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Friday, August 31, 2012

Selangor Dredging aims to unveil RM1.2bil worth of properties

KUALA LUMPUR: Selangor Dredging Bhd plans to launch five new property projects, with a total gross development value of RM1.2bil, in the current financial year ending March 31, 2013.

Managing director Teh Lip Kim

Managing director Teh Lip Kim (pic) said one project, the Laman and Bayu residential project in Petaling Jaya, was already launched while the second project, Windows On The Park, in Cheras, was opened for preview.

Three other projects in the pipeline were Jia in Taman Melawati, The Hub in Petaling Jaya and Village in Singapore, and were expected to be launched over the next few months.

“This is the first time Selangor Dredging is slated to launch so many projects within a single year. In the past eight years, since it started out in the property development, the company launched an average of one or two projects a year,” she told reporters after the company AGM yesterday.

Teh also said the company brought forward unbilled sales of RM730mil from the previous financial year and hoped to realise some of the value in the current year.

Saying that the company was optimistic that demand for properties in the Klang Valley would continue to expand, she added that the outlook for the sector remained quite positive.

Infrastructure projects such as the My Rapid Transit project in the Klang Valley and the high-speed rail link between Kuala Lumpur and Johor Baru were also expected to be a boost for the property market.

For the last financial year ended March 31 Selangor Dredging posted a higher pre-tax profit of RM61.99mil from RM44.37mil recorded the previous year.

Revenue for the period also rose to RM354.45mil from RM346mil previously.

By Bernama

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