Protasco focusing on affordable housing

KAJANG: Protasco Bhd, whose property division has been hit by soft market conditions, is focusing on building affordable homes and replenishing its landbank.
"We will go for affordable housing, those priced RM300,000 to RM350,000. Our next launch will have smaller units but we will focus on interior design. We want to offer state of the art affordable housing. This will help us buck the market trend for the next two to three years," executive vice chairman and group managing director Datuk Seri Chong Ket Pen told reporters after its EGM today.
He said the homes, which will be located within its De Centrum City project, will be developed in two phases of four acres each, with a gross development value of up to RM700 million. The units, sized 500-600 sq ft each will be launched in the second quarter next year.
Meanwhile, shareholders approved a one-for-four bonus issue at the EGM. The proposed bonus issue will raise its paid-up capital to between RM212.18 million and RM212.41 million.