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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

Hua Yang plans RM815m property launches

PETALING JAYA: Property developer Hua Yang Bhd will launch RM815mil worth of property projects in the financial year ending March 31, 2013 (FY13) and has allocated over RM300mil for future land acquisition development.

So far, the company has launched a few property projects worth RM212mil in the current financial year across Klang Valley, Johor and Perak.

Chief executive officer and executive director of Hua Yang Bhd Ho Wen Yan said in a statement: “We strive to constantly improve our performance and our revenue has increased four-fold to RM306.4mil in 2012 from 2008.

“This has also improved our net profit attributable to equity holders to RM53mil from merely RM6.6mil over the same period. We are also able to deliver a net return on shareholders’ equity of 20% in 2012 compared with 4% in 2008.”

Ho said the company currently had a total undeveloped land bank of 766 acres with an estimated gross development value (GDV) of RM2.2bil, which can sustain its property development ventures for the next six to eight years.

“We have acquired land banks that are worth a total cumulative GDV value of RM549mil for a total cost of RM72mil in FY12.

By The Star

Nextnation in tie-up with Inovisi

PETALING JAYA: Nextnation Communication Bhd has entered into a memorandum of understanding with PT Inovisi Infracom Tbk with the objective of jointly developing a property project.

Nextnation told Bursa Malaysia in a filing that subsidiaries of both companies would collaborate with the objective of jointly developing a piece of land measuring 5.906 acres in Sepang, Selangor, into a mixed-development project, incorporating a proposed data centre, corporate office and other commercial and retail space.

The project’s first phase, which will have gross development value of about RM80mil, will be developed on a 25:75 basis, with Nextnation’s subsidiary holding the majority portion. There will be two phases in the project.

By The Star

Tradewinds to sell land in Johor via THR

KUALA LUMPUR: Tradewinds Corp Bhd, via its wholly-owned unit THR Hotel (KL) Sdn Bhd, plans to sell a piece of freehold land measuring 109.3ha in Johor to Casa Seroja Sdn Bhd for RM235.47 million.

“The proposed disposal will enable the group to raise cash for working capital for its other development projects undertaken by the group,” Tradewinds Corp said in its filing to Bursa Malaysia.

By Business Times