MALAYSIA: TAFI Industries Bhd has signed a RM115 million (£22m) contract with Magna Prima Bhd to build serviced apartments in Kuala Lumpur.
The contract is for the development and construction of serviced apartments at Metro Kepong and Kepong Baru in Kuala Lumpur.
TAFI group chief executive officer Datuk Seri Bryan Wong said: “The group will continue to leverage on TAFISB’s G7 licence issued by the Construction Industry Development Board, which allows it to tender for construction projects of unlimited value, to tender for higher value construction contracts from both the private and government sectors to further grow our revenue stream from construction contracts.
The group, which manufactures and exports furniture as well as having a strong position in the local market has diversified into property development and construction.
Its property development business is placed under wholly owned subsidiaries TAFI Development Sdn Bhd and Gerak Mahir Sdn Bhd while the construction related business is under wholly owned subsidiary TAFISB.
TAFI Group was publicly listed on Bursa Malaysia Securities under TAFI Industries Berhad in 2005.
In January this year Frasers opened a Capri property in Kuala Lumpur and in December last year Ascott signed for a Citadines property in the city.
