KUALA LUMPUR: Boutique developer New Age Portfolio Sdn Bhd is buying a piece of land in Kuantan, Pahang, from the Employees Provident Fund (EPF), which has potential to generate RM120 million in gross development value- New Age is buying the 10-4ha land for RM12 million, said its chief executive officer Lai Yeng Fock- The land is part of the 200ha Indera Mahkota 2 township, in which Pasdec Holdings Bhd is one of the major developers- "We are negotiating the terms of the sales and purchase agreement with the EPF- We hope to start building the houses by the third quarter of this year," Lai told Business Times in an interview recently- According to Lai, the project will be undertaken by a new company called Armada Bayumas Sdn Bhd, controlled by him and two other property investors- Lai said he is also talking to a land owner in Klang, Selangor, for a big project- "I want to be a long-term player in property development and some day develop a township that I can be proud off- My initial target is Klang Valley," Lai said- Lai has over 20 years of experience in property development, starting with Talam Corp Bhd in 1986 and Brisdale Holdings Bhd- His final post was at WCT Land Bhd as its executive director- At WCT, Lai was involved in key projects such as Bandar Bukit Tinggi in Klang, d'Banyan Residency @ Sutera Harbour, Sabah, and The Platinum Plaza in Vietnam- He left WCT in 2008 to set up New Age with four partners, all businessmen- Its first project was Kinrara Hills in Puchong, Selangor, featuring 50 units of semi-detached houses that were fully sold- "My selling point is extending the defect liability to 36 months from 24 months and offering three-year after sale service," Lai said- New Age is planning a luxury condominium project in Kota Kinabalu due for launch this year, via its associate, Laser Plus Sdn Bhd- Lai expects New Age to generate revenue of RM40 million in the current financial year to December 31, with two-digit growth year-on-year-...

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