Malaysia Property News is a free resource website sharing Daily Property News & information about Property in Malaysia, which related to, Property Market, Property Investment, Commercial Property , Hot Properties Malaysia, Real Estate, Retail Shop, Business Park, Condominium Malaysia, Terraces & Apartment Malaysia, Houses, Residence, Resort and many more.

Friday, August 22, 2008

Selangor Dredging to launch projects worth RM1.2b

SELANGOR Dredging Bhd (SDB) will launch five projects worth some RM1.2 billion over the next 18 months but remains cautious about demand.

It hopes to do better than fiscal 2008 but admits that this will be a challenge due to the tough business conditions.

SDB made a fourfold increase in net profit to RM97.1 million for fiscal year March 31 2008.

"In terms of profitability we are there. It is a question of sustaining current profits or whether we could achieve higher," chairman Eddy Chieng Ing Huong said after the company's shareholders' meeting in Kuala Lumpur yesterday.

For the first quarter to June 30, it made a net profit of RM7.03 million, 19 per cent down from the same quarter last year.

"Currently, the outlook is uncertain. We do have properties which are sold and sales are locked in so we will continue to recognise profits," he said.

SDB, which now has three projects worth RM520 million, will remain "cautiously optimistic" of its new launches.

It will launch 248 Jalan Ampang, a RM160 million low-rise condominium development in December and a RM260 million high-rise condominium project at Gilstead Road, Singapore, early 2009.

It will also launch a gated bungalow project in Taman Melati, Kuala Lumpur, phase 2 of Ameera residences in Petaling Jaya, and the controversial Damansara 21 in Damansara Heights, where it plans to build 21 luxury bungalows on a hill slope in the second half of next year.

Managing director Teh Lip Kim said SDB will stagger the launches if there is an economic downturn.

TEH: We will stagger them if there is a downturn

"We need to be flexible. We are experiencing a slowdown in demand and are affected by contractors asking us for revision of cost.

"We are exploring ways to buy steel from stockist and deliver on site for the contractors to use to keep the cost down. We are also leveraging on our financial capabilities to see how we can manage cost," she said.

By New Straits Times (by Sharen Kaur)

No comments: