{"id":9854,"date":"2016-04-03T17:56:20","date_gmt":"2016-04-03T10:56:20","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=9854"},"modified":"2016-04-03T16:10:15","modified_gmt":"2016-04-03T09:10:15","slug":"read-sea-buys-malaysian-modular-housing-builder-for-7-million","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/read-sea-buys-malaysian-modular-housing-builder-for-7-million\/","title":{"rendered":"Read Sea buys Malaysian modular housing builder for $7 million"},"content":{"rendered":"


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\nRed Sea Housing Services Company has announced that its Dubai-based subsidiary has bought a Malaysian company that specialises in building modular housing for US$7 million.The Jeddah-based company said that the deal, which will see it pay an initial $3m in cash and the rest in annual instalments, will not only boost its plans to expand into the South East Asian market, it also allows the company to get its hands on an “unconventional construction technology” that will allow it to build concrete structures of up to 12 floors quickly and using less manpower.
\nIn a statement to the Saudi stock exchange, the company added that the deal will add about 100m Saudi riyals to its 2016 revenues. The deal will be financed through existing bank facilities and cashflow. AM Modular is a designer and manufacturer of prefabricated modular buildings with three factory sites in Malaysia. The company was set up in 2007 and opened an Australian arm in Adelaide in 2009.Red Sea Housing Services provides temporary and permanent modular housing used by companies to house staff working in remote locations. It has provided accommodation to firms in the oil and gas, and mining sectors, and more recently had a deal with Australia’s government to produce accommodation to house asylum seekers at a processing centre in Papua New Guinea. Last month, the company also announced that it had won a contract with Qatari real estate firm Daruna to build accommodation for up to 4,000 people.
\nThe contract, worth 144m Qatari riyals (Dh145m), will see it build accommodation blocks, indoor and outdoor recreation space, utilities, retail space, a police station, bank and a clinic.Red Sea declared a 56 per cent decline in 2015 net profit to 76.1m riyals. Revenue fell by 7 per cent to 1 billion riyal. Chairman Amr Al Dabbagh said the company had been impacted by lower oil prices, which resulted in some projects being called off and others suspended.
\nmfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Read Sea buys Malaysian modular housing builder for million<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Red Sea Housing Services Company has announced that its Dubai-based subsidiary has bought a...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-9854","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-2yW","jetpack-related-posts":[{"id":9856,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/red-sea-buys-malaysian-modular-housing-builder-for-7-million\/","url_meta":{"origin":9854,"position":0},"title":"Red Sea buys Malaysian modular housing builder for $7 million","date":"April 3, 2016","format":false,"excerpt":"\r \r Red Sea Housing Services Company has announced that its Dubai-based subsidiary has bought a Malaysian company that specialises in building modular housing for US$7 million. The Jeddah-based company said that the deal, under which it will pay an initial $3m in cash and the rest in annual instalments,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":143058,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/modular-homes-were-hailed-as-a-solution-to-housing-crises-but-the-sector-is-now-struggling-to-scale\/","url_meta":{"origin":9854,"position":1},"title":"Modular homes were hailed as a solution to housing crises. But the sector is now struggling to scale","date":"March 18, 2024","format":false,"excerpt":"\r Modular construction promises a faster, more sustainable solution to housing crises but it still sees wider adoption in some countries more than others.\r \r Source : cnbc.com\r Read more...Modular homes were hailed as a solution to housing crises. But the sector is now struggling to scale","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":107628,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/places-for-people-bets-100m-on-modular-housing\/","url_meta":{"origin":9854,"position":2},"title":"Places for People bets \u00a3100m on modular housing","date":"May 31, 2019","format":false,"excerpt":"\r Investment represents a \u2018huge vote of confidence\u2019 in modern prefab, says Homes England\r \r Source : ft.com\r Read more...Places for People bets \u00a3100m on modular housing","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":132534,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/editorial-off-site-modular-housing-hard-to-nail\/","url_meta":{"origin":9854,"position":3},"title":"Editorial: Off-site modular housing hard to nail","date":"December 8, 2022","format":false,"excerpt":"\r OPINION: Our editorial on the re-fab house construction sector.\r \r Source : nzherald.co.nz\/Property\r Read more...Editorial: Off-site modular housing hard to nail","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":139233,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/kainga-ora-modular-housing-units-from-china-up-in-point-chevalier\/","url_meta":{"origin":9854,"position":4},"title":"K\u0101inga Ora modular housing: Units from China up in Point Chevalier","date":"September 19, 2023","format":false,"excerpt":"\r Green machine rises, soon after 24,717 applicants were on the housing register.\r \r Source : nzherald.co.nz\/Property\r Read more...K\u0101inga Ora modular housing: Units from China up in Point Chevalier","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":139801,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/from-sweden-to-owairaka-first-of-three-modular-timber-housing-blocks-up\/","url_meta":{"origin":9854,"position":5},"title":"From Sweden to \u014cwairaka: First of three modular timber housing blocks up","date":"October 10, 2023","format":false,"excerpt":"\r 'We went to the USA, China and Europe but the Swedish model was the right model for us.'\r \r Source : nzherald.co.nz\/Property\r Read more...From Sweden to \u014cwairaka: First of three modular timber housing blocks up","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/9854"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=9854"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/9854\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=9854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=9854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=9854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}