Its managing director Tan Ai Tong however did not provide a forecast on the firms's growth numbers for this year.
Last year, the firm's net profit stood at RM15.2 million against RM4.2 million in 2009. Its revenue increased to RM60.2 million last year. from RM39.7 million in 2009
"The outlook for the local property development industry is exciting considering the favourable demographics (65 per cent of the population under 35 years old) and high population growth rate, particularly in the Klang Valley. With the new economic initiatives being driven by the government, both the GDP growth and the property development industry are expected to remain strong.
"We are confident that our 2010 results are sustainable, with the new strategies being adopted," he told reporters after the company's annual general meeting here, yesterday.
Tan said the group is planning a development soon in Cheras which is within walking distance to a proposed MRT station site.
He said the company is also collaborating with a prominent developer, which he refused to name, in the southern region to develop a 270 acre land in Muar, Johor into a mixed development.
"This project will contribute positively to the group's earnings over the next 6 years," he said.
By Business Times
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