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楼主: Mr.Business

【SDRED 2224 交流专区】雪兰莪铁船

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 楼主| 发表于 23-2-2008 10:01 PM | 显示全部楼层
一些资料/新闻。

Making Great Strides

Tuesday, May 1, 2007 - Malaysian Business
By James S.

Selangor Dredging, having carved a niche for itself in high-end property development has been getting more investor attention lately.

It may be sunny days again for the property sector, at least if one takes the cue from the recent slew of analyst reports touting the revival of the industry over the next couple of years. Before the 1997 Asian financial crisis, property was one of the most favoured sectors in the country, but with it, the sector later suffered from the burden of excesses and overbuilding by developers.

While demand for property has recovered back to the pre-1997 level, growth has still been sluggish considering that almost 10 years have passed since the crisis. However, all this may be changing in the next few years as the government recently launched a concerted effort to bring the industry back to its glory days.

According to a recent sector report from local stock-broker KAF Seagroatt & Campbell Securities, the global property sector has generally done well over the past few years in tandem with the strong economic growth worldwide. Evidence of the boom can be found in developed nations such as the United Kingdom and the United States, in the Middle East, as well as in rapidly developing Asian countries such as India and China.

The property boom has also been felt closer to the region in Singapore and Vietnam, it says. However, Malaysia has unfortunately been left out of this boom altogether despite having similar ingredients in place, such as increasing wealth, good liquidity and a sound financial framework.

Government kick-starting the sector

The industry, however, is back in favour, at least with analyst and investors, after the government introduced a series of measures this year to revamp it and spur property demand, in particular, to make the sector more attractive to foreign investment. Besides the increased fiscal pump-priming under the Ninth Malaysia Plan (9MP), the government has also introduced special development zones, notably that of the Iskandar Development Region (IDR) in South Johor.

In order to attract more foreign investments into the local property scene, the government also earlier this year scrapped the Foreign Investment Committee (FIC) approval for foreigners for the purchase of residential property amounting to more than RM250,000. In addition, there is now also no restrictions on the number of property that can be purchased by a foreigner and also no conditions on their terms of usage, whether for owner-occupied or rental purposes.

The 30-year-old Real Property Gains Tax (RPGT) on the sector has also been abolished effective April 1, 2007. Property investors will no longer have to hold their assets for a minimum of five years before they can actually realise its full capital appreciation without being taxed. Prior to this, a capital gains tax of between 5% and 30% was chargeable on property sales within the first five years.

High-end property and foreign demand to benefit

With local demand still sluggish, analysts believe that the measures above will benefit mostly developers who are involved in the high-end segment, which is where foreign purchases are more apparent. With expectations that the government will continue to announce more sector liberalisation measures going forward, it is not surprising that the market has caught on to the theme, with high-end property stocks being chased up by the market in the likes of developers like Sunrise Bhd, the Mah Sing Group, YNH Property Bhd, SPB Bhd, etc.

With the rise of such a theme, analysts are now even looking towards the laggard second-liner property stocks and those that are still quietly making their earnings behind the scenes. According to a recent report from Kenanga Research, Selangor Dredging Bhd (SDB) fits the bill of such little-known players who are making great strides but are relatively undiscovered by the market.

From tin to high-end niche property player

According to Kenanga Research, SDB was formerly a tin-mining company before the company successfully ventured into property investment holding and the hotel business back in 1985. The company’s history dates back to 1962, when Teh Kian Toh incorporated Selangor Dredging Limited.

It was then listed on the main board of Bursa Malaysia in 1964, the company’s sole business then being tin mining, with the operation of two dredges in Dengkil, Selangor. When tin lost its lustre in the 1980s, SDB diversified into other businesses, including hardware manufacturing and the retail manufacturing of tyre rims for national cars Proton and Perodua.

In 1985, SDB completed Wisma Selangor Dredging, a benchmark Grade A building in Jalan Ampang. Two years later, the group’s hotel operation, Radisson Hotel along the same road, also commenced operations. Radisson Hotel has since has two changes in management to Park Plaza and now under SDB management, where it has been re-branded as Hotel Maya. These two investment properties have provided recurring rental income to the group even till today.

However, the group made its mark as a high-end developer only in 2003, when it launched its first project called Amansari in Puchong. Drawing from its success in Amansari, SDB later launched its high-end ParkSeven project, which is located near the prime KLCC development, in 2004. With a gross development value (GDV) of RM260.0 million, the project was a huge success for SDB and is today more than 90% sold.

Apparently, despite its large size of above 2,000 sq ft, Park Seven’s selling price of RM670 per square foot (psf) was cheap in comparison with its competitors. Its other selling point was also its unique feature of one unit per floor, which won over many buyers, as it gave the perception of a bungalow in the sky.

Focused on design differentiation to stand out

Kenanga Research believes that SDB’s success as a high-end developer is not by sheer luck of being able to spot the right location and right type of property alone. According to the research house, SDB under the present helm of Teh Lip Kim, its current managing director, has prided itself on its ability to differentiate the company’s products by focusing on a high-end residential niche that offers innovative designs and quality, one that exceeds the expectations of high-end residential property buyers.

This is crucial in a crowded high-end market today, especially around the city centre where developers are sensing the opportunities of high-end property and jumping on the bandwagon in droves. Note that Teh is also a substantial shareholder of the company and represents the interest of the controlling Teh family on the board together with her sister Teh Lip Pin.

SDB has also recently in January this year launched its new condominium project in Petaling Jaya called the Ameera, which also drew some good reviews for its contemporary design that appeals to a wide audience of buyers, both young and old.
Apparently, SDB’s management team played a big part in working with the right consultants (architects, interior designers, etc) to come up with the complete product that stood out against its competitors while being competitively priced at RM300 psf, says Kenanga Research. Ameera is believed to be more than 50% sold to date and all its larger units have been snapped up by house-buyers.

Projects to drive earnings over the next five years.

SDB has lined up several strategically located high-end property projects ahead to grow its earnings more aggressively. Kenanga Research says that these projects are to be launched and developed by the company over the next three to five years, which will grow a GDV of more than RM700 million.

