Selangor Dredging targets five property launches worth RM1.2 billion

By Bernama

Thursday, 30 August 2012 15:30 KUALA LUMPUR: Selangor Dredging Bhd plans to launch five new property projects, with a total gross development value of RM1.2 billion, within the current financial year ending March 31, 2013. Managing Director Teh Lip Kim said one project, the 'Laman and Bayu' residential project in Batu 11, Jalan Puchong, Petaling Jaya, was already launched while the second project, 'Windows On The Park', in Cheras Selatan, was opened for preview. Three other projects in the pipeline were 'Jia' in Taman Melawati, Kuala Lumpur, 'The Hub' in Petaling Jaya and 'Village' in Pasir Panjang, 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's annual general meeting. Teh also said the company brought forward unbilled sales of RM730 million from the last financial year and hoped to realise some of the value in the current financial 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 Baharu were also expected to be a boost for the property market. For the last financial year ended March 31, 2012, Selangor Dredging posted a higher pre-tax profit of RM61.985 million from RM44.366 million recorded the previous year. Revenue for the period also rose to RM354.452 million from RM345.999 million previously. -- Bernama