KUALA LUMPUR (June 23): Kitchen cabinet maker Fututech Bhd is targeting to launch its maiden residential project dubbed "Vista Residence" which carries RM300 million in gross development value (GDV) at Gohtong Jaya, Pahang by the fourth quarter of this year.

Fututech executive chairman Datuk Tee Eng Ho said the serviced apartments will feature two-bedroom and three-bedroom units, with the built-up area ranging from 844 to 3,144 square feet.

"All the units are fully furnished. The average selling price is starting from RM700 per square feet," he said.

Tee said some 30% of the units have been booked by interested buyers.

"House buyers can expect some value adds to their purchases as Genting Premium Outlets will be built in the adjacent area," he added.

"Vista Residence" sits on a 1.4-acre (0.6ha) tract of land. It presents 378 luxury units and 31 commercial lots, amidst beautiful landscaped grounds.

After "Vista Residence", Fututech will launch its second residential project in Monterez Golf and Country Club, Shah Alam, which has a projected GDV of RM200 million.

The project, Tee said, comprise 349 units of condominiums.

"We are [targeting] to launch the project by middle of next year," he said.

Currently, Fututech has RM130 million worth of contracts on hand.

On Fututech's proposed acquisitions of Kerjaya Prospek (M) Sdn Bhd and Permatang Bakti Sdn Bhd, Tee expects the deals to be closed by end of the third quarter of this year.

"Should the deals go through successfully, Fututech would be able to realise some RM1.8 billion order book and RM2.3 billion worth of contracts the Kerjaya Prospect has," he said.

"Post completion, we would see substantial revenue and net profit gains from the construction sector in the 4Q," he added.

Recall that, Fututech had on Feb 6, 2015 entered into a Heads of Agreement with Tee, Datin Toh Siew Chuon and Tee Eng Seng to explore and negotiate further on the proposed acquisitions of the Kerjaya Prospek and Permatang Bakti. The purchase consideration is RM380 million.

For FY14 ended Dec 31 last year, the group reported a 34% increase in profit after tax (PAT) of RM15.37 million, against its PAT of RM11.49 million seen in FY13.

Meanwhile, turnover rose by 48% to RM62.26 million, from RM41.99 million that was reported last year.