By BUSINESS TIMES
KUALA LUMPUR: Hap Seng Consolidated Bhd, which recorded a higher net profit of RM125.4 million in the first quarter ended March 31 2014, plans to embark on new property development projects in the Klang Valley worth more than RM1 billion within two years.
Its executive director Datuk Lee Wee Yong said the company is bullish on the local property market and expects its property division to remain the biggest revenue driver this year, despite the recent cooling measures by the government.
“After January this year, buyers were still ready to commit despite the fact that there were no longer incentives by banks to help them purchase their second, third or fourth properties,” he told a press conference after the company’s annual general meeting, here, yesterday.
Lee said among the new projects are a RM800 million high-end serviced residence along Jalan Tun Razak here, and an expansion of its build-then-sell mixed residential development called D’Alpinia in Puchong, Selangor.
He said the Sabah-based company will continue to focus on prime locations in the Klang Valley and Sabah as well as enhance the synergies of the various businesses under its property division.
“We are also building up the quarry business. We are operating 10 quarries now and plan to operate another three this year,” Lee said, adding that Hap Seng is the second biggest quarry operator in the country.
The company, which has total landbank of 951.011ha and RM500 million in unbilled sales, also owns four brick factories and is involved in building materials trading.
Hap Seng also plans to set aside between RM200 million and RM300 million in capital expenditure this year to be utilised across all its divisions.
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