Land & General Bhd (L&G) plans to roll out RM2 billion worth
of properties within the next 12 months, three of which are due to be
launched by the first-quarter of 2015.
Among the projects to be launched are serviced apartments in Jalan Ampang, Damansara Foresta Phase 2 at Bandar Sri Damansara and Tuanku Jaafar Resort Homes in Seremban.
“The serviced apartment in Ampang comprises four towers with 1,000 units and has an estimated gross development value (GDV) of RM800 million.
“Damansara Foresta Phase 2 consist of two towers, while Tunku Jaafar Resort Homes is an upmarket residential township development. Both these developments would bring a combined GDV of RM1.2 billion to the group,” said L&G’s MD Low Gay Teck last Friday in Kuala Lumpur.
The group has previously launched a total of RM1.8 million worth of properties, of which RM1.7 billion has been sold.
With the balance GDV and unbilled sales of close to RM650 million, the group is positive to sustain its earnings growth for subsequent years to come.
L&G has close to 2,500 acres of estate land in Lembah Beringin that is currently planted with oil palm and rubber which contribute a steady flow of recurring income to its subsidiary company, clarity Crest Sdn Bhd.
Low said the group is planning on converting the land into a residential land, expecting a long stream of income for many years to come. A master layout is expected to be finalised next year.
He also said the group will continue to look at overseas markets, specifically in Vietnam.
“With the group’s strong cash balance and our current development projects having sustained a strong footing, it has garnered us the confidence to continue to look at the overseas market.
“There has been a proposal from Vietnam for an acquisition. Considering the high population rate and young demographic in Ho Chi Minh, there are many potential deals for property developers in Vietnam,” said Low.
L&G first ventured into the overseas market through a joinventure with Far East Consortium Ltd in developing the 2,400 acres Hidden Valley in Melbourne, Australia.
The project however did not earn enough revenue for the group to sustain the high costs in Australia.
Overall, the group has a positive outlook on sustaining its growth for the coming years as well as in achieving its goal to reposition itself as a mid to large market capitalised property player.
The group declared a maiden dividend of RM0.02 per share, equivalent to more than 30% of the net profit attributable to owners of the company.
L&G’s recorded a strong performance for the financial year ending 2014 (FY14) with a revenue of RM491.9 million and pretax profit of RM 174.8 million versus a revenue and pretax profit of RM216.3 million and RM72.8 million respectively in FY13.
Among the projects to be launched are serviced apartments in Jalan Ampang, Damansara Foresta Phase 2 at Bandar Sri Damansara and Tuanku Jaafar Resort Homes in Seremban.
“The serviced apartment in Ampang comprises four towers with 1,000 units and has an estimated gross development value (GDV) of RM800 million.
“Damansara Foresta Phase 2 consist of two towers, while Tunku Jaafar Resort Homes is an upmarket residential township development. Both these developments would bring a combined GDV of RM1.2 billion to the group,” said L&G’s MD Low Gay Teck last Friday in Kuala Lumpur.
The group has previously launched a total of RM1.8 million worth of properties, of which RM1.7 billion has been sold.
With the balance GDV and unbilled sales of close to RM650 million, the group is positive to sustain its earnings growth for subsequent years to come.
L&G has close to 2,500 acres of estate land in Lembah Beringin that is currently planted with oil palm and rubber which contribute a steady flow of recurring income to its subsidiary company, clarity Crest Sdn Bhd.
Low said the group is planning on converting the land into a residential land, expecting a long stream of income for many years to come. A master layout is expected to be finalised next year.
He also said the group will continue to look at overseas markets, specifically in Vietnam.
“With the group’s strong cash balance and our current development projects having sustained a strong footing, it has garnered us the confidence to continue to look at the overseas market.
“There has been a proposal from Vietnam for an acquisition. Considering the high population rate and young demographic in Ho Chi Minh, there are many potential deals for property developers in Vietnam,” said Low.
L&G first ventured into the overseas market through a joinventure with Far East Consortium Ltd in developing the 2,400 acres Hidden Valley in Melbourne, Australia.
The project however did not earn enough revenue for the group to sustain the high costs in Australia.
Overall, the group has a positive outlook on sustaining its growth for the coming years as well as in achieving its goal to reposition itself as a mid to large market capitalised property player.
The group declared a maiden dividend of RM0.02 per share, equivalent to more than 30% of the net profit attributable to owners of the company.
L&G’s recorded a strong performance for the financial year ending 2014 (FY14) with a revenue of RM491.9 million and pretax profit of RM 174.8 million versus a revenue and pretax profit of RM216.3 million and RM72.8 million respectively in FY13.
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