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||23 January 2010
Malaysia’s luxury car seller to pour $1.9bn into property projects
Naza Group, Malaysia’s biggest luxury vehicle importer, has lined up 6.4 billion ringgit ($1.9 billion) of property projects this year and is in talks for its first overseas real estate foray in China, Bloomberg news reported.
The company, picked by Peugeot Automobiles this month to lead its expansion in Southeast Asia, aims to more than double its property unit’s revenue to 2 billion ringgit in five years. It has longer-term plans for a property trust and is drawing investors for a proposed 100-floor tower in Kuala Lumpur, Naza’s 27-year-old joint Chief Executive Officer S.M. Nasarudin S.M. Nasimuddin said in an interview with Bloomberg.
“It’s going to be a better year,” said Nasarudin, who has been helping run the unlisted company for the past two years after his father died. “I expect the property market to pick up,” he said in Kuala Lumpur.
Loans approved for Malaysian home purchases rose to 7.3 billion ringgit in November, the highest level recorded in 2009, adding to signs the country’s economy is rebounding, central bank data shows.
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