Thursday, September 24, 2009

Aztech Group plans diversification as boutique property developer

Aztech Group says it plans to venture into the property development, building construction and property management businesses, in line with the group’s long-term strategy of diversifying its business.

The group believes “that the economic growth in the Asia-Pacific region has led to an increase in the demand for services in these new business areas and that the new business would have bright prospects in Singapore and the Asia-Pacific region given the high savings rate and economic progress in the region”.

As a start, the group plans to enter the residential property segment in Singapore as a boutique developer.

“Given the projected population growth, the group believes that there will be long-term sustainable demand. The residential property sector in Singapore has seen tremendous growth in terms of the number of new projects launched as well as the amount of interest in these projects among investors and buyers,” it says in an SGX statement.

An extraordinary general meeting will be held to seek the approval of shareholders for the Group to engage in property development, building construction and property management businesses.

Source: The Edge, 24 Sep 2009

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