For a start, Ameera was launched in January 2007 while another two projects in Taman Melawati and Damansara Heights are expected to be launched later this year (see Table 1). The research house believes that the relaxation of the foreign ownership rules and the abolishment of the RPGT for foreigners will spur further interest in high-end property in addition to equity investors switching their asset class holdings from equity to property. These developments are likely to bode well for SDB.

SBD may even expand overseas. The company has acquired Mount Emily condominium in Singapore on an en-block basis and is planning to build a high-end condominium there. It is also setting its sights on Australia, Thailand and Vietnam for potential further expansion.

However, Kenanga Research believes that SDB’s conservative management will only go overseas when it has gained sufficient experience and built a team with both depth and breadth of experience to manage several projects in various locations.




Lack of land bank could be a dampener

An analyst with a local stock-broking house says that SBD is likely to find it hard to sustain its earnings over the longer term, given that its land bank size is only a mere 130 acres. Furthermore, he points out that SDB’s future earnings could be quite volatile if it just depends on the high-end segment of the market alone. While Wisma Selangor Dredging provides a stable rental income of about RM5.5million to the group, its Hotel Maya operation continues to be in the red of about RM5.0 million per annum.

However, Kenanga Research is not too concerned with the issue, saying that with a small land bank, SDB would be nimble to be able to seize opportunities that present themselves and adapt itself to changes in demand. Still, the concern is well founded, says another market observer. He points out that SDB has not been paying any dividends for some time, although Kenanga Research forecasts that SDB will be paying a gross dividend of 1.2 sen for FY07 and 2.5 sen for FY08.

Conclusion

SDB certainly intends to strike while the iron is hot and is lining up new launches in Kuala Lumpur, as better sentiment for high-end property returns as the government introduces strong measures to revive demand for local property. Kenanga Research believes that the stock is still undervalued by the market even if it is still a new kid on the block.

Based on a sum-of-parts basis, the research house estimates that the revalued net asset value (RNAV) of SDB is at RM1.51/share (See Table 2), which is at a substantial premium to the company’s current share price of just RM0.83/share.

Meanwhile, at its forecast net profit of RM54.2million for the company for FY08 (see Table 3), it adds that SDB would also be trading at a low price earnings (PE) multiple of just 10.0x.









Kenanga Research has put a ‘Buy’ call on SDB with a target price of RM1.51. With the current market flavour for high-end developers, SDB could certainly attract more investor attention ahead, although in the longer run, the company may need to expand into other property segments to ensure that its earnings are not just dependent on one segment alone.
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 楼主| 发表于 23-2-2008 10:04 PM | 显示全部楼层
原帖由 tan81 于 23-2-2008 09:58 PM 发表
不错的分享。是个上进的管理人。可以寄予厚望。
不过公司的业务则要研究,才知道如何。

实在谢谢生意兄的功课。


不用客气,资料都是从公司网站取得 (我喜欢)。。。

看她的模样,在她手下做事压力应该蛮大,哈。投资她的公司可能又不错。

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 楼主| 发表于 23-2-2008 10:05 PM | 显示全部楼层
一些资料/新闻。

Exciting times ahead

Saturday, May 12, 2007 - Star BizWeek, The Star
By Teh Lip Kim

The time taken for property development approvals has been a perpetual bugbear for purchasers and developers. Hence the recent sweeping changes announced to reduce approval times to six months have rightly been described as a milestone by the real estate industry association, REHDA. As we all know, time is money, so the quicker approvals are obtained, the lower the holding costs for developers and such savings can be expected to be passed on to prospective purchasers.

What’s New?
It is clear that the property sector is going through an evolution. Not only has the approval time for a development project been reduced, the abolition of real property gains tax (RPGT) has also been much welcomed. This tax, introduced in the late 1990s to prevent property speculation and overheating of the economy, has been imposed on properties sold within two years of acquisition. As the Malaysian property market has never been speculative and the industry has been relatively stable over the last decade, this move is timely indeed.

Within Malaysia, we have had two different business models for property developers, BTS (build-then-sell) and STB (sell-then-build). The proposed changes strongly favour the BTS concept, which is generally employed in most “developed” countries. Whilst developers are still free to use the STB model, a fast-track approval of four months will be given to developers who opt for the BTS method, involving approvals for change in land use, sub division, planning and the submission of the building plan.

Even better news is the replacement of the highly bureauaucratic, time-consuming and error-prone certificate of fitness for occupancy (CFO) with a professionally managed certificate of completion and compliance (CCC). The fast-track approval system is to be implemented by a one-stop centre (OSC) in each state, and it is genuinely hoped that this body can fulfill its role with a level of professionalism and expertise that will satisfy buyers, investors and developers alike.

Developers who employ the BTS method whereby the purchaser pays an initial deposit of typically 10% prior to development commencing are to be given incentives. They will be exempted from paying the RM200,000 deposit fee for the housing development license and will be exempted from the low-cost homes construction quota, which will be a great relief to many developers.

Will it work?

Although the BTS model translates to higher holding costs for developers which may be passed on to purchasers, it requires a commitment from both parties and therefore, a financial willingness and cooperation to succeed.

As cost does play a significant role for developers the BTS model may not be feasible for some. However, should market or regulatory pressure result in BTS being the dominant option, this may eventually lead to the consolidation of the property industry, especially amongst the small players.

As the idea of BTS is still new, the property sector will see a transitional period, as the developers gradually adapt to the changes.

In Singapore, some developers actually use a combination of the BTS and STB models in the same development. In other words, they give purchasers a choice of methods of payment – either the deferred payment method where a purchaser pays a down payment of 20% of the purchase price and pays the balance when the house is ready; or a progressive payment where the purchaser is billed stage-by-stage, according to the work completed.

Those who choose the progressive payment method end up paying less for their house while those who choose the deferred payment method are charged more for making the lump-sum balance of 80% payment when the house is fully completed.

The deferred payment method also tends to encourage speculation punters just pay the first 20%, wait for the house to be ready and on-sell once it is completed.

Whilst the planned reforms look very exciting, it is up to the industry to work in partnership with the Government to take advantage.

The changes may look good on paper but their implementation may prove to be troublesome and it is up to the industry bodies and the government to work together to realise the necessary efficiencies which are the backbone of these proposals.
With the new rules, the development planning committees of the state governments and local authorities find themselves freed of considerable responsibilities, and may need some time to get used to the new regulations. Indeed, PEMUDAH, which is tasked with overseeing these reforms, should be vigilant to ensure that the planned reforms are not frustrated by the passive resistance of officialdom.

