Translate This Page

Saturday, July 12, 2014

Land & General to launch RM2 billion worth of properties over next 12 months (Edge)

Land & General Bhd (L&G) intends to roll out RM2 billion worth of properties in the next 12 months.

Speaking to reporters during a briefing today, L&G managing director, Low Gay Teck, said three of the property projects in the pipeline were due to be launched, within the first quarter of next year.

These are Damansara Foresta Phase 2 in Bandar Sri Damansara, Tuanku Jaafar Resort Homes in Seremban and serviced apartments along Jalan Ampang, next to the group's current The Elements @ Ampang project.

L&G recently gained shareholder's approval to purchase the plot of land along Jalan Ampang, for RM118.5 million.

Low said the serviced apartment development would comprise four towers, with about 1,000 units. Its gross development value (GDV) is estimated at RM800 million.

Meanwhile, the Damansara Foresta project and the Tuanku Jaafar development would bring a combined GDV of RM1.2 billion.

Additionally, L&G has close to 2,500 acres of estate land in Lembah Beringin, northern Selangor, which Low said the group is planning to convert to residential land....

The property developer posted bumper results for the financial year ended March 31, 2014. Its revenue and net profit increased more than two fold to RM491.9 million and RM128.7 million respectively, from RM216.3 million and RM57.2 million the year before. 
L&G also announced a maiden dividend payout of 2 sen per share, representing payout of more than 30% of its net profit.

No comments: