Shah Alam, 6 February 2008 - Kumpulan Darul Ehsan Berhad (KDEB), the investment arm of the Selangor State Government, today stamped its mark as an aggressive leading GLC with the purchase of 9.6 acres land from Majlis Agama Islam Selangor (MAIS). The RM50million Sale & Purchase Agreement was signed by YBhg. Dato’ Hj. Abd Karim Munisar, President of KDEB and Y.A.D. Dato’ Setia Hj. Mohamad Adzib Mohd Isa, Chairman of MAIS.
The purchase of the land, strategically located at Section 14, Petaling Jaya along the busy Federal Highway, demonstrates KDEB’s paradigm shift in vigorously identifying, acquiring and developing strategic land(s) for profitable development to strengthen the company’s cash flow. Other initiatives include the disposal of non-strategic assets, sale of stocks and new products.
KDEB’s property arm, Kumpulan Hartanah Selangor Berhad (KHSB) will undertake to develop the land. With KHSB’s previous accomplishments such as the completion of Astaka Heights ahead of schedule, KDEB believes that KHSB will repeat its success with the Petaling Jaya land development, whereby the first phase is expected to be launched in the 4th quarter of 2008. KHSB is also the developer of Cyber Valley Commercial Centre, phase 1 of which is fully completed and sold giving KHSB a GDV of RM15.4million and phase 2 is 90% completed and sold, with an estimated GDV of RM16.5million. Other projects by KHSB are Templer Lagenda offering nine units of luxury bungalows with a GDV of RM20.1million and Templer Anggun with 56 units of high-end semi-d houses with a GDV of RM48.2million, both located in the cool and serene surroundings of Templer Park.
The Group will continue to focus on lands located in high growth areas as well as develop Pulau Indah as a port city ideal for investment and tourism. Phase 1 of Pulau Indah consisting of industrial land and shop offices with a total gross area of 835.65 acres has been sold out. Total sales is valued at RM519million. Phase 2 is made up of light and medium industries most of which has been sold out, has a total gross area of 973.48 acres with total sales value of RM486million.
KHSB has since been listed as the “Top 20 Gainers by Percentage in 2007” by KLCI. Its share price has recorded a high of RM1.32sen at 31st July 2007 with a market capitalisation of RM594million from RM0.145sen at 19th December 2006 with a market capitalisation of RM65million.
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