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Wednesday, December 30, 2009

YNH optimistic of projects

PROPERTY developer YNH Holdings Bhd plans to launch two luxury projects, worth a combined RM1.6 billion, in Kuala Lumpur next year.

Its head of corporate services, Daniel Chan, said the company was optimistic of good response, given the product offering and location.

The Ipoh-based developer targets to launch Fraser Residence in Jalan Sultan Ismail and Kiara 163 in Mont'Kiara in the first quarter and second half respectively.

Fraser Residence willl comprise 450 condominium units. Kiara 163, located next to Plaza Mont'Kiara, will feature 580 condominium units, a four-storey mall and a 28-storey office tower.
"We are confident of the two launches as the location of our properties is very strategic. At the end of the day, it's all about location, location and location," Chan told Business Times.

The projects will keep YNH busy for the next five to eight years.

Other projects on hand include its bread-and-butter 400ha Sri Manjung township in Perak, which is expected to last the company for 20 years.

"We will launch new phases next year at the township to keep up with demand, thanks to new developments taking place," Chan said.

He cited the iron ore plant in Teluk Rubiah proposed by Brazil's Vale International SA, the world's second largest diversified metals and mining company.

Chan also expects sales to improve because of developments at Kencana Petroleum Bhd's fabrication yard in Lumut and the Lumut Naval Base.

"We will focus on a few developments and not overexpose ourselves. We have a low gearing of 0.3 time and want to keep it at that.

"We have cash of RM100 million coming in soon from Ceriaan Kiara and Fraser Place KL and will use some of it to fund our new projects."

Chan is confident of YNH posting profits in its fiscal year ending December 31 2009.

He said that while earnings may dip slightly this year, 2010 net profit and revenue are expected to surpass 2008 results owing to the bigger developments coming up as well as sales from existing projects.

Last year, YNH made RM86.8 million net profit on revenue of RM350 million.

By Business Times (by Sharen Kaur)

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