Pasdec to build more properties, venture in new business to boost profits

Pasdec Holdings Berhad will build more properties and venture into new businesses as to increase its profits this year.

Its chairman Datuk Seri Adnan Yaakob said Pasdec planned to la
unch properties worth about RM252 million this year in addition to various on-going development projects that it currently had.

"These will include the development of Pasdec Persona and Pasdec Avenue in Kuantan as well as Pasdec Perdana and Pasdec Idaman in Temerloh," he said after chairing Pasdec annual general meeting (AGM) in Kuantan yesterday.

Adnan, who is also Pahang Menetri Besar, said between 50 and 60 per cent of the houses to be built by Pasdec would be medium-cost units, which were the most sought after in the state.

To replenish its land bank, he said Pasdec also planned to acquire 120ha of strategic lands in Kuantan, Jerantut, Rompin and Temerloh.

"We are also seeking for development opportunities outside Pahang particularly in the Klang Valley.

"It could be either through strategic joint ventures or direct acquisition in order to help strengthen our position as a property developer," he said.

To diversify it business, he said the group also planned to invest in new sectors including renewable energy, green technology and oil and gas.

He said the state-owned Pasdec also planned to embark on the development of a mini hydro plant and the identified site would be announced soon.

At the AGM, Adnan also announced that Pasdec would pay a 2 per cent dividend per ordinary share for the financial year of 2010.

Although the group recorded a lower turnover of RM85.14 million last year as compared to RM103.2 million in 2009, it chalked up a profit of RM4.47 million last year compared with RM8.7 million losses recorded in the previous year.

By Business Times

Property developer Dijaya Corporation Bhd plans to launch three new projects

PETALING JAYA: Property developer Dijaya Corporation Bhd plans to launch three new projects this financial year ending December 31, 2011 with gross development value (GDV) of about RM762mil. Managing director Datuk Tong Kien Onn said the total GDV for the three projects were more than RM1bil but the group would launched them in phases that resulted the amount to be RM762mil. “We will launch the Tropicana Cheras, a residential project in Sungai Long sometimes in July/August.

Another project, the first phase of Tropicana Danga property project will be launched in the third quarter while the first phase of Tropicana Avenue in Tropicana, a mix development project that consists of commercial and apartments will later be launched in the final quarter,”he told reporters after the group's AGM today. The group had on last financial year launched projects with GDV worth RM800mil.

By The Star

Magna Prima to sell 94 shop offices

Magna Prima Bhd is targeting to sell all 94 units of four-storey shop offices in the first-phase of Boulevard Business Park @ Jalan Kuching (BBP) by the third quarter.

To date, almost 43 per cent of the 94 units have been sold at RM550,000 per unit.

Its Executive Director, Lawrence Lee Yek Hui, said BBP, with a gross development value of RM572 million, was expected to be completed by 2014.

"The second and third phase of the development consisting of a retail podium and a block of serviced apartments, will be launched by the third quarter of this year," Lee told reporters at the launch of the project today.

Buyers of the shop offices are entitled to interest free loans and a waiver on legal fees.

By Bernama

Hua Yang acquires Shah Alam land

PETALING JAYA: Property developer Hua Yang Bhd has acquired a 3.73-acre leasehold site for RM13mil in Section 13, Shah Alam, via a public auction.

In a Bursa Malaysia filing, the company said the site was planned for a a mixed commercial and residential project of 470 units, with a gross development value of RM175mil.

By The Star