On the other hand, rather than simply trying to profit from the new regulations, developers must act responsibly and uphold sound business practices while banking on their reputation for quality and value to build market share.

Similarly, the professional institutes – including the Institute of Architects (PAM) and Institute of Engineers (IEM) – on whose shoulders the new certification regime falls, will now come under greater scrutiny for ensuring quality and timeliness in delivery. These goals should not be taken for granted, since some 12% of complaints against developments concern late delivery and defects. The new processes and practices should assist in alleviating these issues.

Another important factor will be the readiness of the banking industry to embrace the financial implications inherent in these changes. The structure of financing may need to be reviewed in order to enable the developer to function without having his capital overextended. The structure of borrowings for the purchaser may also have to be reviewed depending on the amount of deposits required and the repayment periods agreed.

These reservations notwithstanding, house buyers who are worried about paying for homes that never see completion, or taking possession of homes that do not match up to promised quality and standards will surely welcome these moves.

However, quality and reliability will always prevail and property buyers must therefore equip themselves with necessary knowledge to evaluate cost against value so as to get the best return. As always, it will be the end consumer that dictates the direction the market takes.



As cost plays a significant role for developers, BTS model may not be feasible for some.

*The writer is the managing director of SDB properties Sdn Bhd, a lifestyle property company. Bouquets and brickbats are welcome, send in your email to md@sdb.com.my
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 楼主| 发表于 23-2-2008 10:06 PM | 显示全部楼层
一些资料/新闻。

Selangor Dredging Deal
Saturday, May 19, 2007 - Business Times, New Straits Times

Selangor Dredging Bhd, a property company, said its Singapore unit has won a bid for an apartment building known as Gilstead View, located at No 2, Gilstead Road, Singapore. The bid was for RM221.3 million, it said in a statement to Bursa Malaysia yesterday. It will use internal funds and borrowings to pay for the freehold property.
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 楼主| 发表于 23-2-2008 10:06 PM | 显示全部楼层
一些资料/新闻。

Selangor Dredging Bought Singapore Apartment with 220…
Saturday, May 19, 2007 - Business, Sin Chew Daily

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 楼主| 发表于 23-2-2008 10:07 PM | 显示全部楼层
一些资料/新闻。

Interest in Properties
Sunday, May 20, 2007 - Biznews Weekly, China press

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 楼主| 发表于 23-2-2008 10:09 PM | 显示全部楼层
一些资料/新闻。

Maiden Project in Singapore
Monday, May 21, 2007 - City & Country, The Edge

SDB to redevelop Mount Emily Tower on Wilkie Road

Venturing into the Singapore property development market is the obvious progression for Selangor Dredging Bhd (SDB) as far as Teh Lip Kim is concerned. Teh is managing director of the company once helmed by her father.

“We wanted to expand regionally, and for us, Singapore is the safest bet. The rules there are transparent, approval processes are clear-cut and prompt, and it takes between four and six months to get everything done – from development order to approval for the building plan. It was an easy choice,” she tells City & Country.

While other local developers have looked past Singapore for opportunities in India, China, Vietnam, Cambodia and the Middle East, Tehh is convinced about SDB’s prospects in Singapore.

This is on top of the synergistic advantages to be found since some of its current consultants – those involved in the architectural, landscape as well as civil and structural works – are based in Singapore.

SDB’s maiden project in Singapore – a planned 8-storey block comprising 23 apartments – is scheduled for launch later this year. While the values have yet to be finalised, Teh is not the least bit worried about sales.
“I’m not concerned. We only have 23 units to sell. We already have a lot of people calling us (about the units). I am not saying we are sold out; we havent launched, but I am every bit confident.”

As for pricing, she says SDB is waiting for the big boys nearby to launch their projects. “We want to see at what price CapitaLand and Guocoland are going to sell their units in the next couple of months. In Singapore these days, pricing always sets a new benchmark,” she says. The developer expects to start work in mid-2008.

First endeavour

SDB s venture in Singapore involves the redevelopment of Mount Emily Tower on Wilkie Road which is adjacent to Orchard Road This is currently the trend in landlocked Singapore.

The whole process termed a collective sale involves securing 80% ownership of the units through real estate agents The interested developer can then make a bid for the project through the tender process The rate payable to the vendor is based on the approved plot ratio says group general manager Loong Ching Hong In this case it is based on S 600 about RM1, 401 psf per plot ratio SDB paid S$ 22 million for the 17,111. 38 sq ft lot.


Loong: Vendors stand to become instant millionaires.


An artist s impression of 20trees, which is coming up in Taman Melawati.

We are able to calculate our costs and profits based on the open and transparent re development system that Singapore employs, where for each zone there is the approved plot ratio and there are regulations on how high you can build for instance With this we can estimate our costing," says Loong adding that there is a height limit for SDB s site as it is located close to the istana. Thus the developer cannot build beyond seven or eight storeys.

" We don t have to build basements because only one parking bay is allocated to a unit The site is sloping downwards so we can just put in a sub basement there above the ground," he says.

Vendors stand to become "instant millionaires" in cases where plot ratios for certain zones are increased Loong says," If the owner were to sell his unit on the secondary market it would probably earn him less than if he sold in a collective sale for redevelopment purposes and he stands to gain much more. if the plot ratio is increased say from one to three," he explains.

According to a Singapore based property consultant real estate agents are not the only people looking for collective sale sites for redevelopment purposes Unit owners too have been known to come together for this purpose because they realise there is a premium in appearing as a group to sell their units as opposed to selling individually The consultant adds that it is not only older buildings that are the target of collective sale redevelopment but also newer buildings. "Those that are more than 10 years old are typically considered older buildings. For the so-called 'newer' ones there needs to be consensus among at least 90% of the unit owners before they can proceed to consider the building for redevelopment purposes," she says.

Under collective sale terms the developer is bound by law to allow the sellers/ previous owners to stay on for six months after getting their monies while they look for alternative housing.

With the SDB team raring to go in Singapore there are plans for more such projects Teh shares that they may even buy land outright. "We hope to have a second project in six months time", she says.

