PETALING JAYA: DRB-HICOM Bhd expects its property division to contribute “more meaningful” profits this year on the back of several ongoing projects in prime areas.
“We are starting to establish our brand, especially the Glenmarie. We are looking quite bullish for this coming year,” said group director of property division Amir Salleh.
He said this at a ceremony for the handover of keys to the Saujana Glenhill semi-detached homeowners in Petaling Jaya last Saturday.
The 27-acre freehold Saujana Glenhill is near Saujana, Subang.
Amir said the property division contributed some 20% to group profits, or about RM130mil of the last financial year ended March 31, 2006.
Ongoing projects include Kota Kemuning, Shah Alam; Proton City, Tanjung Malim; Glenmarie, Subang; and Tropicana Golf Club area, Petaling Jaya.
Most of these projects have an average gross development value (GDV) of above RM50mil.
He added that the property division had about 4,000 acres of undeveloped land that would last 10 to 20 years.