OSK Property to develop 1,400ha with GDV of RM18bil
OSK Property Bhd is speeding up its property development projects in Malaysia and Australia with a total land bank of over 1,400 hectares worth more than RM18 billion in GDV. It merged with PJ Development Holdings Bhd and plans to launch projects in Malaysia with a total GDV of RM1 billion this year. Its upcoming launches include the Bandar Puteri Jaya Mall in Sungei Petani worth RM400 million and the “Your Cheras City” Maill. Other projects being planned include a two hectare integrated development of a hotel-apartment and retail property in Melbourne, Australia, and a commercial development in Section 13, Petaling Jaya. OSK Property recently purchased 308 hectares of land in Seremban for an integrated mixed development worth RM3.6 billion. (The Star Online)
EcoFirst to raise RM22.5mil for land deal, business expansion
EcoFirst Consolidated Bhd is proposing a private placement of new shares to raise up to RM22.5 million, mainly to fund its land acquisition and business expansion. Based on the issue price of 21 sen apiece, the new shares are expected to raise gross proceeds of up to RM22.5 million, with as much as RM15 million going towards the acquisition of two pieces of freehold land in Ulu Klang for RM145 million. It is also setting aside RM4 million to finance any business expansion under the core business activities in property development and investment. Some RM3.2 million will be for working capital, while some RM330,000 will be used to defray expenses in relation to the private placement. (The Edge Markets)
SP Setia sets RM4bil target for 2016
Property developer S P Setia Bhd has set a sales target of RM4 billion this year, hoping to at least match last year’s performance despite tougher market conditions. The company expects 80% of its sales to be generated from the Klang Valley, Johor and Penang, with remaining 20% coming from ongoing developments in Melbourne, Australia. It is confident of maintaining last year’s sales target as demand for affordable housing is still strong. (The Star Online)
Paramount to increase launches this year, targets RM480mil sales
Paramount Corp Bhd (PCB) is set to ramp up its launches this year, and expects annual sales for its property division to grow 11% to RM480 million in 2016. Despite the current subdued property market, the company is confident about property demand in certain states, as well as the synergy of its education division and the products it is launching. PCB plans to launch projects with GDV worth RM770 million this year, comprising commercial (30%), landed residential (34%) and integrated high-rise condominiums (36%). (The Star Online)
Hatten Group plans expansion to new territories
Malacca-based property development, investment and management corporation Hatten Group is planning to venture into new territories in Johor, Negeri Sembilan and Pahang. The group is set to expand its investment arena with new ventures in arts, cultural and brand franchising through upcoming projects including medical infrastructure, educational facilities, convention halls and international trade hubs. The group currently has 500 acres of land bank in Malaysia and total GDV of RM 10 billion. (The Borneo Post Online)
UEM Sunrise 4Q net profit slumps 73%
UEM Sunrise Bhd’s net profit for 4QFy15 fell 73% to RM72.42 million compared to a year ago due to lower revenue. Its revenue for 4Q more fell more than half to 607.05 million from RM1.34 billion due to reduction in land sale value. For the full year (FY15), UEM Sunrise’s net profit declined 46.4% year-on-year, while revenue was 34.2% lower year-on-year. The group is confident that it will be able to deliver satisfactory performance in 2016 on the back of existing unrecognised revenue of RM4.7 billion from ongoing projects, and continue to actively pursue sales from existing projects. (The Malaysian Insider)
UOA net profit rises 31% to RM417mil for FY15
UOA Development Bhd reported a 31% increase in net profit to RM417.02 million in FY15, compared to RM316.12 million in FY14, on greater earnings recognition of its ongoing property projects. The group’s 4QFY15 net profit was RM111.07mil compared with RM88.4mil in the same quarter a year ago. Its overall revenue for FY15 amounted to RM1.64 billion, compared with RM1.08 billion in FY14. (The Star Online)
