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Saturday, August 22, 2009

Selangor Dredging to go big in Singapore

KUALA LUMPUR: Selangor Dredging Bhd (SDB) plans to launch more luxury condominiums in Singapore after its maiden project there, comprising 22 luxury condos at Wilkie Road, received good response and drew in sales worth RM163mil.

Teh Lip Kim ... ‘Singapore has been identified by Selangor Dredging as a place of growth.’

“We do have projects in the pipeline for Singapore,” managing director Teh Lip Kim said at the company AGM here.

“Singapore has been identified by SDB as a place of growth and there are potential development opportunities that suit our niche market.”

The former tin mining company recently acquired a piece of land in the Newton Circus area of Singapore and is in the works to build 110 luxury condos.

The project was expected to generate a revenue of RM450mil for the company, Teh said.

While there are no immediate plans to expand property development beyond Malaysia and Singapore, Teh did not rule out the idea, citing the recovery in regional propert markets.

On SDB’s controversial Damansara 21 project in Kuala Lumpur, chairman Eddy Chieng confirmed that the stop-work order issued by City Hall had not been lifted.

The hillside construction of 21 luxury bungalows at Damansara Heights drew protests from the public due to concerns over its enviromental impact on surrounding areas.

Chieng dismissed fears that the project might cause landslides, claiming that Damansara 21 was benchmarked against standards in Hong Kong, which has many hillside developments.

“We have fully complied with the Government’s recent guidelines regarding hillside developments, and we are just waiting for further approval,” he said.

SDB reported a net profit of RM17.24mil on turnover of RM164.07mil for the year ended March 31.

By The Star

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