MK Land Holdings Bhd (MK Land) revealed late last month its turnaround plan, which included the appointment of two chief operating officers and the sale of non-core assets.

Chief executive officer Tan Sri Mustapha Kamal Abu Bakar said the plan, named the Renaissance, will be carried out in three phases over three years. Mustapha Kamal, who relinquished the top post more than a year ago, returned in June after MK Land recorded losses in 2007 and 2008.

The company recorded a net profit of RM4.9 million in its first quarter to 30 September 2008. At RM77 million, revenue had more than doubled.

"We are bullish of achieving a good performance in the current financial year with target sales worth more than RM350 million," Mustapha Kamal said.
The aim of the turnaround plan is to restructure the group into a more focused entity managed by a skilled and experienced professional team.

According to him, the new management line-up would comprise both new and old faces.

Under the first phase, it will re-organise the company’s structure into two operating regions, namely central and northern region, with chief operating officers for both regions. It would also set up a strategy and planning think-tank at the head office. There are also plans to dispose non-core assets, vacant land and reduce the stockpile of completed units.

The second phase will involve MK Land developing premium products, while the third phase will see the company expand abroad.

Mustapha Kamal added that the company would be looking to export its expertise to less developed countries looking for quality housing in the lower to medium category.