Goodland to list on the Catalist board

From a just a small family business with less than 10 workers in 1993 to the property developer that will soon be listed on the Catalist board, Goodland Group is the quintessential entrepreneur story.

Started in 1993 as a construction business, Goodland is no stranger to civil engineering projects such as the wave wall construction at MacRitchie Reservoir and the development of Turf City. However, seeing the opportunity in property development, the company ventured into building landed property just a year after it started business.

“We learned everything from scratch as we did not sub-contract anything other than mechanical and electrical works,” said group managing director, Mr Alvin Tan.

Since then, it has made its mark as a boutique developer and was among the first to introduce cluster developments. This is the development of hybrid housing format combining the convenience of condominium facilities with the luxury of landed property.

During the last property boom in 2007, Goodland saw another opportunity and entered the condominium business with Vetro at Mar Thoma Road. Last year, it launched Aristo@Amber which featured a high-rise condominium attached to an old bungalow called The Butterfly House which came in the limelight then when the public called for its conservation.

Both projects were well received with Vetro fully sold and Aristo@Amber 95 per cent sold.

Still, the developer said it will continue its focus on landed housing.

“Most aspire to own a landed property be it a small landed terrace or a bungalow,” said Mr Tan.

The company now has 24,250 sq ft of freehold land in its bank. This includes a 3,600 sq ft plot of land for a proposed eight-storey residential block at Geylang and a 5,270 sq ft of commercial land in Penang.

In FY2008, the company posted revenues of $11.5 million and profit after tax hit $2 million.

Goodland is currently seeking listing on the Catalist with the placement of 30 million new shares priced at 20 cents each.

The company plans to use the $4.5 million in proceeds for working capital and future expansion of land bank and business, both local and overseas.

Goodland is also looking to venture into the business of leasing and management of commercial properties for an alternative revenue stream.

Goodland registered its offer document on Sept 30. The offer closes on Oct 6 and the shares are expected to be listed on Oct 8.

Source : Today – 3 Oct 2009

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