SPECIAL FEATURE: How a plantation group evolved to become one of the leading conglomerates in Malaysia.
Words by Michelle Yee
First established in 1910 as The Temerloh Rubber and Coconut Estates Limited – now known as Amcorp Group Berhad (Amcorp Group) – the company has since grown and evolved to become one of the leading conglomerates in Malaysia. Through the years, the company has established a reputation for being innovative, adaptable and forward-thinking – with good reasons. During the early days, the company’s operations were centred around one of the key industries of then Malaya – agriculture, running oil palm and cocoa plantations. But all that changed when the company was acquired by Tan Sri Dato’ Azman Hashim in 1988.
Following the acquisition, Amcorp Group went through a major restructuring exercise in order to stay relevant, and in the early 1990’s, disposed off a substantial portion of its plantation activities and invested its resources into AMMB Holdings Bhd (AmBank Group) and Amcorp Properties Berhad (Amprop), allowing the firm to transform itself into a financial services and property development company. The move proved to be a strategic success – shortly after taking over AmBank Group, which is principally involved in investment banking, business banking, retail banking, Islamic banking and insurance services, Tan Sri Azman Hashim led AmBank Group to become the 5th largest banking group in Malaysia. That is not all, AmBank Group also became the first local bank to collaborate with a foreign partner, namely Australia and New Zealand Banking Group (ANZ).
Forging Forward in the Property Development, Engineering and Renewable Energy Sectors
Apart from its financial services business, Amcorp Group continues to achieve success with its property development, engineering and renewable energy businesses, which are parked under Amprop – a subsidiary of Amcorp Group. Some notable international projects that Amcorp Group has completed and are currently on-going together with reputable partners like Grosvenor Limited, Native Land, Hotel Properties Limited and Temasek Holdings in prime Central London include Holland Park Villa, Burlington Gates, and Bankside Quarter.
In keeping with the times, Amprop has also been active in the renewable energy space, building hydro and solar plants around Malaysia. Its current hydro plants in the state of Pahang may generate up to 26MW of electricity and a solar plant in the state of Negeri Sembilan which may generate up to 10.25MW of electricity.
Amcorp Group Expands Its Presence in the Property Sector With Amcorp Global Limited
Never one to rest on their laurels, Amcorp Group is constantly seeking out opportunities to grow, and in February 2020, made a strategic move to expand its presence in the property sector through its subsidiary in Singapore, Amcorp Supreme Pte Ltd, by acquiring a substantial interest in TEE Land Limited – a regional real estate developer and investor with presence in Singapore, Malaysia and Australia, which undertakes residential, commercial and industrial property development projects, as well as invests in income-generating assets such as a hotel in Australia. In April 2020, TEE Land Limited was renamed Amcorp Global Limited (Amcorp Global) to reflect the Group’s presence in various countries.
While Amcorp Global has projects and investments around the region like Larmont Hotel in Sydney, Singapore continues to be the foundation of Amcorp Global’s business – to date, Amcorp Global has completed 22 projects in Singapore with a handful of them currently still under construction.
A Developer With Track Record Of Delivering Quality and Well-Designed Projects
It’s easy to see why Amcorp Global’s property development projects in Singapore are hugely popular among discerning home buyers and investors alike – they are predominantly freehold in tenure, offer exclusivity in good locations, well-designed, and are often surrounded by a slew of amenities. One of their residential projects that were completed this year – Rezi 35, an exclusive 44-unit freehold development located in District 14, was sold out very quickly after its launch. For new home buyers and investors who are considering projects by Amcorp Global, the company currently has two on-going residential development projects: 35 Gilstead and Lattice One, launched in March 2019 and June 2019, respectively. The former, located in prime district 11, is a 70-unit residential project while the latter, situated in the Upper Thomson neighbourhood, is a 48-unit residential project, both of which are open for sale at attractive prices.
On the commercial property development front, Amcorp Global has 10 retail and F&B units for sale/lease at 183 Longhaus, a mixed development at Upper Thomson Road; 25 retail and F&B units for sale/lease at TRIO @ Sam Leong Road, a freehold commercial development located along Sam Leong Road; and 22 retail and F&B units and 1 office unit for sale/lease at Hexacube Mall located along Changi Road.
For those looking to invest in overseas properties, they can consider its project in Malaysia like the Third Avenue – a mixed development which comprises 701 SOHO units, 31 retail shops and a 17-storey office tower. While the residential component is 99% sold, there are still limited retail and SOHO units available as well as the office tower. Over in Sydney, Australia, it owns and operates a 103-room hotel – Larmont Sydney by Lancemore located by the Potts Point area.
For more information on Amcorp Global Limited’s residential and commercial developments, visit www.amcorpglobal.com.