Group chief executive officer Lau Shu Chuan said the project, with a gross development value (GDV) of more than RM3 billion, is targeted to take off after the company's current financial year.
"We are now in the midst of getting relevant approvals from the authorities in India," he said after the company's annual general meeting in Kuala Lumpur today.
Lau said the 74ha project would take between eight and 10 years to complete. He also said that demand for residential properties in India had been picking up and prices were also increasing, adding the project has an advantage as it is only a few kilometers from the airport.
The project will be carried out by MK Embassy Land Sdn Bhd, a joint venture between MK Land (47.5 per cent), Embassy Group subsidiary Star Dreams Pte Ltd (47.5 per cent) and Emkay Group subsidiary MKN Embassy Development Sdn Bhd (5 per cent).
Emkay Group is the private vehicle of Tan Sri Mustapha Kamal Abu Bakar, who is major shareholder of MK Land.
Lau sees better performance for the group for its current financial year with major contributions from the group's Damansara Perdana, Damansara Damai and Meru Perdana projects.
"The next two to three quarters are expected to remain stable. At this point of time, things are looking stable. We are seeing demand for properties," he said.
For its financial year ended June 30, 2011, MK Land posted a net profit of RM18.96 million compared to RM11.0 million recorded for the previous financial year.
For its first quarter, the company turned in a net profit of RM3.87 million compared to RM3.4 million for the previous corresponding period.
Lau also said that the company is cautious about the changes in the economic environment and had taken measures including planning for affordable as well as high-end homes.
"If the economy does turn, affordable homes are still in demand," he said. Lau said the company's undeveloped land currently stood at 2,000ha located mostly in Damansara Perdana, Damansara Damai and Taiping, Perak.
He also said that the company had not looked at any merger and acquisition plan for the time being.
By Bernama
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