F&N plans RM1.6b mixed project in PJ

The seven-year project is part of the company's effort to unlock existing land value, which will start in the second half of next year

KUALA LUMPUR: Fraser & Neave Holdings Bhd (F&N) plans to undertake a mixed development project with a gross development value of RM1.6 billion in Petaling Jaya, Selangor, its chief executive officer Datuk Ng Jui Sia says.

The seven-year project is part of the company's effort to unlock existing land value, which will start in the second half of next year, he said at an analyst and media briefing on F&N's results for fiscal year ended September 30 2012 here yesterday.

"The first phase of the project is still at the application stage and will cost RM500 million for the construction of apartment units," Ng said.

F&N posted revenue of RM3.24 billion in its 2012 financial year, a 17 per cent drop from the number recorded in the corresponding year.

The lower revenue was mainly attributed to the cessation of the Coca-Cola business, flood disruption in Thailand and absence of property sales.

Ng said F&N will launch the new 100Plus Edge in the next two weeks and dairy products next year to maintain the growth momentum of the segment.

By Business Times