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Tuesday, January 11, 2011

New project a boon for Ibraco

KUCHING: Ibraco Bhd, which is expected to come out of the Practice Note 17 (PN17) status soon, has chalked up sales of RM140mil for its newly-launched commercial, industrial and residential project called Tabuan Tranquility.

Located along the Kuching-Kota Samarahan Expressway, it is Ibraco's biggest mixed development project on 66ha which comprises 640 double-storey terraced houses,108 semi-detached houses, 60 three-storey townhouses, 76 units of four-storey shophouses, 72 semi-detached industrial buildings, an office block and a petrol station.

Also on sale are 24 residential detached lots.

Chiew Chiaw Han says Ibraco is on the lookout to increase its landbank.

Ibraco chief executive officer Chew Chiaw Han said the project, which formed part of the company's regularisation scheme, had a gross development value (GDV) of RM517mil.

“The project has a five-phase development up to 2015. Two of the phases have been launched,” he told StarBiz yesterday. The project is expected to generate a gross profit of RM83.5mil.

He said 70 units of the shophouses priced between RM1mil and RM1.79mil had been sold for RM73mil. The mall will be completed in July.

Sales of RM67mil were generated from 160 houses under phase five launched more than a month ago. This phase comprises 204 terraced houses and 38 semi-detached houses priced between RM363,000 and RM800,000. They are expected to be ready by November next year.

Chew said Ibraco would maintain property development as its core business, adding that there was no plan to diversify into other businesses.

The company has a landbank of about 285ha in Sarawak more than 50% of which is in Kuching.

“We are on the lookout to increase our landbank,” he added.

Last week, the company announced its proposal to sell a piece of land in Kuching for about RM14.2mil. Chew said the proceeds would be used for its working capital.

He said Ibraco, which completed its regularisation scheme a week ago, was expected to exit the PN17 category in the second half of this year.

After the completion of the regularisation, the company is required to report profits for two consecutive quarters.

Ibraco was classified a PN17 company after its revenue for the financial year ended Dec 31, 2009 fell below 5% of its paid-up capital.

Chew said Ibraco, which has a paid-up capital of nearly RM99.5mil, settled all its bank borrowings of RM12mil last week, and had zero gearing now.

The company's single-largest shareholder is Sharifah Deborah Sophia Ibrahim, with a 21.7% stake. Sharifah Deborah is the daughter of Ibraco founder, the late Wan Alwi Ibrahim whose family once owned more than 60% of the company.

The other substantial shareholders are newly-appointed executive director Datuk Wee Song Ching (16.79%), Singaporean Ng Cheng Chuan (16.61%) and Chew (11.51%) through his firm Hiap Ghee Seng Sdn Bhd and a direct stake.

By The Star

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