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Nexgram determined to buy TRX land

PropertyGuru

Nexgram Holdings Bhd is keen on acquiring a parcel of land within 1Malaysia Development Bhds Tun Razak Exchange (TRX), said its CEO, Datuk Larry Tey.

However, the company is still in the negotiation stage, and remains cautious in terms of the propertys costs and returns, reported Bernama. If the price tag matches our appetite, we will proceed, said Tey after the companys extraordinary general meeting.

An iconic 28.32ha development, TRX is located right in the heart of the capital and is poised to be a leading centre for international business and finance. Aside from its attractive price, its strategic location makes TRX attractive to any property developer, said Tey.

As a developer, Nexgram will ensure that the margin is good, or it will discontinue the negotiation, he said. He noted that the company has been very careful in choosing its projects since it ventured into property development three years ago.

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Looking ahead, Tey said Nexgram will launch property projects in Putrajaya and Cyberjaya by year-end. The company is also building affordable homes worth RM300 million in Putrajaya and undertaking a RM1.1 billion commercial development project in Cyberjaya.

These will keep us busy for a couple of years, added Tey, noting that the company expects a double-digit contribution from its property division in the financial year 2016. Apart from property development, Nexgram has also diversified into project investments and incubation, as well as telecommunications, media and technology.

Cheryl Marie Tay, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories emailcheryl@propertyguru.com.sg

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