SDB to launch property projects worth RM1bil in GDV

Selangor Dredging Bhd (SDB) will launch three development projects with a total gross development value (GDV) of RM1bil within one year till August 2017.

Managing director Teh Lip Kim said the projects were two serviced apartments -- one each at its SQWHERE mixed development site in Sungai Buloh and in Jalan Peel, Kuala Lumpur -- and an apartment project in Taman Melawati, Selangor.

“The SQWHERE project will be launched by year-end while project in Jalan Peel and Taman Melawati will each be launched in the first quarter of 2017 and August 2017, respectively,” she told reporters after the group’s AGM in Kuala Lumpur on Friday.

Teh said both SQWHERE and Jalan Peel projects were estimated to generate RM300mil in GDV each while the apartment project in Taman Melawati was expected to have a GDV of RM400mil.

She also said the group was planning to expand its ‘Reside and Purchase’ (RAP) scheme to other completed projects to boost take-up rates.

“The RAP scheme was introduced for our ‘Windows on the Park’ project in Cheras and has recorded 30 transactions since its implementation in March this year,” said Teh.

She said the scheme allowed potential homeowners to buy a completed SDB property without applying for housing loans first.

“Under the scheme, buyers can move in and pay monthly repayments towards the cost of the house and after 36 months they can apply for housing loans,” said Teh.

SDB posted a lower pre-tax profit of RM46.87mil for its financial year ended March 31, 2016 compared with RM96.53mil previously.

Its revenue dropped to RM216.56mil from RM400.51mil in previous financial year.

To-date, SDB has an undeveloped landbank with a GDV of RM3bil and RM150mil cash in excess. - The Star