First Negara Prop condo project to bring in 20% to group revenue
Posted on | July 24, 2007
By THE EDGE Negara Properties (M) Bhd expects 3 Residen@Melawati, its first condominium project, to account for about 20% of the group’s revenue in the current financial year ending June 30, 2008. The project consists of 178 units of luxurious condos, priced from RM304,888 each, within its 66.77ha Desa Melawati township. It is scheduled to be completed by 2009. “This would be one of several projects that we would be launching within this year in our Nilai and Melawati townships,” he told The Edge Financial Daily after the soft launch of 3 Residen@Melawati last Friday. Wan Hashimi expects its Sanctuary Condo Living Series to contribute increasingly to group revenue with the launch of more offerings. “We are planning bigger units for the future launches in our Sanctuary Condo Living series.” For FY06, the group recorded a net profit of RM6.49 million on the back of a turnover of RM122.37 million. Negara Properties deputy general manager Zamri Ahmad said it expected half of the condo units to be taken up at its official launch date on July 27 and the remaining units within three months. Wan Hashimi said it was launching the condo units now to take advantage of the booming property market and demand for lifestyle living in the urban city, especially in east Kuala Lumpur that had achieved the RM280 per sq ft mark. Wan Hashimi said the group had a total undeveloped landbank of 520ha in Melawati, Nilai as well as Kajang and was constantly on the lookout for more land in any potential market. On the merger with Synergy Drive, he said it would not have any impact on the group’s businesses. “The only effect, if any, would be a positive one on the group,” he said. Negara Properties is the main property arm and subsidiary of Golden Hope Plantations Bhd, which is involved in the merger. 
Its chief executive officer Wan Hashimi Albakri Wan Ahmad Amin Jaffri ( left ) said the first condo development in its Sanctuary Condo Living Series had a gross development value of RM70 million.
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