatters who need to be evicted first. He said only political can solve the problem for the B40. 'We still want to do this project. But the huge presence of squatters is the biggest problem in some of the areas. 'The site is occupied by squatters where some are locals but mostly illegals. Shareda cannot evict them. Support from DBKK, civil authorities and the state government is needed to move out the squatters. Advertisement 'Eviction isn't something the private sector can carry out. It must be a coordinated, humane process and have to find alternative accommodation, which is beyond us (Shareda),' he said. Chua said this at a press conference after Shareda's 32nd annual meeting which saw the election of new President Datuk Johnny Wong Chen Yee, Saturday. He was commenting on the status of the project to build affordable housing including PPR units in Sabah to complement noble efforts of national government to build 500,000 PPR units of houses for B40 people in the country by year 2025. Chua said a government task force meant to address the situation but had yet to be formed. 'The Chief Minister and the State Secretary (SKN) have to initiate it. 'The site is State land currently under the Ministry of Agriculture, Fisheries and Food Industry and must be rezoned to be used for building affordable housing before building the PPR units can begin,' he said. Despite these setbacks, Chua reaffirmed Shareda's commitment to seeing the project through. 'We are eager to start, but political will is essential. We're working behind the scenes to assist where we can,' he said. Chua also disclosed a recent federal government decision to raise the ceiling price for affordable homes (PPR units) from RM300,000 to RM380,000. 'It's due to escalating building material costs. The unit size remains at 850 square feet, but construction feasibility required the price revision. 'It's not just in Sabah, its whole Malaysia,' he said, adding that the new limit applies to urban (bandar) areas with definitions still pending clarification. Chua said squatter issues are not confined to Sepanggar. 'Even in Tuaran and foreshore reserves, squatter settlements have become a recurring problem. They often return after eviction 'While some of the squatters are local, the majority are not, which adds to the complexity. This is a bottleneck problem that cannot be solved overnight,' he said.
New Straits Times
08-05-2025
- New Straits Times
Man arrested at Miri airport in attempt to smuggle drug
MIRI: Police foiled an attempt by a local man to smuggle drugs with the seizure of the contraband, believed to be methamphetamine weighing 10.5kg, in a raid at the Arrival Hall of the Miri Airport last Tuesday. District police chief ACP Mohd Farhan Lee Abdullah, in a statement posted on the Miri District Police Facebook page, said the 20-year-old suspect, who is an unemployed man from the interior of Sarawak, was arrested immediately after claiming a box at the baggage claim area. "Further inspection of the box found it contained 10 packages of drugs suspected to be Methamphetamine (syabu) hidden under a layer of snack food packages," he said. He said the police also seized 120 vape pods containing a liquid believed to be Methylenedioxymethamphetamine (MDMA), weighing approximately 986 grams. The total value of the seizure is estimated at RM380,000. Mohd Farhan said preliminary investigations found that the suspect has travelled to Kuala Lumpur to collect the package before returning to Miri. The case is investigated under Section 39B of the Dangerous Drugs Act 1952, which provides the mandatory death penalty or life imprisonment, and if not sentenced to death, whipping of not less than 12 strokes to the offender. Mohd Farhan also reminded the public, especially youths, to be wary of lucrative job offers circulating on social media as they may be traps set by syndicates to recruit unsuspecting individuals as drug mules. – Bernama
New Straits Times
08-05-2025
- New Straits Times
Man arrested at airport in attempt to smuggle drug
MIRI: Police foiled an attempt by a local man to smuggle drugs with the seizure of the contraband, believed to be methamphetamine weighing 10.5kg, in a raid at the Arrival Hall of the Miri Airport last Tuesday. District police chief ACP Mohd Farhan Lee Abdullah, in a statement posted on the Miri District Police Facebook page, said the 20-year-old suspect, who is an unemployed man from the interior of Sarawak, was arrested immediately after claiming a box at the baggage claim area. "Further inspection of the box found it contained 10 packages of drugs suspected to be Methamphetamine (syabu) hidden under a layer of snack food packages," he said. He said the police also seized 120 vape pods containing a liquid believed to be Methylenedioxymethamphetamine (MDMA), weighing approximately 986 grams. The total value of the seizure is estimated at RM380,000. Mohd Farhan said preliminary investigations found that the suspect has travelled to Kuala Lumpur to collect the package before returning to Miri. The case is investigated under Section 39B of the Dangerous Drugs Act 1952, which provides the mandatory death penalty or life imprisonment, and if not sentenced to death, whipping of not less than 12 strokes to the offender. Mohd Farhan also reminded the public, especially youths, to be wary of lucrative job offers circulating on social media as they may be traps set by syndicates to recruit unsuspecting individuals as drug mules. – Bernama
The Star
08-05-2025
- The Star
Cops foil attempt to smuggle 10.5kg of syabu and almost 1kg of MDMA through Miri Airport
MIRI: Police foiled an attempt by a local man to smuggle drugs with the seizure of the contraband, believed to be methamphetamine weighing 10.5 kilogrammes, in a raid at the Arrival Hall of the Miri Airport last Tuesday (May 6). Miri Police Chief ACP Mohd Farhan Lee Abdullah, in a statement posted on the Miri District Police Facebook page, said the 20-year-old suspect, who is an unemployed man from the interior of Sarawak, was arrested immediately after claiming a box at the baggage claim area. "Further inspection of the box found it contained 10 packages of drugs suspected to be Methamphetamine (syabu) hidden under a layer of snack food packages," he said He said the police also seized 120 vape pods containing a liquid believed to be Methylenedioxymethamphetamine (MDMA), weighing approximately 986 grams. The total value of the seizure is estimated at RM380,000. According to ACP Mohd Farhan, preliminary investigations found that the suspect has travelled to Kuala Lumpur to collect the package before returning to Miri. The case is investigated under Section 39B of the Dangerous Drugs Act 1952, which provides the mandatory death penalty or life imprisonment, and if not sentenced to death, whipping of not less than 12 strokes to the offender. ACP Mohd Farhan also reminded the public, especially youths, to be wary of lucrative job offers circulating on social media as they may be traps set by syndicates to recruit unsuspecting individuals as drug mules. - Bernama
