Muhammad Ali (right) and JLand managing director Shafiqul Hafiz at the AGM
Chairman Tan Sri Muhammad Ali Hashim said the decision was reached after considering the current global economic slowdown.
He said JLand had earlier proposed to buy the stake in WTHSB to diversify its business activities to improve its earnings base.
“However, we want to focus on our core business of property development as the segment is becoming more challenging now,’’ Ali said after the company’s AGM yesterday.
WTHSB, through its 80%-owned subsidiary Windsor Trade Sdn Bhd, has been granted a 30-year concession to operate the barter trade terminal, Sandakan Integrated Trade Exchange Terminal.
The Sabah government, through Sabah Economic Development Corp, owns the remaining 20% stake in Windsor Trade.
The development of the terminal is estimated to cost RM315mil, inclusive of land cost, pre-development cost, construction of infrastructure and buildings, and equipment.
“We have a 1,102.79ha land-bank and we are looking at RM7bil in gross development value (GDV) when the land is developed over the next 10 to 15 years,’’ Ali said.
At present, JLand is undertaking three property projects – Taman Bukit Dahlia, Bandar Tiram and Bandar Dato’ Onn.
The 168.75ha Taman Bukit Dahlia in Pasir Gudang, expected to be completed by 2010, will have 4,100 units of mixed properties.
The self-contained Bandar Tiram township on a 485.62ha site, with 12,300 units and RM2.6bil GDV, is due for completion by 2020.
JLand’s latest project, Bandar Dato’ Onn is located 12km from Johor Baru City Centre. It is sited on 612.69ha and is to be developed over the next 10 years. The project boasts 17,800 properties and a GDV of RM4bil.
Ali said the company would be launching the Bandar Dato’ Onn Regional Commercial Centre this year.
“Covering 47.75ha, the centre will provide about one million sq m of floor area, making the township the largest commercial centre in Johor Baru district,’’ Ali said.
For the year ended Dec 31, JLand recorded pre-tax profit of RM25.29mil on revenue of RM138.69mil compared with RM8.29mil and RM63.36mil respectively in 2007.
By The Star (by Zazali Musa)
Chairman Tan Sri Muhammad Ali Hashim said the decision was reached after considering the current global economic slowdown.
He said JLand had earlier proposed to buy the stake in WTHSB to diversify its business activities to improve its earnings base.
“However, we want to focus on our core business of property development as the segment is becoming more challenging now,’’ Ali said after the company’s AGM yesterday.
WTHSB, through its 80%-owned subsidiary Windsor Trade Sdn Bhd, has been granted a 30-year concession to operate the barter trade terminal, Sandakan Integrated Trade Exchange Terminal.
The Sabah government, through Sabah Economic Development Corp, owns the remaining 20% stake in Windsor Trade.
The development of the terminal is estimated to cost RM315mil, inclusive of land cost, pre-development cost, construction of infrastructure and buildings, and equipment.
“We have a 1,102.79ha land-bank and we are looking at RM7bil in gross development value (GDV) when the land is developed over the next 10 to 15 years,’’ Ali said.
At present, JLand is undertaking three property projects – Taman Bukit Dahlia, Bandar Tiram and Bandar Dato’ Onn.
The 168.75ha Taman Bukit Dahlia in Pasir Gudang, expected to be completed by 2010, will have 4,100 units of mixed properties.
The self-contained Bandar Tiram township on a 485.62ha site, with 12,300 units and RM2.6bil GDV, is due for completion by 2020.
JLand’s latest project, Bandar Dato’ Onn is located 12km from Johor Baru City Centre. It is sited on 612.69ha and is to be developed over the next 10 years. The project boasts 17,800 properties and a GDV of RM4bil.
Ali said the company would be launching the Bandar Dato’ Onn Regional Commercial Centre this year.
“Covering 47.75ha, the centre will provide about one million sq m of floor area, making the township the largest commercial centre in Johor Baru district,’’ Ali said.
For the year ended Dec 31, JLand recorded pre-tax profit of RM25.29mil on revenue of RM138.69mil compared with RM8.29mil and RM63.36mil respectively in 2007.
By The Star (by Zazali Musa)
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