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Saturday, June 16, 2012

Mulpha Land targets record sales this year

PETALING JAYA: Boutique developer Mulpha Land Bhd is targeting record sales of RM60 million to RM70 million in the current year, led by its Bangsar Enclave project in Kuala Lumpur.

Bangsar Enclave comprises seven units of three-storey bungalows in a gated and guarded community.

The project, with a green architecture concept and located at Jalan Medang Tanduk in Bangsar, will be completed in four months.

Mulpha Land executive director, Ghazie Yeoh Abdullah said each unit will be selling at RM12 million and above.

The company is positive on the take-up as it has a ready market.

He said Mulpha Land has a strong following from the Middle East buyers who are looking for homes here, to buy in bulk or individual units.

"The reach to the Middle East has been in our past organisation where we have constructed several projects in Saudi Arabia. We have a strong network there," Ghazie told Business Times yesterday after the company's shareholders meeting.

Mulpha Land is the property arm of Mulpha International Bhd, a diversified group.

The company's other ongoing projects are Bukit Punchor in Penang, Desa Aman in Kulim, Kedah, and Raintree Residence in Ampang.

The projects, including Bangsar Enclave, have a combined gross development value of about RM800 million, Ghazie said.

He said Raintree Residence, located opposite the Raintree Club at Jalan Wickham in the diplomatic enclave of Ampang Hilir and U-Thant, comprises 12 units and they will be retained for recurring income.

"Our current focus is to complete all current projects and realise our profitability. Long-term plans include focusing on projects in Kuala Lumpur, Selangor and in the northern states," he said.

For fiscal 2011, Mulpha Land posted a pre-tax profit of RM1.62 million on revenues of RM17.85 million.

In the first quarter of 2012, it recorded a pre-tax loss of RM601,000 on revenues of RM637,000.

The stock fell 2.5 sen yesterday, to close at 57.5 sen.

Mulpha Land deputy chief executive officer for property division Ronn Yong said he is positive on the outlook for the luxury segment of the property market.

"With the votality of the euro crises, a lot of people are hegding on properties. The rich are not affected and that is driving sales of our high-end properties," Yong said.

By Business Times

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