SDB to launch high-rise project in Singapore by year-end

KUALA LUMPUR (Sept 29): Selangor Dredging Bhd (SDB) will be unveiling a high-rise development in Singapore called Myra by the end of this year, said SDB managing director Teh Lip Kim during the company’s virtual annual general meeting today.

“Myra is located at Meyappa Chettiar Road and Woodsville Close in District 13. It comprises only 85 residences in 12 storeys and this freehold development is located 150m from the Potong Pasir MRT station,” said Teh in a media statement today.

As for Malaysia, there are two condominium villa projects in the pipeline in Serdang and Melawati.

Reviewing its performance for the financial year ended March 31, 2020, SDB registered a pre-tax profit of RM6.58 million on the back of a marginally lower turnover of RM243.85 million, the statement said.

After accounting for taxation, the SDB Group posted a net loss of RM4.48 million, compared to RM24.42 million net profit posted in the previous corresponding period. This is due to a once-off impairment cost for four pieces of land held for development amounting to a total of RM14 million.

During the year under review, SDB focused primarily on unsold stocks for completed developments and developments under construction. Teh added that the company will continue with marketing efforts for its existing projects, including SqWhere, Sungai Buloh and UNA, Cheras, and JUI Residences and One Draycott in Singapore.

In the hospitality division, the developer noted that Hotel Maya on Jalan Ampang, Kuala Lumpur saw an increase in occupancy rate of 45%, an improvement from the 38% posted in the previous year, thanks to various initiatives taken to revive the brand.

With regards to the property developer's involvement in the mining sector, its associate company Fortress Minerals Limited has contributed RM8.34 million of net profit to SDB during the financial year.

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