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Melati Ehsan to launch projects worth RM841 million in Klang Valley

KUALA LUMPUR: Melati Ehsan Holdings Bhd is set to launch several new launches by 2Q 2011 with a total estimated gross development value (GDV) of RM841 million. The developments will spread over a period of 3-5 years and are all located in Klang Valley, including Pandamaran in Klang, Bukit Tengku in Shah Alam and Bukit Jalil in Kuala Lumpur.

“We have landed property in strategic, established area and are building affordable homes,” its managing director, Tan Sri Yap Suan Chee told reporters after the AGM on Feb 25.

He said that the Bukit Jalil development would comprise 41 units of superlink homes with a built-up of 3,000 sq ft on 3.2 acres land. The development would be in a gated and guarded community with a GDV of RM41 million.

Meanwhile, the development in Bukit Tengku would consist of 137 bungalows, also in a gated and guarded community. The development sits on 60 acres of land, with a built-up of 5,000 sq ft and land area of 9,000 to 10,000 sq ft. Both the Bukit Jalil and Bukit Tengku developments are expected to be launch in 2Q2011.

The third project, which is located in Pandamaran in Klang comprising 135 shop houses, will be launched either 2Q or 3Q this year.

Asked if the group was looking at acquiring new land bank, he said the current 200 acres of undeveloped land bank would keep the company busy for years to come, but if “a good opportunity arises and we are confident, then we will buy”.

On lower net profit that the company recorded for the financial year ending August 31, 2010 Yap said that the decrease was due to the delay of development launches in Pandaraman Klang. The group reported a lower net profit of RM5.4 million in FY2010 compared to RM12.6 million in FY2009, a drop of 56.8%. Revenue stood at RM141million in FY2010 compared to RM178 million in FY2009.

“FY 2012 would be a fantastic year… even if we launch (properties) this year, we only see the result next year… FY2011 would still be good,” he added.

Last month, Melati Ehsan’s subsidiary Bayu Melati Sdn Bhd entered into a joint-venture agreement with Selangor Development Corporation or PKNS to undertake a mixed commercial development in SS7 worth RM1.6 billion.

The project, known as Kompleks Sukan PKNS is situated on 812,384.6 sq ft of freehold commercial land in Kelana Jaya. The project is design with two blocks of service apartments, one block of Soho offices, one sports complex, two blocks of office tower, one shopping mall, one hotel, one performing arts center and car park lots.

 

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