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Thursday, June 23, 2011

Dijaya Corp to unveil projects worth RM762mil

PETALING JAYA: Property developer Dijaya Corp Bhd plans to launch three new projects this financial year ending Dec 31 with a gross development value (GDV) of RM762mil.

Tong: We will launch Tropicana Cheras, a residential project in Sungai Long some time between July and August.

Managing director Datuk Tong Kien Onn said the total GDV for the three projects was more than RM1bil but as the group planned to launch them in phases the GDV was RM762mil.

“We will launch Tropicana Cheras, a residential project in Sungai Long some time between July and August. The first phase of the Tropicana Danga project will be launched in the third quarter while the first phase of Tropicana Avenue, a mix development project with commercial centres and apartments, in Tropicana will be launched in the final quarter,” he told reporters after the group's AGM yesterday.

The group had in the last financial year launched projects with GDV worth RM800mil.

Dijaya had earlier said the group planned to launch property projects worth RM3.5bil over the next two years.

Tong said Dijaya would aggressively launch more new projects in FY12 and FY13 to achieve the RM3.5bil target.

He also said Dijaya was still looking for more land to acquire.

“Our current land bank of 140 acres is excluding the recently purchased land in Subang and Kampar. If we add up both parcels, our total land bank will be about 240 acres,”he said.

Dijaya had bought two parcels of land - one in Subang (88.5 acres) and another in Kampar, Perak with a size of 12.9 acres.

On the move by the group to embark into the hotel business, Tong said after partnering with hotel and leisure company Starwood Hotels & Resorts Worldwide Inc to develop W Hotel in Kuala Lumpur, the group was looking for other places for new projects.

He said the W Hotel would take about four-and-a-half year to be completed and the project would start by the end of this year.

Tong also said Dijaya would continue to focus on the local market for its businesses although it was open for any business potential in the overseas market.

He said the outlook of the property market in the country was still positive.

By The Star

UMLand plans projects with RM500m GDV

KUALA LUMPUR: United Malayan Land Bhd (UMLand) plans to launch new projects with a total gross development value (GDV) of close to RM500 million this year.

These projects, from both the township and niche divisions, are located within Kuala Lumpur and Is-kandar Malaysia, and are expected to enhance the group's earnings over the next two years.

The new projects will include a high-end residential project near the KLCC Twin Towers (joint venture with Bolton Bhd), a commercial development in Johor Baru, and the proposed development of a 240ha land near Pulai Jaya (a joint venture with Tradewinds Johor Sdn Bhd).

Two other projects are serviced residences in Kuala Lumpur's Golden Triangle and the waterfront boutique apartments in Nusajaya, Iskandar Malaysia.

In a statement, he said the good take-up rate of 60 per cent for the luxurious serviced residences called Suasana Bukit Ceylon, is expected to sustain when the project is officially launched today. Suasana Bukit Ceylon comprises 310 units of serviced apartments and is estimated to derive a GDV of over RM300 million with completion expected in 2013.

The waterfront project in Iskandar Malaysia has a GDV of RM190 million and will be launched in the third quarter of this year.

Group chief executive officer Pee Tong Lim said the improved economic climate has given the group some confidence over its future growth.

"The group's operating environment remains posi-tive ... UMLand continues to enjoy a sound financial position," he said.

For the financial year ended December 2010, UMLand registered a RM57.7 million net profit against a revenue of RM316.9 million.

By Business Times

Utd Malayan gains on property projects

United Malayan Land Bhd rose to its highest level in more than three years after saying it plans to roll out property projects with a gross development value of almost RM1 billion this year.

The stock gained 4.2 per cent to RM1.98 at 9:14 a.m. local time in Kuala Lumpur trading, set for its highest close since January 2008.

By Bloomberg