By BUSINESS TIMES
KUALA LUMPUR: Selangor Dredging Bhd (SDB) plans to launch three new property projects with a combined RM750 million gross development value in its current financial year.
The new projects will be located in Kota Damansara and Taman Melawati in Kuala Lumpur.
“Square”, the RM500 million mixed development project at Kota Damansara, will span across 1.9ha, featuring serviced apartments, SoVo (small office versatile office) units, retail shoplots and office suites.
“Square is liked to the Kampung Sungai Buloh MRT. It will be launched in October this year,” SDB managing director Teh Lip Kim said at a press conference after the company’s shareholders’ meeting here yesterday.
The other two projects are in Taman Melawati, with a combined RM200 million GDV.
SDB acquired the two parcels of land in Taman Melawati for RM24 million in February this year.
The niche property developer will also continue to explore viable development opportunities in Singapore despite the rising cost and profit margin pressure there.
Meanwhile, Teh dismissed speculation that she is taking the company private.
According to the company’s filing to Bursa Malaysia on May 3, Teh holds a 58.15 per cent stake in SDB.
“There have been rumours of the privatisation, but we are not going to be privatised. I am not sure where the rumours came from,” she said.
Teh’s move of consistently accumulating SDB shares in the past few years and the company’s long-depressed share price has fuelled talk.
Its current share price of RM1 per share is way below its net asset per share of RM1.51.
SDB is also involved in the leasing and hospitality businesses.
– Malaysia Property News