Changing trends

Collective sale seems to be the way to go in Singapore. According to a DTZ Research report on the Singapore market for 4Q2006 total investment transactions rose to S$ 24.5 billion in 2006 almost double that of the previous year. This was driven by the record sale of 80 collective sale sites.

"Compared with 2005 sales of private development sites saw a significant increase of 224% this was largely attributed to collective sales which increased almost fourfold to S$ 7.9 billion and accounted for 32% of total sales", the report said.

The residential sector the report added was the star performer in 2006, backed by strong sentiment in the high end of the market In 4Q2006 the sector accounted for almost S$ 2.2 billion, 81% of which was from collective sale deals Similar to recent quarters most of the 13 freehold collective sale sites were bought by boutique developers or foreign funds that had tied up with small local developers A new benchmark in pricing was set by Wing Tai Holdings when it purchased Ardmore Point at S l,369 psf per plot ratio including development charge surpassing the S$1,358 psf per plot ratio including development charge record set in 3Q2006 for the adjacent Pin Tjoe Court.

On the current rates of latest condominium offerings in Singapore the consultant says it is very "site specific". "A top end location would be the Orchard Turn area where rates have surpassed the S$ 4, 000 psf mark," she adds.

Different take on development

Teh says SDB has no qualms about pricing its products above competition because land is scarce.



She adds that it is quite common for its properties to be priced 20% higher than those in the vicinity. For semidees she says developers shrink the size to tag them at RM500, 000. "But in Aman Sari [Puchong], for instance we sold 2-half storey semidees designed for third generation living at RM750, 000. We are ready to accept that sales will be comparatively slower but buyers will come when they start to understand our commitment and passion for the development business and especially when the project starts taking shape physically," she says. SDB also offers a 36 month liability period for defects and the price premium takes this into account.

In the KL city centre, while most other developers were satisfied with their stratified products offering a 180° view, Teh insisted on going for a 270° view for SDB s Park Seven condo development. The building has been reinforced structurally to withstand earth tremors, says Loong. "We employ the flat slab method of construction where the units are column free The best gauge of acceptance of our offerings is that some big time developers have purchased units from us," he adds.

20trees

SDB has lined up some interesting projects development starting with 20trees - 2014a 203unit on a 23-acre site in Taman Melawati made up of courtyard homes and apartments with prices tagged from RM580, 000. Teh says she is looking at foreign investors and the expatriate market "We are capitalising on the view of the quartz hill In line with our focus to offer lifestyle living, we are offering 20 pocket gardens with each featuring a different experience. We are not talking about a patch of grass with some play area; this is truly something unique in Malaysia."

The whole idea is to calm the senses of the residents, she says. "When people say they have spent millions on landscaping well they have not gone to the depth that we have in planning 20trees, we are planning to come up with a mini book to detail everything we are offering so that people can understand it better."

As for the homes, Teh says the design offers the space of a semidee Usually semidees have 10ft of extra land on the side but to utilise this, you would have to walk out of your home. Here, what we have done is to feature the 10ft of land within the home itself. The smaller courtyard homes will be priced from RM1.4 million while the bigger ones [that come with a swimming pool] will cost RM2.4 million onwards.

Another project waiting to take off is its 21-bungalow development in Damansara Heights, with a launch scheduled for early next year The design features 4 to 5-storey homes with a built up of about 10, 000 sq ft, and the price is about RM1, 000 psf.

Currently under construction is Ameera in SS2 Petaling Jaya, which is made up of low-rise villas and condominium units in a 30-storey block. About 50% of the 290 units has been snapped up to date.
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 楼主| 发表于 23-2-2008 10:10 PM | 显示全部楼层
一些资料/新闻。

Gilstead View sold for $96.5m

Tuesday, May 22, 2007 - Singapore Business Times
By Kalpana Rashiwala


Casa Nassau: Offered for collective sale, together with an adjoining bungalow.

Gilstead View has been sold for $96.5 million which works out to about $1,070 psf of potential gross floor area, inclusive of an estimated $10 million development charge (IDV).

Jones Lang LaSalle, which brokered the collective sale of the 35,510 sq ft freehold site, said this is a new benchmark in the Newton area. It also revealed the buyer is Chedstone Investment, which it said is an associate company of Selangor Dredging Bhd. Industry sources said that Singapore construction and property group Thiong Aik also had some role, but JLL declined to comment on this.

Selangor Dredging’s current developments include ParkSeven, a high-end condo in Kuala Lumpur, and a 21-bungalow project at Damansara Heights, also in the Malaysian capital.

JLL estimates the break even cost for a new project on the Gilstead View site is about $1,600 psf. The site is zoned for residential use, with a 2.8 plot ratio (ratio of maximum potential gross floor area to land area) and 36-storey height limit. The site is big enough to house a new project with about 75 apartments averaging 1,300 sq ft.

Meanwhile, collective sale sites continue to be launched for sale. Casa Nassau up at Upper East Coast Road is being offered, together with an adjoining bungalow. The two properties have a combined land area of 65,110 sq ft and are zoned for residential use with a 1.4 plot ratio and five-storey height limit.

The indicative price range for the combined site listed by the properties marketing agent, Credo Real Estate is $47 million to $51 million, which reflects a unit land price of about $580 to $620 psf per plot ratio (psf ppr) inclusive of estimated DC of $5.63 million.

Also, in the eastern part of Singapore, Colliers International has launched St. Patrick’s view, with an indicative land value of $63 million, or $544 psf ppr, including DC for the 83,013 sq ft freehold site. The plot has 1.4 plot ratio.
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 楼主| 发表于 23-2-2008 10:11 PM | 显示全部楼层
Selangor Dredging Bhd
Thursday, May 24, 2007 - Equity, Oriental Daily News

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 楼主| 发表于 23-2-2008 10:12 PM | 显示全部楼层
一些资料/新闻。

Gilstead’s soaring View

Saturday, May 26-27, 2007 - Singapore Weekend today
By Joseph Yadao


Reaching for the sky: Real-estate company Jones Lang Lasalle believes the sale of Gilstead View for S$96.5million has set a record for the Newton area.

En bloc sale of condo sets record price for Newton area: Jones Lang LaSalle

Gilstead view, a freehold 17-storey apartment block in the Newton area, has gone under the en bloc hammer for $96.5 million.

