KUALA LUMPUR: Property developer Selangor Dredging Bhd (SDB) is working on niche property developments with a combined gross development value (GDV) of more than RM400 million.
The developments slated for launch are superlink homes in JIA@Melawati and SqWhere@Sungai Buloh, a serviced apartment block that is part of a larger commercial development located opposite the Kampung Baru Sungai Buloh MRT station.
“We will be launching 79 JIA Melawati link houses by November. The GDV for that will be about RM75 million.
“And next year, we will be launching the second phase of serviced apartments in Sungai Buloh and that would be around RM330 million.
“All in, we will be launching projects with GDV of about RM500 million in six to nine months,” SDB managing director Teh Lip Kim said after the company’s annual shareholders meeting, here, yesterday.
SDB posted a net profit of RM62.17 million in its financial year ended March 31 2014, compared to the RM48 million it achieved a year ago.
“This year, we achieved RM377.2 million in turnover and RM62 million in net profit. This has been the highest we have achieved in five to 10 years,” said Teh.
The group achieved new sales of RM840 million, of which RM634 million were derived from developments in Malaysia and Singapore.
Teh said SDB is looking to acquire more landbank. It is on the lookout for suitable locations in Penang, the Klang Valley and Singapore.
It first embarked on property development in 2004 and the property arm now accounts for nearly 90 per cent of the company’s revenue.