"New launches: Ho (left) and chairman Tan Sri Dr Ting Chew Peh at the AGM

PETALING JAYA: Property developer Hua Yang Bhd is confident of achieving a sales target of RM400mil for the financial year ending March 31, 2018 (FY18).

Speaking after the firm’s AGM here, chief executive officer Ho Wen Yan said the company was resilient in spite of the challenging operating conditions, largely due to the focus as an affordable housing developer.

“The first half of the financial year has been quite challenging, so hopefully with the new launches in the second half of the year, we will be able to recover quite a bit of sales,” he said.

“Conditions (in the property industry) are challenging. Hence, We have to work harder on the ground to drive new sales, be more innovative in terms of how we package our products while maintaining profitability,” he added.

Hua Yang has a total landbank value of RM4.5bil in Penang, Perak, the Klang Valley, and Johor, as well as unbilled sales amounting to RM204mil, which will sustain the company for a year.

In FY17, Hua Yang reported a 44% drop in net profit to RM60.93mil, compared with FY16 due to a slowdown in sales.

Ho noted that despite the market conditions, the company has managed to post a respectable net profit for FY17 and it expected to maintain its net profit for the current financial year.

For FY18, the company planned to roll out new property launches with an estimated total gross development value (GDV) of RM322mil.

They included the new flagship mixed development project at Puchong West to be launched in October or November this year with an estimated GDV of RM238mil.

The mixed development, which has yet to be named, will sit on 29 acres and have a total GDV of RM2bil.

Meanwhile, in Johor, Hua Yang will be launching double-storey cluster homes with an estimated GDV of RM43mil in Kota Masai, Johor.