PETALING JAYA: IJM Land Bhd will be investing a total of RM275mil to improve accessibility and road infrastructure to three of its core developments, namely, Pantai Sentral Park, Rimbayu Shah Alam and The Light in Penang.
“IJM Land and its joint-venture partner (Amona Development Sdn Bhd) will spend around RM75mil to provide a new access via the New Pantai Expressway to its Pantai Sentral Park development,” chief executive andmanaging director Datuk Soam Heng Choon told StarBizWeek in an interview.
With this, he added, there would be two access points to the development, with the current one being via Jalan Kerinchi.
Its Pantai Sentral Park project, be to launched at the end of the year, will have a mixture of low and high-rise commercial and residential development, with a gross development value of RM3bil. The value will be boosted considerably if the proposed mass rapid transit Line 2, which passes through Pantai Dalam, materialises.
The 58-acre project is located next to YTL Land & Development Bhd's Pantai Hill Park and is close to 200 acres of greenery in Bukit Gasing.
Over in Penang, the company will be spending about RM100mil for The Light project's road infrastructure. The 152-acre development on reclaimed land will have 1,000 residential developments. Of this 152 acres, 102 acres will comprise of commercial offices and retail outlets, several hotels, malls, a convention centre and a waterfront dining and entertainment district.
Commercial projects for The Light are in the final stages of design at the moment. Land reclamation has just been completed and physical construction work is expected to commence in 2014. The residential portion, known as Collection IV, comprising 78 condominium units and 19 units of sea-front luxurious bungalows, will be launched next year.
For financial year ending March 31, 2013, the property developer reported a full-year revenue of RM1.25bil as opposed to RM1.21bil for the previous year, and a net profit of RM231.11mil compared with RM200.27mil previously. The increase in revenue comes on stronger sales achieved by the group.
The investment holding segment, however, decreased by half to RM3.11mil compared with RM6.24mil for its previous financial year as a result of lower rental revenue, following the completion of the disposal of Menara IJM Land. The company gained RM20.96mil from the disposal.
For the fourth quarter ended March 31, 2013, it recorded a revenue and net profit of RM373.19mil and RM70.71mil, respectively. This compares with RM366.07mil and RM59.08mil, respectively, for the 2012 financial year.
In a filing with Bursa Malaysia, IJM Land said the increase in revenue was due to higher contribution from the property development segment in its last quarter amounting to RM364.99mil compared with RM357.35mil in the previous corresponding quarter. It has unbilled sales of about RM2bil for the financial year 2013. - The Star
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