Gabungan AQRS eyes 40% contribution from property division for FY2013

KUALA LUMPUR: Gabungan AQRS Bhd, a construction company and property developer, is eyeing a 40% contribution from its property development division for the current financial year ending Dec 31, 2013, said Chief Executive Officer Ng Chun Kooi.

For the financial year ended Dec 31, 2012, the division contributed RM49.7 million or 16 per cent of the total group revenue of RM319.5 million. The remaining contribution came from the construction division.

"We are slated to launch property projects with a gross development value (GDV) of nearly RM1.3 billion in 2013 and located within the high-growth areas of the Klang Valley and Iskandar Malaysia.

"Together with ongoing billings from existing projects, we are confident that the property development division will reach the set target by year-end," he told a press conference after the company's annual general meeting here today.

Ng said, in respect of the planned projects this year, the group had already launched its RM526.7 million GDV residential venture, The Peak, in Iskandar Malaysia, in April.

The group expects the remaining projects to be launched in the second half of 2013, comprising commercial projects in Iskandar Malaysia and the Klang Valley.

On the company's land bank, Ng noted that it had more than 8.09 hectares of undeveloped land and was looking to acquire at least one more, in the Klang Valley or Johor within the year. - Bernama