19 June 2014

Kimlun to launch second project in Medini Iskandar with GDV of RM420mil

  19 June 2014

By THE STAR
KUALA LUMPUR: Kimlun Corp Bhd aims to launch its second property project in Medini Iskandar, Johor, with an estimated gross development value (GDV) of RM420mil by the end of the year.
The two-phase project will consist of about 800 units of SOHO (small office, home office) and some retails properties sited on 13.6ha of freehold land.
“We are going to launch Opus Medini Phase 1 around the end of this year and expect it to be completed by the end of 2017,” chief executive officer and executive director Sim Tian Liang told reporters after the group’s AGM yesterday.
He said the group had submitted its application to the local authority for planning approval for the phase 1.
Last year, the group launched its first property development project, known as The Hyve, in Cyberjaya Selangor.
The project comprises 804 units of SOHO and offices on 2ha of freehold land with a potential GDV of RM235mil.
“The take-up rate for our first property project in Cyberjaya is about 70%,” Sim said, adding that he expected the project to be completed by end-2015.
He added that the company was on the lookout to expand its land-bank, mainly in the Klang Valley and Johor.
The company currently has a land-bank of about 7.7ha in Medini Iskandar, Cyberjaya and Shah Alam.
On its 3.6ha in Shah Alam, which the company recently bought for about RM29mil, it plans to build bungalow units.
“It is still in the planning stage and we target to launch it in the second half of 2015,” Sim said.
Despite having simultaneous property launches, Kimlun expects its construction segment to be the main contributor to its earnings.
Up to March 31, the group’s order-book stood at RM2.06bil, of which RM1.85bil is from its construction business.
“We do not expect the dynamics of the group to change much; the construction segment would remain as the main contributor, followed by the manufacturing division,” said executive director Venessa T. F. Yam.
Meanwhile, its tender-book currently is between RM800mil and RM2bil.
Kimlun is also involved in the mass rapid transit projects in the Klang Valley and Singapore.

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