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Wednesday, December 8, 2010

Daiman to expand beyond Johor

JOHOR BARU: Daiman Development Bhd plans to expand to other parts of Malaysia after having been in the Johor property market for almost 40 years.

General manager Siah Chin Leong said the company had been looking for land in the Klang Valley for the past few years.

He said the areas that it had identified included Cheras, Kajang and Shah Alam but the land price there was too high and some of the land offered was not strategically located for housing projects.

We'll continue with our search. Sooner or later, we will find suitable land, Siah told StarBiz after the company's AGM recently.

He said apart from the Klang Valley, Daiman might also venture into Malacca, Negri Sembilan and Penang.

The company would even consider going into Singapore as demand for private properties there was still good due to the influx of wealthy buyers from abroad, he added.

In April 2008, Daiman's wholly-owned subsidiary Caversham Universal Ltd subscribed to a 70% equity in CNES Property Pty Ltd for A$875,000.

Australia-based CNES was formed in February 2008 and it is now building some bungalows in Perth.

Siah said demand for properties, especially residentials, in Johor had picked up after almost a two-year hiatus following the global economic recession.

He said this could be seen from the many new property launches, especially in Johor Baru, albeit the small number of units launched.

Siah said Daiman would launch 75 double-storey linked houses with prices from RM300,000 and 44 double-storey cluster homes priced from RM480,000 in Taman Gaya here in the first half of 2011. These units will have a gross development value (GDV) of RM40mil.

The company will also launch 68 double-storey cluster homes with a GDV of RM24mil in Taman Daiman Jaya in Kota Tinggi in the third quarter.

It will also offer 16 one-and-a half-storey semi-detached factory buildings with a GDV of RM30mil in Taman Perindustrian Murni Senai in the first quarter.

For the financial year ended June 30 (FY10), Daiman posted RM29.74mil net profit on RM123.319mil revenue compared with RM23.44mil and RM107.125mil respectively in FY09.

By The Star

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