SPK sees RM400m sales from 3 residential projects

By BUSINESS TIMES

SHARIKAT Permodalan Kebangsaan Bhd (SPK) expects over RM400 million in sales this year from its three major residential development projects in the Klang Valley and Sungai Petani, Kedah.

Its managing director Saiful Aznir Shahabudin said the projects were Cahaya SPK in Shah Alam, Sunway SPK in Damansara, and Bandar Amanjaya in Sungai Petani.

For the Cahaya SPK project, which comprises 314 units of bungalows, cluster villas and superlink houses, the company expects about RM85 million in sales.

For Sunway SPK Damansara, which is scheduled to be launched next month, the firm expects RM352.8 million worth of sales of 196 semi-detached units, Saiful Aznir said at a media briefing to provide updates of the company’s property development projects in Kuala Lumpur yesterday.

SPK expects to record RM28.8 million from the sales of 120 single-storey bungalows in Sungai Petani, he said.

Saiful Aznir said the company planned to relocate its corporate headquarters to the Cahaya SPK development in Shah Alam in early 2009.

He said the company’s iconic building in Kuala Lumpur’s Golden Triangle had been sold for RM80 million.

SPK is a public company incorporated on March 1 1961. It currently has four core businesses – property, technology, construction, and oil and gas.

The property division, collectively known as SPK Homes, has more than 15 years of experience in property development.

Total gross development value of property development projects undertaken by SPK Homes over the past five years exceeded RM600 million.

On the property outlook this year, Saiful Aznir said the market is expected to be positive in line with the bullish performance of the local stock market.

He said the recent moves by the Government on exemption of real property gains tax, relaxation of Foreign Investment Committee rulings and the introduction of the Malaysia My Second Home programme would encourage local and foreign investments in the property market. – Bernama

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