Low (right) and L&G chief financial officer Tan Boon Siong holding the annual report after the AGM.
KUALA LUMPUR: Land & General Bhd (L&G) is set to launch two new developments namely Aria Rimba in Shah Alam, and a yet-unnamed project located at the former Sri Damansara Club in Bandar Sri Damansara.
Aria Rimba will be a 112-acre township with an estimated gross development value (GDV) of RM1.2bil while the Sri Damansara Club project, a 14-acre mix-development, has an estimated GDV of RM2.0bil.
Both projects will see the launching of their respective first phase, which will have a combined GDV of RM677mil next year.
Phase 1A of Aria Rimba, comprising 150 double-storey terrace houses and 162 units of medium-rise Rumah Selangorku apartments, has a GDV of RM107 million, said L&G managing director Low Gay Teck.
Phase 1 of the other project will comprise 732 units of high-rise serviced apartments-and Phase 2 will see 602 units of affordable Type D units. These two phases have a combined GDV of RM570mil.
“The Sri Damansara Club project is a transit-oriented development project in Bandar Sri Damansara, whereby the MRT2 station is less than 400m away, and it will be connected by a sheltered link bridge from the station to the development.
“When these two projects are launched, the L&G Group would have a total of five development projects on offer to the public,” said Low.
The other three projects concern Astoria Ampang in Kuala Lumpur, Damansara Seresta in Petaling Jaya and Sena Parc in Negeri Sembilan.
Astoria Ampang Phase 1, which comprises 506 units of serviced apartments, will be handed over to home buyers next month. This project, with a take-up rate of 77%, consists of two phases of 1,012 units with total GDV of RM840mil.
Sena Parc Phase 1A, located in Senawang, consists of 163 double-storey terrace link houses with GDV of RM79mil. As this phase saw a take-up rate of 92%, the group is planning to soft-launch Phase 1C comprising 54 double-storey terrace link houses this month.
The group’s other on-going project is Damansara Seresta located in Bandar Sri Damansara. The project, which has a GDV of RM450mil, comprises two blocks of 452 condominium units.
The take-up rate is 47% to-date and the project is expected to be completed in 2022.
L&G remains in a healthy financial position with a cash reserve of RM110mil as at March 31 this year.
“Our focus for the rest of the year and next year will remain on sales. The Home Ownership Campaign, together with the current low interest rate environment, should help stimulate demand.
“With Phase 1 Astoria Ampang and Phase 1A Sena Parc now completed, and with the two attractive developments coming on-stream next year, we look forward to better sales and better financial performance next year,” said Low.
The group’s revenue of RM139.7mil for its financial year ended March 31, 2020, was marginally higher compared to RM134.4mil for the corresponding 2019 financial year.
The group’s pre-tax profit was RM26.2mil for FY2020, down from RM52.9mil a year ago, primarily due to its other income being reduced by half in FY2020 because of a significantly lower writeback of provision relating to the liquidation of a former subsidiary as compared to a year ago.
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