DBE Gurney moves into property development with proposed joint development in Perak

PETALING JAYA (Feb 5): Poultry firm DBE Gurney Resources Bhd has marked its diversification into property development and construction segment through a proposed joint development with Misi Jutari Sdn Bhd (MJSB) in Perak.

In a press statement today, the company announced that its new wholly-owned subsidiary DBE Development Sdn Bhd (DDSB) and Misi Jutari will undertake the construction and development of a mixed development project on a 3.765-ha freehold site at Bota Kanan, Seri Iskandar.

DBE Gurney Resources executive director Datuk Doh Jee Ming said the joint development is part of the company’s business strategy to diversify from its existing poultry business into the property development industry, where it is expected to have strong growth prospects particularly in the residential sector.

“We believe that demand for properties will continue to increase as buyers are constantly looking for new developments that fit their requirements, hence it is important for us to strategise our products to provide for market needs in order for us to remain competitive within the industry.

“In addition, we also intend to diversify into construction-related business to complement the property development where we shall undertake the construction works of identified projects or contracts to be procured from time to time,” said Doh, who will be spearheading the joint development and the company’s property division going forward.

With an estimated GDV of RM24.5 million, the mixed affordable development project consists of 10 single-storey semidees, 85 single-storey terraced houses, three double-storey shophouses and 16 single-storey shophouses.

Under the proposed joint development, DDSB and MJSB will be entitled to 75% and 25% share respectively of the net development profit attributable to the development.

Doh noted that the property development segment in Perak Tengah, particularly Seri Iskandar, is fast expanding, given its strategic location near several higher-learning institutions.

“With the high student population in the area, Seri Iskandar has become extremely attractive for property buyers as well as big name developers who have recently launched their development projects. We are optimistic that this project will contribute positively to our bottom line,” he said, adding that the company also has plans to venture into the affordable housing segment.