KUALA LUMPUR: A unit of Tafi Industries Bhd has entered into five joint-venture agreements for joint property development projects with an estimated total gross development value (GDV) of RM621.5mil.

       In filings to Bursa Malaysia yesterday, the company said its wholly owned subsidiary, Gerak Mahir Sdn Bhd, had signed agreements with Pembinaan Alamku Sdn Bhd, Pembinaan I-One Sdn Bhd, Kotamas Development (M) Sdn Bhd and Jaringan Fajar Sdn Bhd for separate projects located in Pahang.

       The duration of the five projects range from four to 15 years and the estimated gross development costs for the joint ventures is expected to be RM424.5mil.

       “Revenue from Tafi Group’s property development segment is expected to start coming in in year 2022 from our maiden mixed-development property development project at Habu, Cameron Highlands, Pahang with an estimated GDV of RM390mil which was mentioned in the Bursa announcement made on Nov 5, 2020,” said chief executive officer Datuk Seri Wong Sze Chien.

       The group is principally involved in the manufacturing and trading of furniture for export and local market and had also diversified into property development and construction related businesses.

       In a separate announcement to the bourse, Tafi said it made net losses of RM744,000 for the second quarter ended June 30, 2021, compared to a net loss of RM1.31mil in the previous corresponding period. Revenue remained steady at RM5.91mil from RM5.46mil previously.

       The decrease in losses was primarily due to higher export sales and insurance claim of flood.