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Friday, March 28, 2008

Faber has projects worth RM700 mil

FABER Development Sdn Bhd, a subsidiary of Faber Group Bhd (Faber), has RM200 million in unbilled sales from its existing property projects out of the RM700 million worth of projects under the company which will last them until the end of 2011.

“The existing unbilled projects of RM200 million are from our projects in Taman Desa and Kepong, Kuala Lumpur,” said Faber’s managing director Adnan Mohammad at the group’s Q42007 analysts and media briefing yesterday.

Besides its flagship development of Taman Desa, Faber is currently developing the 100-acre leasehold Laman Rimbunan in Kepong with a gross development value (GDV) of RM622 million.

Adnan said its on-going project Casa Desa in Taman Desa, consisting of 410 units of apartments with a GDV of RM133 million, has been slightly delayed due to some site issues. It was previously targeted for completion in December last year. The handover is now expected to be in June this year.

The group has two core businesses – facilities management (healthcare and non-healthcare) and property development. Its property arm contributed 30% to the group revenue, recording an increase of 26% at RM206 million for its FY ending Dec 31, 2007 compared to RM163 million in 2006.

“It is a challenge for all developers, including us, to deliver quality goods at reasonable prices due to rising costs,” said Adnan, adding that there will be seven launches this year worth over RM450 million. The launches are four phases within Laman Rimbunan, two projects in Taman Danau Desa and an exclusive development in Kota Kinabalu.

Faber’s remaining 57-acre landbank are located in Taman Desa, Laman Rimbunan and Sabah. The developer plans to secure sizeable landbanks especially within the Klang Valley.

By theSun (by Rosalynn Poh)

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