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Saturday, February 2, 2008

GCB to launch high-end apartments next month

PETALING JAYA: Low-profile property outfit General Corp Bhd (GCB) is set to launch next month the Panaroma, a high-end residential project in Kuala Lumpur, with a gross development value of about RM300mil.

Executive director Michael Cheong said the project in Jalan Ampang comprised 234 apartment units.

“We’re expecting good response to these units and anticipate the project starting to contribute to our net profit by the financial year ending Jan 31, 2009,” he told StarBiz.

Michael Cheong

Cheong said the project was a 45:55 joint venture with Singapore-based United Overseas Land Ltd.

He said the company was also in the midst of planning a mid-end residential project in Singapore. He declined to give more details, saying only that it would involve the construction of condominiums “for the mass market”.

“Planning, however, is still at a very preliminarily stage,” he said.

The company's other projects in the island republic include Twin Regency, Domain 21, Regency Suites, Southbank and OneNorth Residences.

According to analysts, GCB offers good exposure to the Singapore property market as it has a subsidiary, Low Keng Huat (S) Ltd (LKHS), which is listed on the Singapore Exchange.

LKHS is involved in a range of activities that include property development and investment. It also owns the Duxton hotels in Perth, Australia and Ho Chi Minh City, Vietnam.

GCB owns close to 52% of LKHS.

For its third quarter ended Oct 31, GCB made a net profit of RM4.5mil, or 1.52 sen per share, against RM3mil, or one sen a share, a year earlier.

Revenue was lower at RM81.4mil compared with RM96.6mil before.

By The Star (by Yvonne Tan)

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