Selangor Properties to develop 105ha in Selangor

By YVONNE TAN | yvonne@thestar.com.my

PETALING JAYA: Selangor Properties Bhd plans to develop about 105.22ha in Selangor over the next few years.

Firstly, it hopes to develop its landbank of about 32.38ha in the areas of Bukit Permata and Selayang Mulia, Selangor, where it has had previous housing projects.

Its chief operating officer Chong Koon San said the projects, which would comprise semi-detached houses, would be launched next year. However, no gross development value had been determined yet, he said after a shareholders meeting here yesterday.

Chong said apart from that, Selangor Properties, which generates most of its income from property investment, also had a 60.70ha in Ulu Langat that it was looking to develop into a mixed development. On top of that, it had 13.76ha in the vicinity of Damansara Heights.

“For Damansara Heights, we are waiting for the MRT line, which is under construction, to be completed before we decide on any solid development plans.”

He said the group had proceeded on a masterplan for its landbank in this area to provide a blueprint for an integrated future development.

Chong said Selangor Properties was still in negotiations with Mass Rapid Transit Corp Sdn Bhd (MRT Corp), which is overseeing the development of the MRT, with regards to the latter’s proposed acquisition of some land owned by Selangor Properties, intended for MRT Corp’s project.

“We will not sell the land and we are still talking to them about options,” he said.

The current Sungai Buloh-Kajang MRT line, which is under construction and which will run through Damansara, is expected to be completed by 2017.

Chong said Selangor Properties currently owned seven properties in Selangor, including Wisma Damansara and Menara Millenium, and these had an average occupancy rate of 96%.

In Australia, it has a shopping mall in Claremont, Perth, which has an occupancy rate of 98.5%.

The group’s last pillar of business, education, is run under HELP International Corp Bhd. HELP is currently under an expansion programme to venture into the business of private international education.

The private school is expected to be located within HELP University’s proposed campus at Subang 2 and expected to have its first intake of students by the end of this year.

Selangor Properties’ net profit fell 56% to RM19.28mil in the fourth quarter ended Oct 31 from RM43.96mil a year ago, impacted by its investment holdings. A delay in its property launches also impacted its earnings in this division.

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