The company is also optimistic on its growth prospects over the next few years.
"We believe this year will be better than last year," said managing director Gooi Seong Lim after Crescendo's annual general meeting in Petaling Jaya, Selangor, yesterday.
The company, whose net profit grew for two consecutive years previously, saw its net profit declining 43 per cent for the year ended January 31 2010.
Its industrial properties, under the Nusa Cemerlang Industrial Park (NCIP) project, were launched about two years ago. To date, it has launched 157 units of industrial properties with a gross development value of RM460 million.
"So far, the response for our properties has been overwhelming. We have sold all the industrial properties that we built," Gooi said.
The NCIP is still at the early stages of development.
"So far, less than 100 acres of the 520 acres have been developed. We are still at Phase 1 of the development. I'm not sure when the NCIP will be fully developed as it is based on demand. But our past experience tells us it will likely take about 10 years for it to be fully developed," he said.
The company is also planning to launch its Bandar Cemerlang township by the end of next year.
Gooi said the decision to launch Bandar Cemerlang, a 1,390-acre mixed-development township, was mainly driven by two factors.
One is the availability of key infrastructure such as an interchange that connects the township as well as the expansion of a highway there from two lanes to four. They are expected to be ready in the second half of 2011.
The other factor relates to the supply issue, which Crescendo expects to taper off sometimes next year.
Gooi said the company will remain focused on developing properties in Johor in the near term.
"We have a landbank of more than 3,000 acres that should keep us busy for sometime," he said.
By Business Times
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