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Friday, May 2, 2008

Selprop keen on Damansara Heights

Menara Milenium in Damansara Heights

PETALING JAYA: Selangor Properties Bhd (Selprop), one of the largest developers in Damansara Heights, plans to launch a few projects in the much sought-after area.

The company will launch its 107-unit Batai high-end condominium project this year but had not decided on its gross development value, financial controller Lee Boon Kian told reporters after the company AGM yesterday.

The last Damansara project on Selprop's books was Menara Milenium, comprising a 25-storey office building and a four-storey annexe block, completed eight years ago.

Lee said the pricing of the high-end units would likely fall within market rates for the location of RM800 to RM1,000 per sq ft.

“At present we are at the building planning stage and have done the initial earthworks,” he said.

The developer is also planning another project in Damansara in a joint venture with E&O Property Development. This will be a mixed commercial and condominium development at Jalan Semantan in Damansara Heights.

The joint developers were awaiting government approval for the “development order” on this project, Lee said.

Selprop's on-going developments include the RM400mil Bukit Permata mixed development in Gombak, and the RM350mil Selayang Mulia residential project.

At present, the company has 200 acres of undeveloped land bank, predominantly in the Klang Valley, of which about 26 acres is in Damansara.

Lee said the land bank was expected to last 10 more years.

As for the often-mentioned 19.57 acres of undeveloped land at Pusat Bandar Damansara, corporate affairs manager Chong Koon San said there were no immediate plans for development.

For the financial year ended Oct 31, 2007 (FY07), Selprop’s net profit dropped to RM84.5mil from RM89.6mil in FY06. However, revenue grew to RM198.6mil from RM181.1mil previously.

The lower net profit could be attributed to a forex loss from the sale of Multiplex stapled securities in its Australian operations that contributed the bulk of earnings in FY07.

The high dividend-paying company declared a 10% dividend for FY07.

By The Star (by Loong Tse Min)

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