Chedstone Investment Holdings bought the site at approximately $1,070 per square foot per  plot ratio (ppr), inclusive of the estimated $10-million development charge.

Real-estate firm Jones Lang LaSalle believes this is a new record for the Newton area.

“The sale of Gilstead View has set a new benchmark in the Newton area. It is the only property to go beyond $1,000 psf ppr,” said Mr Lui Seng Fatt, regional director and head of investments for Jones Lang LaSalle.

Last month, investment company Ho Bee paid $990 psf ppr for Elmira Heights, which topped the previous benchmark price of $666 psf ppr that Wing Tai paid for Newton Meadows.

The 35,510 sq ft Gilstead site has a gross plot ratio of 2.8 and is subjected to height restrictions of up to 36 storeys. The estate has a total of 64 apartments averaging between 830 and 850 sq ft each.

Chedstone Investment is an associate company of Selangor Dredging Berhad (SDB), a premium lifestyle property company that specialises in niche residential developments. A new high-rise, luxury development could be built on the plot, which has a gross floor area of 99,428 sq ft. This equates to around 75 luxury apartments averaging 1,300 sq ft each. Jones Lang LaSalle estimates the break-even price for this new project to hover around the $1,600 psf mark.

This is SDB’s second property in Singapore. Its first project, currently known as Mount Emily Tower, is located at Wilkie Road.

“Like the development at Wilkie Road, the development at Gilstead Road will be a luxury condominium development and will have the unique brand of an SDB development,” said Ms Teh Lip Kim, managing director of SDB.
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 楼主| 发表于 23-2-2008 10:12 PM | 显示全部楼层
一些资料/新闻。

SDB buys Singapore’s Gilstead View
Saturday, June 2, 2007 – Property Times, News Straits Times

An increasing number of Singaporean companies are buying property in Malaysia, buy a Malaysian company is doing the reverse.

An associated company of asset-rich Selangor Dredging Bhd (SDB), Chedstone Investment Holdings Pte. Ltd, has inked a deal to acquire a freehold property in Singapore for S$96.5 million (RM221.27 million).

Situated on Gilstead Road, the property, known as Gilstead View, consists of 64 apartments, which means that each unit is worth about RM3.45 million.
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 楼主| 发表于 23-2-2008 10:13 PM | 显示全部楼层
一些资料/新闻。

Innovation a key to success

Saturday, June 2, 2007 – Star BizWeek, The Star
By Teh Lip Kim

Property developers need to deliver more than just bricks and mortar

With consumer sentiment dampened by increases in fuel prices and interest rates last year, it is vital that developers do their utmost to build homes that will stand up to the most discerning demands. In order to compete, we need to be innovative and think out of the box.

The property sector as a whole suffered a down cycle in the last two years, with sales reportedly declining about 7.6% to RM28bil on the back of a weak domestic demand.

Stock overhang units, which are completed units issued with certificates of fitness that are unsold after nine months, have also increased, although many of these are properties priced below RM150,000.

Still, while these grim figures warrant serious introspection on the part of developers, it is not all bad news. The high-end market, on the other hand has returning strong numbers and foreign investors are starting to turn their attention to Malaysia. It is encouraging, too, that the government has recently come up with a slew of incentives and policy changes in an effort to stimulate the market.

With high net worth individuals and foreign buyers inclined to be more discriminate in their expectations of a property, developers need to take a critical look at how we can introduce inventive yet practical ideas into the homes that we build.

One such innovation in the local market is the design of courtyard homes. Courtyard houses have a long history and have been in use for almost as long as man has been building homes. Courtyards afford private open spaces that are protected by buildings or walls. Usually located right in the centre of the house, they introduce air and light to our homes and provide safe area for our children to play and tranquil sanctuaries where we can unwind after a frenetic day at work.

A narrow slice of land, perhaps ten feet wide running down the length of a house, is usually not terribly functional in terms of the different things that can be done with it. But take that same amount of space and put it into an enclosed courtyard area that is nearer in shape to a square and the possibilities just multiply.

As a child, I grew up in a home that was both functional and down to earth. It had no odd corners, just big open spaces that were very welcoming. It had openings along the top parts of the walls, creating a cross ventilation that provided lots of breeze and light inside.

Sometimes the best innovations are those that retain rather than discard, centuries old traditions. According to feng shui principles, sharp angles and nooks and crannies can slow down the flow of energy causing the energy to stagnate and the surroundings to become unhealthy. Innovative homes, therefore, would be free of designs that encourage the accumulation of dormant energies. They would, instead, lean towards open spaces that are rectangular in shape and generous in outlook.

Thinking back to my old house, I also remember many happy moments playing outside with the kids in my neighbourhood. It was a time when families bonded with each other and had a sense of connection with others living in the vicinity. Nowadays developers need to think creatively so that we can provide this simple unadulterated joy to our children.

Developers should think innovatively about effective use of space for the whole development. Instead of just focusing on areas that can be sold more emphasis should be placed on how the whole development can enrich the lives of its residents. Provision of practical green spaces for example will encourage children and adults alike to enjoy the outdoors and interact with their neighbours. A separate jogging and bicycle track would make this area more effective and safer.

In many instances, green areas are unfriendly spaces, either tucked away in a small little plot, or without benches or a shaded area to unwind in - quite obviously an afterthought! This is something that can even be achieved in condominium developments. Perhaps thinking about inventive ways of using space is how developers can contribute to bringing back the sense of community we all enjoyed years ago.

At the same time, when we talk about innovation, we must not overlook practicality. The most innovative homes are those that meet the needs of their occupants at every turn. As developers, we would do well to ensure that serious thought goes into this aspect of building. For example, in Malaysia, a wet kitchen is an essential part of every home. Many people often spend extra money renovating their brand new homes for the use of a wet kitchen. How much more efficient it would be if this had already been thought of from the start.

While we already have properties in Malaysia that meet world standards of innovation, quality and appeal, these are often restricted to high end properties in prime city centre locations. Perhaps our next challenge is to see that these high standards trickle down to the rest of the market.

