KUCHING: Property developer Selangor Dredging Bhd (SDB) is expected to launch more projects and generate higher revenue to sustain its forward earnings.
SDB’s managing director Teh Lip Kim in the company’s 2014 Annual Report said the upcoming property launches for the year are a mixed commercial development in Sungai Buloh, Selangor Darul Ehsan and residential apartments in Taman Melawati, Kuala Lumpur.
Teh observed that the mixed commercial development comprise 31-storeys of small office, versatile office (SOVO), a 34-storeys of serviced apartments and 15 blocks of retail offices.
She noted that the development will be situated directly opposite the Kg Baru Sungai Buloh Mass Rapid Transit (MRT) station.
She pointed out that the company has plans to build a bridge directly linking the project to the MRT station as part of the future development of the project.
As for the residential apartments, Teh said the project comprised of 79 units of two-storey and two and a half storey of superlink houses as well as apartments.
The project will also have a clubhouse for residents to enjoy while noting that the project is expected for completion by end of 2017.
Meanwhile, SDB chairman Eddy Chieng Ing Huong said work continues on the company’s eight other property projects with five located in Malaysia and three in Singapore.
For Malaysia, he said the company’s two residential developments projects, Laman and Bayu both at Puchong, Selangor are due for completion in the last quarter of 2014.
He added that SDB’s other project, a luxury condominium in Penang is also on schedule to be completed at the end of 2014.
Furthermore, he noted that SDB’s residential development which comprised of a condominium project at Bandar Tun Hussein Onn in Cheras, Kuala Lumpur is expected to be completed in 2016.
Moreover, he said SDB’s mixed commercial development known as The Hub, located at Petaling Jaya, Selangor is scheduled for completion in 2018.
As for SDB’s projects in Singapore, he believed that the three residential developments remains on track for completion in the first quarter of 2015 and 2016.
On another note, Teh said SDB registered higher occupancy rate at its main leasing property on Jalan Ampang, Kuala Lumpur.
She revealed that the occupancy rate at Wisma Selangor Dredging was 94.3 per cent in financial year 2014 (FY14) compared with 92.09 per cent in the previous year.
During FY14, she said the group achieved new property sales amounting to RM840 million.
Out of the total amount, she pointed out that RM634 million were from projects in Malaysia and the remaining RM206 million were from project sales in Singapore.
She believed that a total of RM1.05 billion in unbilled sales will be reflected in the group’s financial performance in the next few years.
Other than that, Chieng observed that SDB managed to improve its net profit by RM14.17 million to RM62.17 million for FY14 with a total turnover of RM377.28 million despite a challenging year for the property market.