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SDB To Launch Property Projects Worth RM1 Billion In GDV

Last update: 26/08/2016

KUALA LUMPUR, Aug 26 (Bernama) -- Selangor Dredging Bhd (SDB) will launch three development projects with a total gross development value (GDV) of RM1 billion within one year till August 2017.

Managing Director, Teh Lip Kim, said the projects are two serviced apartments, one each at its SQWHERE mixed development site in Sungai Buluh and in Jalan Peel, Kuala Lumpur, and one apartment project in Taman Melawati, Selangor.

"The SQWHERE project will be launched by year-end while project in Jalan Peel and Taman Melawati will each be launched in the first quarter of 2017 and August 2017, respectively," she told reporters after the group's general annual meeting here today.

Teh said both SQWHERE and Jalan Peel projects were estimated to generate RM300 million in GDV each while the apartment project in Taman Melawati was expected to have a GDV of RM400 million.

She also said the group was planning to expand its 'Reside and Purchase' (RAP) scheme to other completed projects to boost take-up rates.

"The RAP scheme was introduced for our 'Windows on the Park' project in Cheras and has recorded 30 transactions since its implementation in March this year," said Teh.

She said the scheme allowed potential homeowners to buy a completed SDB property without applying for housing loans first.

"Under the scheme, buyers can move in and pay monthly repayments towards the cost of the house and after 36 months they can apply for housing loans," said Teh.

SDB posted a lower pre-tax profit of RM46.87 million for its financial year ended March 31, 2016 compared with RM96.53 million previously.

Its revenue dropped to RM216.56 million from RM400.51 million in previous financial year.

To-date, SDB has an undeveloped landbank with a GDV of RM3 billion and RM150 million cash in excess.

-- BERNAMA