IJM Land Bhd, the property development division of IJM Corp Bhd, has mapped out a recovery plan to boost revenue and property sales in the upcoming years.
In the fiscal year 2023, the real estate developer hopes to generate RM2.03 billion in revenue.
Within the first six months of the current fiscal year, which ends on March 31, 2023, it has so far raked in RM652 million.
"We currently have more than 20 on-going projects with a gross development value of RM4.58 billion. The epidemic has negatively impacted a few initiatives, but we have plans to rebound. The majority of the projects are on schedule, so we'll speed up the construction.
"I have stretched targets for what IJM Land ought to have. Our goal for this year is to boost the company's property sales by 10 per cent from the RM2.5 billion we sold last year. Given that the majority of our launches this year have had strong take-up rates, I think we will surpass RM2.5 billion," said Datuk Wong Tuck Wai, the chief executive officer of IJM Land.
According to him, IJM Land sold RM1.69 billion worth of real estate as of September 30, 2022.
Wong told NST Property that RM2.5 billion will serve as the benchmark for future sales performance.
"It must not be less than RM2.5 billion. Ten per cent more sales should be made than last year. Bigger sales will result in increased income and, presumably, higher net profits," he said.
IJM Land has been creating sustainable communities and altering the landscapes in Malaysia and abroad for the past 33 years.
It currently owns and operates more than 20 active townships and developments, giving it a broad reach and effect.
The company has a diversified portfolio of integrated townships, residential, commercial and investment properties, as well as industrial parks in strategic growth areas covering Greater Klang Valley, Penang, Pahang, Negeri Sembilan, Johor, Sabah, and Sarawak.
It also marks its overseas ventures with the Royal Mint Gardens in Central London.
Wong said the company is well-positioned for ample opportunities and growth in the future with a total undeveloped land bank of 3,093 acres and gross development value of RM43 billion in Malaysia and overseas.