Felcra looking into property business

After venturing into the rubber plantation business, Felcra Bhd is now looking at property development to further strengthen its financial position.

Chief Executive Officer of the government agency, Juzilman Basir, said for a start, Felcra would be developing a four-and-a-half acre site in Jalan Semarak, Kuala Lumpur.

"We will be carrying out a mixed development project in the area with an estimated investment of more than RM520 million," he told reporters after a Hari Raya gathering in Kuala Terengganu today.

Juzilman said the project will also include the development of Menara Felcra Bhd, as well as an office tower, apartments, a hall and business centre.

The projected is expected to see a return of more than RM200 million once it is fully completed.

"Once it becomes a reality, in terms of real estate its value could go up to RM1 billion," he said.

Felcra is also planning to set up Kolej Felcra in Perak and is looking into establishing a subsidiary company to set up the college.

Juzilman said the move would be able to partly help the children of Felcra participants who have not been able to pursue their studies elsewhere. -- Bernama