Daiman lines up more launches in Kota Tinggi

By The Star

PETALING JAYA: Daiman Development Bhd plans to launch 60 more shophouses and 120 single-storey houses in Kota Tinggi by the financial year ending June 30, 2008 (FY08).

In an e-mail reply to StarBiz, the company said that 43 double-storey homes were launched in Kota Tinggi earlier this year.

The developer posted stronger results for its fourth quarter ended June 30 with net profit improving to RM29.8mil compared with a loss of RM2.2mil in the previous corresponding period. Sales in the fourth quarter rose to RM44.4mil from RM25.4mil previously.

The firm attributed the improvement to new property sales and clearance of existing completed units.

Daiman has some 35 years' experience in the property sector in Johor. It also had a strong balance sheet with net cash of some RM190mil at the end of FY07.

With its financial strength, it was seeking opportunities to enlarge its land-bank in Johor Bahru as well as venture into the Klang Valley, Daiman said, adding that it was also on the lookout for overseas investments.

Its two flagship projects, Taman Gaya and Taman Daiman Jaya, and its industrial park, Taman Perindustrian Murni Senai, were anticipated to benefit from the multiplier effect from the Iskandar Development Region and the development of Singapore's two integrated resorts, the company added.

SJ Securities in a CMDF report has an “overweight” call on the stock with a target price of RM2.26. It expects the Government's commitment to the development of south Johor to bode well for Daiman.