27 August 2014

Hua Yang upbeat on sales

  27 August 2014

Hua Yang, One South

HUA Yang Bhd is confident of sustaining its sales momentum for the current year ending March 31 2015, as it presses on to launch new projects valued at RM1.1 billion.

Chief executive officer Ho Wen Yen said Hua Yang’s business focuses on the affordable housing market, of which residential units are priced at less than RM500,000 per unit.

The group’s new launches will be spread across the Klang Valley, Negri Sembilan, Johor and Perak.

Two days ago, Hua Yang told Bursa Malaysia that it bought four parcels of land in Ipoh for RM25.15 million. This mid-sized developer started out from Ipoh 35 years ago, and not surprisingly, its biggest plot of landbank lies there.

Over at the Klang Valley, among Hua Yang’s key developments are One South in the Seri Kembangan area and Symphony Heights in Selayang.

“Currently, our unbilled sales of more than RM700 million will continue to consolidate our position as one of the leading brands in providing affordable homes,” Ho told the media after the company’s shareholders meeting, here, yesterday.

Shareholders approved a final dividend proposal, bringing the total dividend per share to 12 sen for the last financial year ended March 2014. This will translate into a dividend yield of 6.7 per cent.

Ho noted that Hua Yang is set to issue RM250 million in Islamic bonds and proceeds will go to replenishing its landbank.

“We’ll use the proceeds from the sukuk issuance to acquire strategically placed assets in Bukit Mertajam and Kota Kinabalu. We are currently in talks with a few land owners. We hope to announce some good news soon,” Ho said.

When asked to comment on the company’s preparedness for the Goods and Services Tax (GST), Ho said: “Our accounting system is being tweaked for the monthly claims and billings with the Customs Department. We’ve made the necessary registration with the government.”

The six per cent GST, a multi-stage consumption tax, will soon replace the current Sales and Service Taxes of 10 and six per cent, respectively. From April 2015, purchasers of commercial properties will have to pay the six per cent GST while buyers of residential properties are exempted.

~ By BUSINESS TIMES

logoblog

Thanks for reading Hua Yang upbeat on sales

Previous
« Prev Post

No comments:

Post a Comment