Sel Dredging to launch RM1b projects

High-end property developer Selangor Dredging Bhd will launch several new projects in Malaysia and Singapore with a gross development value of RM1 billion by end-2012.

"Next week, we will launch a RM238 million project called Hijauan in Singapore and another in Batu Feringghi, Penang in November," Managing Director, Teh Lip Kim said.

"Over the next six months, Selangor Dredging would have launched projects worth RM500 million," she told a press conference after the company's annual general meeting today.

The company owns Wisma Selangor Dredging and Hotel Maya in the city.

Also in the pipeline were two more projects slated to be launched in the first and second quarters of next year, in Cheras Selatan and Dengkil, she said.

As for the Hijauan residential project comprising 41 luxury apartment units, it was targeted at the high-income group.

The company is expecting the project to raise the group's revenue by 50 per cent from 30 per cent at present, Teh said.

Within the next two years, Selangor Dredging's business in Malaysia and Singapore would contribute 50 per cent each to turnover while the ratio now was at 70:30.

The group has successfully launched 10 projects - seven in Malaysia and three in Singapore - since it made the switch to property development in 2004 worth RM2.38 billion.

For the financial year ended March 31, 2011, Selangor Dredging recorded a higher pre-tax profit of RM44.37 million from RM27.95 million previously while turnover rose to RM346 million against RM234.4 million. -- Bernama