"The board expects the property development segment to continue to contribute positively to the group's performance in the coming financial year."
In May last year, O&C Resources Bhd (OCR) shareholders gave the rubber and baby products manufacturer the greenlight to diversify into property development.
The property comprises a 45,000 sq ft piece of leasehold land rated at RM1,100 per sq ft and a single-storey detached factory.
The trust declared a final income distribution of 3.73 sen per unit, payable on Feb 28.
TA Securities Research has maintained its “Underweight” rating on the property sector, as “weak market sentiment, increasing supply and tight lending environment are expected to weigh on property sales”.
The builder said its indirect wholly-owned subsidiary, Tema Warisan Sdn Bhd, yesterday inked a joint-venture agreement with Perikatan Progresif Sdn Bhd for the development on a 17.5-acre leasehold land.