The writer is the managing director of SDB Properties Sdn Bhd, a lifestyle property company. Bouquets and brickbats are welcome, send in your email to md@sdb com my.
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 楼主| 发表于 23-2-2008 10:14 PM | 显示全部楼层
一些资料/新闻。

Selangor Dredging
Tuesday, June 19, 2007 – StarBiz, The Star



Selangor Dredging shares may firm in the immediate term with the stochastic momentum index issuing a short-term buy yesterday. In addition, they 14-day relative strength index is on the up trend and the moving average convergence/divergence expanding against the signal line to stay positive. If prices can breach the RM1.12 mark, the next upside objective will be the RM1.40 heavy resistance barrier. Support is resting 98.5 sen.
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 楼主| 发表于 23-2-2008 10:15 PM | 显示全部楼层
一些资料/新闻。

SDB earnings driver to come from leasing ops
Wednesday, June 20, 2007 – Money, Malaysian Reserve



ZJ Research has finetuned Selangor Dredging Bhd (SDB) earning projections for financial year 2008 and upgraded its call to a “buy” with a fair value of RM1.15.

For 2008, it expected the company’s earnings driver to come from its leasing operations, developments of Ameera, 20Trees and Park Seven.

Although management was confident that its hotel operations would breakeven in FY08, ZJ has adopted a more conservative stance and projected for smaller losses as compared to FY07. Consequently, it had arrived at FY08 net profit of RM26.7 million, translating into earnigs pershare of 6.3 sen.

“The property sector has experienced re-rating recently and hence, based on the blend of its peers’ revised price earnings ration (PER) and price over book value (P/BV) valuation, we arrive at a fair value of RM1.15,” it said.

For the full year FY07, SDB’s net profit came in at RM23.1 million on the back of RM107.5 million turnover. It added that the SDB’s core net profit for FY07 was actually about RM10.4 million as RM12.7 million was attributable to one-off items.

On the company’s property leasing operations, the brokerage said leasing continues to provide a consistent revenue stream to SDB with full year revenue and operating profit coming in at RM17.8 million and RM6.6 million respectively.

For hotel management, full year operating loss for SDB’s Hotel Maya was RM5.7 million, a 45% improvement from FY06’s RM10.3m loss.

“On a quarterly basis, the loss increased by RM600,000 to RM1.6 million quarter-on-quarter, indicating that occupancy levels fell slightly.

For FY08, it had projected a smaller loss for this division.

As for property development, ZJ said operating profit from this division decreased 43% from RM31.4 million in FY06 to RM18 million in FY07.

“This was due to some delays in the construction progress on the Park Seven Project in 1HFY07 Going forward we expect Park Seven to form the bulk of the revenue in FY08 while revenue from the recently launched Ameera in SS2, Petaling Jaya, and soon to be launched 20Trees in Melawati should start to trickle in as well,” it said.
The brokerage also noted that SDB recently acquired a freehold property in Singapore Mount Emily Tower, for RM49.3 million which is intended for the group’s future development.
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 楼主| 发表于 23-2-2008 10:15 PM | 显示全部楼层
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Let’s walk the extra mile

Saturday, July 14, 2007 – Star Bizweek, The Star
By Teh Lip Kim

Developers need to do more to foster long term rapport with homeowners

Private bankers with high net worth clients understand the importance of service. They know that it is not just the products, which they offer, but also their ability and willingness to listen to the client and understand his needs, that are of the essence. To private bankers, their business is a people centred one that is based on the faith and trust established between banker and client. Why should it be any different for property developers?

Our customers don’t just buy a house from us, they are buying a lifetime of experience. In every industry, people are willing to pay more for higher quality and better service, and this is especially true in the case of homes that will last for generations.

The current outlook for the high-end property market in Malaysia is buoyant thanks to the Government’s latest liberalisation measures. According to recent reports in the local press developers can’t seem to be building high-end developments fast enough to meet the demand for larger luxury homes.

This is good news, but as demand at the top end of the market continues to get stronger and developers rush to get their buildings ready, it becomes even more imperative for us to turn our attention to the service that we provide. Good customer service is one of the core factors on which a developer can build
its reputation.

A couple of weeks ago, I was speaking with some friends who were looking to upgrade their homes as their families were getting larger. Like other home purchasers looking for a new home, one of their major concerns was the quality of the home and what would happen when the Defect Liability Period DLP period of 18 months comes to an end. They had heard horror stories where problems only become apparent after having lived in the house for about two or so years - in other words, just after the 18 month DLP period had come to an end!

House buyers want to know that the developer will still be there for them after the liability period expires.

They want assurance that their calls will continue to be answered and their gripes and complaints taken seriously. Why not show that we are prepared to put our money where our mouth is and provide an extended 36-month defect liability period?

As professionals in their own fields home purchasers cannot be expected to know the ins and outs of building a house. In most cases, a person would only buy one to two homes in a lifetime. They would therefore, look to the developer for guidance and this is a trust, which we must not take lightly.

Homeowners also want to know that their properties will be well maintained because the value of their property over the years will depend to a large degree on this
Factor. It is not uncommon to hear real estate agents advising their clients against certain properties because “the management there is no good”, an issue that really begins with the developer.

It is not enough to provide top notch facilities we need to look after them well and keep them in excellent condition so that residents can enjoy them for generations. This is especially pertinent for homeowners sharing common facilities, such as in condominium projects or gated communities.

One of the major differentiation factors between a developer who delivers high quality products and services will be the type and level of services that they are able to provide.

The relationship that a developer builds with its purchasers should ideally be a lifelong one rather than one that expires together with the warranty period,

At SDB, for example we have a separate services company called
SDB Support Services, which is a one stop call centre that handles
maintenance of SDB Properties homes and all related facilities. It also provides general renovation work and home improvement projects for the convenience of our home purchasers.

To us this makes sense, because in addition to providing convenience we are able to let our home buyers have these renovation or home improvement services at a competitive cost. This is because as developers, we are able to obtain fittings and materials at good rates due to buying in bulk for whole developments.

With Malaysia gaining prominence as a global economy and attracting more foreign investors, property developers too have an important role to play in meeting world-class standards. I believe this means not just building top-quality homes but also giving top-quality services to support them.

