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Saturday, April 25, 2009

Selangor Prop sees sales boost from Aussie project

SELANGOR Properties Bhd (SPB), one of the largest landowners in Damansara Heights, Kuala Lumpur, expects to beat last year's revenue, driven by property sales in Claremont, Australia.

SPB, in which the Employees Provident Fund holds a 3.7 per cent interest, made a net profit of RM118.6 million on revenue of 210.6 million for its fiscal year ended October 31 last year.

The company is redeveloping a retail centre in Claremont. It is building 82 apartment units in two phases for A$69 million (A$1 = RM2.57), and a 300,000 sq ft retail mall worth A$174 million.

The apartments have been fully sold, and A$41.2 million, being the first phase of the development, will be recognised this year, financial controller Lee Boon Kian said.
Lee said the second phase, worth A$27.8 million, will be recognised in 2011.

"I don't think we can match our profits for last year, which was partly contributed by foreign exchange and exceptional gains. But we will be profitable this year, and expect revenue to do better," he said after the company's shareholders meeting in Kuala Lumpur yesterday.

The company also aims to sell a total of 270 houses, priced from RM280,000 to over RM400,000 per unit, within its RM400 mil-lion Bukit Permata mixed deve-lopment in Gombak, Kuala Lumpur, before embarking on new projects.

These are unsold stocks that the company has been unable to sell since its launch in early 2008, Lee said.

"We used to sell 20-30 units a month, but due to the current economic climate, we are only able to sell half of that," Lee said.

Its pipeline projects include a new phase within its ongoing RM350 million Selayang Mulia residential project in Selayang.

It is also planning a mix housing development on a 55.6ha in Ulu Langat, Selangor, featuring two-storey terraced houses and semi-detached homes.

In Damansara Heights, SPB will construct a condominium block at Jalan Batai, comprising 107 units, each priced from RM1 million; and office and condominium towers at Jalan Semantan.

"The launches will depend on the market, which is still very cloudy. The projects are on the drawing board. We are waiting for approval," he added.

Meanwhile, Lee ruled out the company is being taken private by its major shareholders.

By Business Times (by Sharen Kaur)

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