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Friday, August 22, 2008

Selangor Dredging takes cautious in launching property projects

KUALA LUMPUR: Selangor Dredging Bhd (SDB) will be more cautious in launching property projects due to uncertainties in the market, says chairman Eddy Chieng.

“We have about five developments in the pipeline and will launch them in a staggered manner. We are cautious but still confident of attracting buyers,” Chieng said after the company AGM yesterday.

He added that based on its track record, SDB would be able to sell properties at “respectable” prices.

“Though we are quite new in property development, the quality of the residences that we built has satisfied buyers. We will continue to build high quality residences, focusing on niche market,” Chieng said.

Managing director Teh Lip Kim said the group’s landbank was in various strategic locations in the Klang Valley. However, SDB was very selective in developing its land.

“If we launch all the projects now, we will have no more land in our possession. So we need to think carefully when developing our land to get the best results,” she said.

Teh said the group would launch a development at 248 Jalan Ampang by year-end. The 38-unit low-rise condominium project is forecast to have a gross sales value of RM160mil.

Currently, SDB is developing 20trees, a 23-acre mixed development at Taman Melawati, and the 290-unit Ameera condominium in SS2, Petaling Jaya.

The group is also developing a 22-unit low-rise condominium called Jia in Wilkie Road, Singapore.

SDB is involved in property development, leasing and hotel operation. The group is now focusing on the local and Singapore markets.

By The Star

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