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Wednesday, August 25, 2010

IJM Land to launch properties worth RM1bil

SUBANG: IJM Land Bhd expects to launch new properties with a total gross development value (GDV) of RM1bil to RM1.2bil in the financial year ending March 31 (FY11), said chief executive officer and managing director Datuk Soam Heng Choon.

“With the outlook of the property market looking more positive this year, we expect to launch a list of new properties during this financial year. Since April, we have already launched properties with a GDV of RM500mil.

“Next month, we expect to launch new residential properties with a combined GDV of RM120mil in Sandakan, the Klang Valley and Johor Baru,” he told reporters yesterday after the group’s AGM and EGM.

On the decision not to declare a final dividend to shareholders for FY10 and the payment of only a single-tier dividend of 2% on Aug 18, Soam said the group needed to continue propelling its property projects after chalking higher sales of RM1.6bil during that financial period.

“However, we will do our best to pay dividends although the group does not have the policy on that matter,” he said.

With the property market expected to be quite robust this year and banks still providing competitive interest rates, Soam believes the group’s property sales would continue to be as strong as seen in its first-quarter results, which are scheduled to be announced today.

On a possible hike in the real property gains tax (RPGT) to curb increasing speculative buying, Soam said whatever the decision, the Government needed to be firm on its policy.

“The Government needs to stand firm on its policy or else it would give a bad impression especially to investors,” he said.

Recently there has been speculation that the Government might impose an additional 5% for RPGT, thus decreasing the returns on property sales within the five-year period as it would be subjected to the higher exit gain tax.

By The Star

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