KUALA LUMPUR (May 16): Property and power company Tadmax Resources Bhd is confident of a turnaround this year, backed by earnings contribution from its RM1 billion gross development value Mizumi Residences project in Kepong.

Tadmax managing director Datuk Seri Anuar Adam said two blocks of Mizumi Residences — comprising affordable apartments and condominiums — have been launched so far, with 82% take-up rate.

"We will definitely (see a) turnaround this year, driven by the Kepong project. That would definitely be enough to turn the company around," he told the media, following the company's extraordinary general meeting today.

Tadmax had last year completed the acquisition of Wawasan Metro Bina Sdn Bhd, which owns the Mizumi Residences project, as the company aims to expand its foothold in the property sector.

Anuar said the company is expecting approximately RM200 million in profit contribution over a period of five to six years from the Mizumi Residences.

Despite talks of the soft local property market, he said the company is still seeing demand for its properties.

"We opened up two blocks of 1,050 units and about 80% of the units have been booked. So the demand is still there," he said.

Meanwhile, Anuar said the company will proceed with the 1,000MW combined cycle gas fired power plant in Pulau Indah on its own, and aims to submit the relevant documents to the Energy Commission by Aug 17.

"The power plant will cost about RM3.5 billion and we will be submitting the paperwork and studies we have done by Aug 17.

"We will be proceeding with the project on our own for now," he said, but added that the company may rope in a partner later, after signing the power purchase agreement for the plant, which was slated to commence operations in January 2023.

At 2.30pm, Tadmax traded unchanged at 44.5 sen with 2.05 million shares done.