The writer is the managing director of SDB Properties Sdn Bhd, a lifestyle property company. Bouquets and brickbats are welcome, send in your email to md@sdb com my.
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 楼主| 发表于 23-2-2008 10:16 PM | 显示全部楼层
一些资料/新闻。

SDB buys KL land for RM29.5m
Tuesday, July 31, 2007 – Corporate Malaysia, Malaysian Reserve

Selangor Dredging Bhd’s (SDB) sub-subsidiary, Tiara Seasons Sdn Bhd, is acquiring a parcel of freehold land and a double-storey bungalow in Kuala Lumpur for RM29.5 million from Splendid Garden Sdn Bhd. SDB said in a statement yesterday that the move was part of the company’s ongoing process of adding suitable properties to its landbank. It said the property, measuring 4,117 sq metres with a double-storey bungalow, was strategically located within the boundaries of Dewan Bandaraya Kuala Lumpur and the Kuala Lumpur City Centre (KLCC). SDB said the property had potential for development in view of its proximity to KLCC and the surrounding exclusive neighbourhoods. Splendid Garden, which initially purchased the property for RM13.3 million in April 2007, is a property investment firm. SDB said the acquisition would be funded via a combination of internal funds and bank borrowings.
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 楼主| 发表于 23-2-2008 10:17 PM | 显示全部楼层
一些资料/新闻。

Selangor Dredging to buy KL land
Tuesday, July 31, 2007 – Business Times, News Straits Times

Selangor Dredging Bhd plans to buy a piece of freehold land measuring 4,117 sq m in Kuala Lumpur for RM29.5 million to increase its landbank for future development. The purchase will be funded by internal funds, bank borrowings or a combination of both. Selangor Dredging believes that the property’s location within the boundaries of Dewan Bandaraya Kuala Lumpur and Kuala Lumpur City Centre (KLCC) is attractive in view of its location and exclusive neighbourhood surroundings.
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 楼主| 发表于 23-2-2008 10:18 PM | 显示全部楼层
一些资料/新闻。

Back To The Future

Saturday, September 1, 2007 – Property Times, News Straits Times
By Zuhaila Sedek

SDB Properties’ latest projects in KL’s inner suburb of Taman Melawati fuses a qualitative past with a progressive future

Among the things we admire most about the homes of yesteryear is the way they are built with quality and space.

And among the things we admire about the houses of tomorrow is the way they are able to express our lifestyle desires while looking after our need for security and high-speed connectivity.

If you thought that the past and the future could never find a happy fusion in the present, then you have to check out this latest project by SDB Properties Sdn Bhd (SDBP), a wholly-owned subsidiary of Selangor Dredging Bhd (SDB).

Uniquely called 20trees, this 23-acre freehold gated and guarded enclave in the Kuala Lumpur suburb of Taman Melawati, some 20 minutes from the city centre, is where the style of yore is married with contemporary trends to suit even the most discerning urban sophisticate.

Comprising 83 landed residential units of the courtyard, garden and three-storey terrace variety as well as 118 apartments, 20trees is big on space, greenery and character.

Outwardly, the landed units will boast internal garden and indoor balconies  that make them resemble yesteryear’s  Peranakan-style houses but inwardly, they will be built to 21st century specifications.

“We wanted to provide something at 20trees that buyers haven’t seen before… it’s going to be the only one of its kind,” said SDB managing director Teh Lip Kim of the RM230 million gross development value project.

“It’s going to be a place for those who want to escape to a tranquil and serene environment after a hectic day’s work in the city”.

Landed Liaisons
The landed units will be made up of 38 Courtyard, 24 Garden and 21 units of three-storey terraces, priced from RM1.4 million.

The Courtyard units with dimensions of 48ft by 96ft will have large built-up areas of 6,420 sq ft to 6,902 sq ft, within which will be a 10ft by 24ft private swimming pool and eight-foot tall windows that will invite natural ventilation and light into the interior of the homes.

The Garden units with dimensions of 31ft by 91 ft will be homes with between 4,359 sq ft and 4,781 sq ft of space while the 42ft by 68ft three-storey terraces will be fashioned from 4,411 sq ft. All the landed units will come with four-plus-one bedrooms, all with bathrooms attached, as well as high ceilings of 13ft in the bedrooms and 11ft in the living and dining areas.

On the lifestyle that awaits buyers of 20trees, Teh said SDB takes pain to make good ventilation and ample natural lighting a trademark in all housing it builds.

“We want all our buyers to live in spacious and airy environments… these are vital characteristics that will set our projects apart from the rest,” she said.

Space will also come to the fore in the car-porch of  the 20trees units.

“With many people today owning more than one car, we have decided to provide front porches in the landed units that can park up to between four to six cars,” said Teh.

She added that other features include designer wardrobes and air-conditioners in the master bedrooms, ready fitted designer kitched appliances, washing machines and clothes dryer.

Life in the sky
The stratified component, which has yet to be named, will be accomodated in blocks of four to seven storeys.

Though all of the 118 apartments will have three-plus-one bedrooms, their styles will differ from the smallest garden design (1,790 sq ft) to a mid-level (1,854 sq ft).

Larger units will be the single-floor (1,948 sq ft) and the duplex (3,556 sq ft).

Prices start from RM600,000. At this price, owners can expect privacy as there will only be two units on every floor while some will even have their own lifts.

Inside, SDBP will equip the units with dsigner kitched appliances.

“These apartments will keep to our trademark inventing good ventilation and abundant natural lighting indoors indoors,” said Teh.

“There will be large sliding windows in the living room to cater to this and to give residents the chance to enjoy the surrounding views as well.”

Each apartment will also be provided with two car parking bays.

More than a development
Besides the natural scenery of the Melawati quartz ridge, residents of 20trees will also be able to look forward to a high level of security and recreational facilities.

The former will be made up of round-the-clock surveillance, a guarded entrance/exit point and panic buttons in all master bedrooms.

On the recreational front, there will be a host of clubhouse facilities such as a 50-metre lap pool, children’s pool, Jacuzzi, gym, yoga and pilates studios, meditative gardens,  tennis courts, creche and children’s play area.

Nearby the project are established amenities such as the Seri Inai and ISKL International schools, the Ampang Puteri and Gleneagles private hospitals and the Great Eastern Mall, Giant, Jaya Jusco, Carrefour and Ampang Point retail and commercial centres.

Access to 20trees from the Middle Ring Road II is either via Jalan Ampang, the Ampang Elevated Highway or Jalan Genting Klang.

The landed units are slated for completion by the fourth quarter of 2009 while the apartments should be ready a year later.

