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Wednesday, November 14, 2007

Property projects set to become major earnings stream for DNP

DNP Holdings Bhd expects its property development activities to serve as a major contributor to earnings, with the launch of several property projects in the Klang Valley and Penang next year.

The Penang-based company will launch three up-market condominium projects in Kuala Lumpur next year in Bukit Ceylon, Jalan Ampang and Jalan U-Thant.

In Penang, between two or three projects are expected to be launched on the island and Seberang Prai, its general manager (treasury and accounts) and company secretary Lee Kong Beng said yesterday.

He did not disclose the gross sales value of the projects as the selling prices of the units have not been determined.

"On Penang island, we will launch a landed property project on a 1.84ha site in Relau during the first half of 2008," he told reporters after the company's annual shareholders' meeting.

Lee said the other two projects on mainland Penang in the central Seberang Prai district will likely to be medium-cost housing projects.

In the Klang Valley, the development on Bukit Ceylon will comprise 420 units of condominiums. The project, which is yet to be named, will sit on a 1.06ha of land and is expected to be launched during the first half of the year.

Along Jalan Ampang, the proposed Menara DNP is set to emerge as an architectural icon, said Lee.

"We have engaged a French architect for this project which will comprise two blocks of 200 high-rise condominiums and is expected to be launched during the second half of 2008."

Meanwhile, along Jalan U-Thant, a low-rise apartment project comprising 30 units will be launched also during the second half of 2008.

On DNP's proposed disposal of its 6.28 per cent stake in Hong Kong-based Diamond String Ltd (the operator of the Ritz Carlton in Hong Kong) for RM66 million, Lee said the proceeds from the proposed transaction will be used to repay borrowings and for working capital.

On the company's trading business, Lee said DNP planned to increase its existing 32 apparel and life-style outlets to 50 by the end of the year.

Its fashion brands which include Topshop, Topman, Dorothy Perkins and Miss Selfridge, are found at outlets in Kuala Lumpur, George Town and Johor Baru.

By New Straits Times (By Marina Emmanuel)

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