Ken Holdings to start hospitality business with corporate suites

KUALA LUMPUR: Ken Holdings Bhd will kick off its venture into hospitality industry with the development of 36 corporate suite at its Ken TTDI project, according to chairman and managing director Kenny Tan.

“Hospitality is closer to our core business and it will also help the company to generate recurring income for the group. We have earmarked some land for corporate suites in our existing project in Taman Tun Dr Ismail (TTDI),” Kenny said after the company AGM.

Executive director Sam Tan said Ken Holdings was starting its hospitality venture with corporate suite but would be building a “green hotel” in Penang in the future. However, he did not disclosed details of the proposed hotel.

Kenny said Ken Holdings had invested RM120mil for Ken TTDI project which would also feature grade-A office space, banking hall, food and beverages outlets, banquet halls and performing arts theatre among others. Ken TTDI is expected to be completed in 2014.

He added that company intended to acquire more landbank going forward. He said Ken Holdings still had a balance of 60.7ha to be developed.

“We will continue to add more land if there’s good deal that come by. It is not easy to get good land as land cost is getting higher these days.”

Sam said Ken Holdings would improve its financial performance steadily to ensure continuity and sustainability. He said the company had been growing “slow and steadily” over the years.

He expects its financial performance to show an improvement this year boosted by new properties launches such as Ken Rimba Jimbaran. For the financial year ended Dec 31, 2011, Ken Holdings posted a net profit of RM23.2mil on revenue of RM87.1mil.

To a question on its stocks liquidity, Kenny said the company was a “stable company with zero gearing and lots of cash in hand”.

Sam said Ken Holdings was not a speculator and provided reasonable profits and returns to shareholders.

By The Star