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ANOTHER GOOD YEAR FOR UM LAND
Exclusive condominium Project in Bangsar, revenue driver in 2008
United Malayan Land Bhd a property developer of integrated townships and niche developments today announced its results for the financial year ended 31 December 2007.
United Malayan Land Bhd recorded RM46.6 million profit after tax for the financial year ended 31 December 2007 on the back of RM396.8 million in turnover which represents a 16% growth against last financial year’s RM40 million profit after tax.
With the improved results, UMLand is recommending a final gross dividend of 7.5 sen per share less tax for shareholders approval at the forthcoming 47th Annual General Meeting. If approved, this together with the interim dividend of 2.5 sen per share less tax which was paid on 26 February 2008 brings the total dividend to 10 sen per share less tax.
Commenting on the results, Mr. Anthony Yap, UM Land’s Group Chief Executive Officer said, “The higher net profit was attributed to increased profit contributions from property sales in its Johor flagship township of Bandar Seri Alam. Year-on-year revenue declined marginally to RM396.8 million from RM416.6 million in the preceding financial year due to lower revenue recognition from its Suasana Sentral Loft condominium project which will taper off in 2008. We expect 2008 to be a challenging year in view of the rising costs of doing business. However, the Group is well positioned to withstand any negative impact brought about by these economic uncertainties. On a positive note, the Group expects to launch 3 high-end development projects within KL city centre and in Bangsar with a combined gross development value (GDV) in excess of RM1 billion this year.
The first to be rolled out in the 1st quarter 2008 is the Suasana Bangsar exclusive condominium project in Bangsar. It consists of a single block luxurious residential tower housing 190 units of condominiums with a choice of two-, three- and four-bedroom suites with sizes ranging from 1,112 to 4,800 square feet to match the taste of individuals and families who prefer to live in style. The freehold property has an estimated GDV of RM175 million. Judging from the high level of interest in the upcoming project based on the list of registrants, we are confident of its success.
In the second half of 2008, UMLand targets to launch its 310 units of serviced residences nestled within the serene enclave of Bukit Ceylon. Given the attractive locations and development potential of this project, it is expected to contribute positively to future earnings of the Group. UMLand is also targeting to launch its prestigious luxury condominium project towards the latter part of 2008 or early 2009.”
Mr. Yap also emphasized that “The Group will remain focused on its two-pronged growth strategy through its Township Division and Niche Development Division. The Group is currently pursuing several land acquisitions and joint venture development opportunities in the Iskandar Development Region (IDR) in line with this strategy.
Further information on the financial results can be found in UM Land’s announcement made to Bursa Malaysia today at www.bursamalaysia.com
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