Singapore condominium project is one of the 5 projects worth S$500 mil it plans to launch within 18 months
Selangor Dredging Bhd (SDB) plans to launch five projects worth some S$500 million over the next 18 months, one of which includes a condominium project on Gilstead Road, Singapore.
The high-rise project, worth about S$109 million is to be launched early next year. The other four projects include a low-rise condominium on Jalan Ampang, Kuala Lumpur, a gated bungalow project in Taman Melati, Kuala Lumpur, Phase 2 of its Ameera Residences in Petaling Jaya and 21 luxury bungalows on a hill slope in Damansara Heights.
SDB is also the developer of Jia on Wilkie Road, a 22-unit low-rise condominium in Singapore. The company recorded a fourfold increase in net profit to S$40.9 million for fiscal year March 31, 2008 and is cautious but optimistic about the uncertain property market.
Its managing director, Teh Lip Kim, said that the company is exploring ways to purchase steel from stockist and deliver on site to keep the cost low, as well as leveraging on its financial capabilities to seek a way to manage cost.
In addition to property development, SDB is also involved in leasing and hotel operation. The company is now focusing on Malaysia and Singapore markets, with the latter being its first overseas venture.