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 楼主| 发表于 23-2-2008 10:18 PM | 显示全部楼层
一些资料/新闻。

Go green for a brighter future

Saturday, September 8, 2007 - Star BizWeek, The Star
By Teh Lip Kim

THE world is going green and as property developers we should place priority on how we can contribute towards a better environment and the community at large. Everything that we build will stand as testimony to our craft across many generations. Our buildings will speak volumes about
whether we as a society cared for our environment our home.

Property developers can respond to this eco challenge in many ways. Sometimes a small amount of effort is all it takes to bring about a large quantity of benefit. Developers can start off by taking small steps such as making use of natural air, light and ventilation when we design.

If a building is able to make use of what nature has to offer, then that means it is less dependent on electrical power. Layouts that are open and linear, with no nooks and crannies will use less electricity.

In our Park Seven residential development in the KLCC vicinity, for example, we provide a 270 degree view with floor to ceiling windows where the top two panels can be opened for cross ventilation. This invites the breeze through the apartment and welcomes lots of natural light. All the homes in our latest development 20Trees in Melawati have also been designed as such spacious courtyards in homes, long balconies in apartments and large windows ensure that maximum light and ventilation permeates into the home.

Taking this a step further we could think of other environmentally friendly ways to make buildings more energy efficient. These could include planting grass on rooftops which would help keep temperatures down inside buildings translating to a lower dependence on air conditioning in our hot weather and relieving our environment of ozone eating CFCs. Of course on going maintenance will be required and the rooftops could be treated as part of the gardens belonging to the development.

We can also make provision for the water that is used in buildings to be recycled. Tap water can be channelled back into toilets and then treated for use in gardens. We can place solar panels on the roof for sustainable energy use. While solar panels are generally considered an expensive add on in Malaysia countries such as Japan the Netherlands and Germany already have government initiatives to support the building of integrated solar projects.

We can use recycled or sustainable materials for our construction. For example, a local company has discovered that old tyres need not be thrown away but can be put under the foundation of a house to regulate the temperature inside the home.

We can use technologies that reduce water and energy consumption If we have a high speed elevator in the building we can collect the energy that it generates on the way down for later use.
The problem however is that several of these technologies are at present rather costly for our stage of development.

Building safety is another important consideration that developers here should address. While Malaysia lies outside an earthquake-likely demarcated zone many places in KL felt tremors during the recent earth quakes in Sumatra and thousands of people were evacuated from their high rise buildings until the danger had passed.

So even though the law here does not require buildings to be designed for seismic conditions, we decided to design Park Seven so that it will withstand the horizontal force of an earthquake.

This involved strengthening the joints to provide better control of the lateral movements increasing reinforcements in the columns and constructing closer links in the columns and the beams.

We comply with both the British standards to which Malaysia adheres and the Indonesian seismic code.

Eco friendly designs may add an additional 15% to 20% to the total cost of construction for a developer but this is money that is worth spending. Over in Singapore some flats designed to be environmentally sustainable were recently snapped up at premium prices proving critics wrong who said that they would be hard to sell.

Financial experts too believe that by paying attention to environmental social and corporate governance ESG issues they can affect the way an investment portfolio performs. Two years ago the United Nations Secretary General invited a group of the world’s largest institutional investors to jointly develop the UN Principles for Responsible Investing. While being aspirational and voluntary in nature these principles provide investment professionals who are serious about ESC issues with a framework to guide their investment decisions.

Green architecture has in fact taken off to varying degrees in many countries including Singapore.

Our neighbour down south launched a scheme in January 2005 called the BCA Green Mark Scheme under their Ministry of National Development which rates existing and new buildings on their environmental sustainability, quality safety and innovation, and presents cash incentives for buildings that win top ratings.

Regionally, Hong Kong, Japan, South Korea and Taiwan have also implemented programmes to encourage their property developers to move towards more eco friendly and environmentally sustainable buildings.

Malaysia too should get serious in this area if we want to be considered a developed nation. In fact Prime Minister Datuk Seri Abdullah Ahmad Badawi last year called for a balance between development and environmental sustainability in his speech to launch the Ninth Malaysia Plan.

As developers, we build for the future. Let us take the lead to ensure that our buildings are friendly to our environment, for the benefit of generations to come.

The writer is the MD of SDB Properties Sdn Bhd a lifestyle property company. Bouquets and brickbats are welcome send in your email to md@sdb com my.

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 楼主| 发表于 23-2-2008 10:19 PM | 显示全部楼层
一些资料/新闻。

Selangor Dredging Bhd (RMI as at Sept 20)
Saturday, September 22, 2007 - Star BizWeek, The Star
By ZJ Research

COMMENT by ZJ Research: Selangor Dredging Bhd (SDB)’s 1QFY08 net profit came in at RM8.7mil (+280.4% year-on-year (y-o-y)) on the back of a turnover of RM66.6mil (+152.4.0% y-o-y). This was above our expectations and makes up 32.5% of our FY08 forecast net profit.

The improvement is mainly attributed to its property development division as more
progress billing were recognised for the projects, namely Park Seven and Ameera, in this quarter. Q-o-q, net profit declined slightly from RM10.9mil in the previous quarter (-20.6%) due principally from the last quarter's recognition of a revaluation surplus of RM4.8mil.

Results for the quarter under review for its property division came in at RM57.5mil (+201% y-o-y) whilst operating profits were RM11.7mil (+189%). The bulk of these are from the progressive recognition of sales for its Park Seven Project, and to a smaller extent, its Ameera project in SS2.

These two projects should continue to contribute to the group for the next few quarters while the recently launched 20Trees in Melawati should trickle in going forward.

Meanwhile, leasing continues to provide a consistent revenue stream to the Group with revenue and operating profit for the quarter under review coming in at RM4.8mil (+16% y-o-y) and RM1.2mil (-31% y-o-y) respectively.

Although the hotel operations show improvement in terms of revenue of RM4.3mil (+52.0% it is still making an operating loss of RM0.9mil in 1QFY08.

Recommendation: We maintain our FY08 forecasts, with earnings driver for SDB in FY08 to come from development projects of Park Seven Ameera and new project, 20Trees. Based on the blend of its peers’ revised PER and price to book value (P/BV) valuation, we maintain our fair value of RM1.15 This represents a 13.8% potential upside. Maintain BUY.
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