Country Heights expects better performance this year

SERI KEMBANGAN: Country Heights Holdings Bhd (CHHB) expects a better performance this year compared with last year's.

Group chief executive officer Dianna Lee Cheng Wen said the company will launch a few property projects this year which will be translated into higher revenue for the group.

"This year we will have a slight increase in our activity because last year we focused more on cashing out of our existing inventory.

"We have completed phase one of Bellaza Garden Homes, and the LakeView Residency at Cyberjaya is 80% completed.

"So we have more projects completed this year and this project has been fully sold, and this will be translated into better revenue and profit for the year," Lee told reporters after the company's annual general meeting here today.

She said the company has projects in the pipeline of RM935 million in gross development value.

Besides focusing on the property project, the group also plans to launch a new project in October this year -- the transformation of the Mines into Malaysia's first integrated wellness city.

"During the launch, we will unveil our series of projects that will be coming up in the next 10 years," she added.

Lee said CHHB is also seeking to expand its landbank.

"We are looking at land of not less than 4.05 hectares for landed development, and we are also trying to secure land within the Mines that is still not under contract for our wellness city project as well," she said.

Currently, CHHB's landbank spans across 2428.11 hectares with the majority in Kuching, followed by Kedah, the Mines, Cyberjaya, Kajang, Damansara, Melaka, Port Dickson and Pajam.

For the financial year ended Dec 31, 2012, CHHB posted a pre-tax profit of RM32.9 million and a revenue of RM253.72 million. - Bernama