PROPERTY developer Meda Inc Bhd plans to expand its business overseas, including into Vietnam and Cambodia, by year's end, said executive director and chief executive officer Ong Bok Siong.

Owing to the huge demand from the two countries as well as the bright outlook for their property development sectors, Meda was looking to develop an affordable range of residential properties there, he said.

''We are in the midst of finalising negotiations with local players in both countries,'' he told reporters after the signing of the MAGPIE (Meda Assurance Generations Plan For Investment and Equity Programme) business partnership between Meda and Manulife Insurance (M) Bhd in Petaling Jaya yesterday.

He said that if successful, the projects would be Meda's first overseas and also a platform to enter other markets abroad.

On the company's land-bank, Ong said Meda currently had 1,005ha and was keen to increase its land bank, especially in the Klang Valley.

At present, the company has land in Kuala Lumpur, Perak, Malacca, Johor and Sarawak for commercial, industrial and residential development.

Ong Bok Siong.

On MAGPIE, Ong said it was designed to cover Meda's three new projects: Nusa Dusun Orchard Resort in Kuala Linggi, Malacca; Semantan Avenue Suites in Damansara Heights, Kuala Lumpur; and Semaba Park in Kuching, Sarawak.

The MAGPIE scheme, underwritten by Manulife, comprises the Property Value Protection Fund (PVPF) and Ownership Refurbishment Fund (ORF).

Besides giving owners the flexibility to withdraw the value of the investment account for educational and medical purposes, the PVPF would also give owners a return on par with the value of the property after 35 years, Ong said.

He said with the ORF, purchasers would be given a certain amount of funds in proportion to the purchase value to refurbish their properties after 10 years.

Source : The Star  27/04/2005