SELANGOR Dredging Bhd (SDB), the boutique property developer, anticipates a year of stability and consistent performance for the remainder of its fiscal year.
This optimism is founded on the company’s unwavering commitment to innovation and sustainability within its ongoing projects.
SDB maintains a quietly optimistic outlook, attributing its confidence to the distinctive and forward-thinking approach that defines its current developments.
Its MD Teh Lip Kim (picture) highlighted two prominent ongoing projects: 19Trees in Taman Melawati, Kuala Lumpur, and Jia in Taman Bukit Serdang, Selangor, as prime examples.
The 19Trees project features 222 units of strata terrace houses, with 75% of the units already sold as of the latest update. In contrast, Jia comprises 324 units of similar strata terrace houses, with an impressive 88% of units sold at the current stage.
During the AGM held last Friday, shareholders were informed that SDB boasted total unbilled sales of RM630 million, following a commendable financial year.
The company achieved a pretax profit of RM12.55 million, supported by a higher turnover of RM137.74 million for the fiscal year ending March 31, 2023.
After accounting for taxes, the group posted a net profit of RM6.25 million.
The positive momentum carried into the first quarter of 2023/24, ending on June 30, 2023, with the company achieving a group pretax profit of RM7.78 million (net profit: RM7.04 million) and a turnover of RM46.78 million.
In Singapore, the group secured a temporary occupation permit (TOP) for One Draycott in April 2023.
The development, located at 1 Draycott Park in District 10, resides in the upscale Ardmore-Draycott residential enclave, adjacent to the Scotts and Orchard Road shopping district.
Within the hospitality sector, SDB’s hotel business, represented by Hotel Maya Kuala Lumpur, achieved a revenue of RM17.01 million for the fiscal year ending March 31, 2023. — TMR
- This article first appeared in The Malaysian Reserve weekly print edition