IRDK Group, a property development and construction outfit, says it is in talks with several listed property developers and manufacturing firms here for a reverse takeover- Senior manager Soh Choon Guan expects a deal will materialise within the next 12 months to 18 months- He told Business Times recently that IRDK hopes to be listed on the local stock exchange by 2013- The listing plan is to improve the company's profile and branding, he added- Soh, who declined to name the firms, said the listing would allow investors to invest in the company, which is on an expansion mode- IRDK, set up in 2000 by some low-profile investors, is looking to increase its gross development value to RM1 billion in two years' time, from RM180 million currently- With this in mind, it plans to launch a housing project in Puchong, Selangor, comprising 1,000 units of serviced apartments worth RM350 million, by the end of the year- IRDK also has prime land at Jalan Sultan Ismail, Brickfields, and Jalan Ipoh, Kuala Lumpur, which is ripe for commercial and residential developments, worth more than RM1-5 billion- "We hope to start on the three projects as soon as we can- There will be no bridging loan for the projects we undertake," he said- IRDK currently has one project in hand on a 5-4ha in Section 16, Shah Alam- Called Alam Avenue, the commercial project, worth RM180 million, is being developed in two phases, with phase one to be completed next month- Phase two, comprising 80 units of three, four and five-storey shop offices - priced from RM1-4 million to RM4 million - will be completed by 2013- At the launch recently, Soh said it has sold 40 per cent of the units and expects to sell the rest by the end of this month via en bloc sale- "Section 16 is a matured area with a population of about 140,000- However, there are not that many commercial units to serve the community here- So we are bullish on sales," he said- Soh said the firm is looking for more land to buy, especially in the Klang Valley-...

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