THE increase in the number of China-based developers who are carrying out large real-estate projects in several states in Malaysia has helped boost several sectors, including water proofing.
According to water proofing specialist Prosource Sdn Bhd, the industry is set to expand this year with active development activities in the market, led by the Chinese developers.
Companies like Country Garden, Greenland Group, R&F Properties, Macrolink and Agile Property Holdings Ltd have bought development land and started large property projects in Kuala Lumpur, Johor and Penang.
Prosource chief executive officer Danny Aw Hao Lun said the company has been growing steadily over the past three years thanks to the developers who are investing billions of ringgit in the local property market.
He said Prosource is targeting more water proofing jobs and to achieve record high sales of RM30 million this year.
Aw is bullish on prospects despite the current market uncertainties.
“We are working closely with Eco World Group Development Bhd and SP Setia Bhd. We are dealing with most of the waterproofing jobs for their projects in Klang Valley. We are also in talks with other developers, both local and foreign.
“We hope that with our experience in this market, we will win more jobs this year. There is a huge market now in Malaysia, with more Chinese developers and contractors coming here.
“Up to 35 per cent of our current jobs were awarded to us by the Chinese firms. These include water proofing contracts for the TRX Signature Tower in Kuala Lumpur, and for Country Garden Danga Bay and Forest city in Johor,” he said.
Aw said Prosource’s future plans include setting up a plant in Malaysia to manufacturer water proofing and related products.