Nexgram steadfast in acquiring TRX land

Nexgram Holdings Bhd is steadfast in its decision to acquire a parcel of land in the 1Malaysia Development Bhd’s Tun Razak Exchange (TRX) here, its Chief Executive Officer Datuk Larry Tey said.

However, to date the company is still in a negotiation phase and remains cautious in terms of costs and returns for the property.

"If the price tag matches our appetite, we will proceed," he told reporters after the company's extraordinary general meeting here, today.

TRX, an iconic 28.32 ha (70-acre) development in the heart of the capital, is set to become a leading centre for international finance and business.

Tey said TRX's strategic location made it attractive for any developer and the price was attractive.

As a property developer, he said Nexgram would ensure that the margin was good, otherwise it would discontinue the negotiation.

He said since venturing into property development three years ago, Nexgram had been very careful in selecting its projects.

Going forward, he said the company would be launching property projects in Cyberjaya and Putrajaya by year-end.

Nexgram is undertaking a commercial development project worth RM1.1 billion in Cyberjaya and building affordable houses worth RM300 million in Putrajaya.

"These will keep us busy for a couple of years," he said, adding that the company expected a double-digit contribution from its property sector in the 2016 financial year.

Besides property development, Nexgram has diversified into telecommunication media and technology, and project investments and incubation.

At noon, the investment holding company's share was traded at 9.5 sen, up by half a sen.