KUALA LUMPUR, Sept 12 — Property development and investment company Land & General Bhd (L&G) targets to launch three property projects with an estimated gross development value (GDV) of RM4.3 billion next year.
Managing director Low Gay Teck said the three projects are Aria Rimba at U10 Shah Alam, The Mines Resort at Seri Kembangan and Damansara Club at Bandar Sri Damansara.
“Aria Rimba will be a 112 acres township development with estimated GDV of RM1.2 billion, whilst The Mines Resort and Sri Damansara Club are high-rise developments estimated at RM1.6 billion and RM1.5 billion respectively,” he said after the group’s annual general meeting today.
For its existing property developments, Low said the group has three on-going projects namely the Astoria in Ampang, Sena Parc in Senawang and Damansara Seresta at Bandar Sri Damansara with a GDV of RM1.6 billion.
“These projects will keep us busy for the next five years with a progressive take-up rate,” he said.
Low said the group is in a good position to replenish its landbank with its RM385 million cash reserve and close to RM1.6 billion asset base.
“We can afford to be opportunistic as we now have a pipeline of projects to keep us busy for the next eight to 10 years, and enough landbank to last for the next 10 to 15 years,” said Low.
He pointed out that the property segment has been the largest contributor to the group revenue in the last financial year.
“Property segment contributed some 75 per cent and the remaining 25 per cent was from the education,” he said.
Low said its education segment reported a slight increase in revenue on higher fees for its private school in Bandar Sri Damansara.
Moving forward, in line with its plan to expand its education division, the group is currently constructing a new building and facilities for its international school, next to the private school, which is expected to be completed by the middle of next year.
L&G net profit for first quarter ended June 30 dropped 92 per cent to RM1.79 million, from RM23.67 million a year earlier, mainly because previously there was a one-off gain from the disposal of MRT land for RM33.61 million.
The group is also engaged in oil palm cultivation, and the operations and management of Sri Damansara Club.
Source: The Malay Mail Online