Mahajaya targets RM440m GDV over the next 3 years
Posted on | December 19, 2007
By THE EDGE
KUALA LUMPUR: Mahajaya Bhd is planning to launch property development projects with a total gross development value (GDV) of RM440 million over the next three years, said its managing director William Tan Ming Wai.
Mahajaya’s total landbank of 400ha includes those in the Klang Valley, Putrajaya, Sepang, Tanjung Malim and a portion in the Iskandar Development Region (IDR) in Johor.
Speaking to reporters after its AGM here yesterday, Tan said Mahajaya expected the landbank to last the company another six to eight years.
The company’s two main upcoming projects are Taman Damai Utama in Puchong Kinrara and Taman Alam Indah in Shah Alam.
Taman Damai Utama is a mixed development project comprising more than 3,800 units of residential and commercial properties and will be developed over a period of four to six years.
The remaining development for apartments in Taman Alam Indah, which was launched for sale in October last year, will start in stages from the first quarter of 2008.
Mahajaya has already launched projects with a GDV of RM400 million, mostly in the Klang Valley. Its completed projects include D’Impresi (Phase 2) and Wang Shop in Cheras and Taman Alam Indah (Phase 1).
Apart from its property development projects in the Klang Valley, the rest are still in the planning stage with completion periods of three years or more.
“Although we’ve conducted studies in China and Vietnam, we feel that Malaysia still provides plenty of opportunity,” Tan said in response to a question about overseas ventures.
Commenting on the company’s lower net profit for its year ended June 30, 2007 (FY07), he said that this was due to the amount of time spent getting the additional approvals required by the government this year.
Mahajaya’s net profit fell to RM2.1 million for FY07 from RM9.5 million in FY06, while revenue declined to RM117.2 million from RM157.1 million.
Tan, however, was optimistic for next year where the company planned to enhance competitiveness by improving its operational efficiency and adopting new concepts for its products.
He also cited better government policies such as the waiver of real property gains tax (RPGT), 50% stamp duty rebate, option for monthly EPF withdrawal and the “Malaysia My Second Home” programme as plus points.
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