Property division to contribute 10-20% of Bina Puri's turnover
Jun 03, 2011
Bina Puri Holdings Bhd expects new property launches to contribute between 10 and 20 per cent towards group turnover this year.
Group managing director Tee Hock Seng said property projects would be launched in the second half of the year in Sabah, Johor, Mont' Kiara and Puchong with a gross development value (GDV) of RM250 million.
"We believe the projects when completed will contribute positively to the group's revenue as well as help increase the group's profit margin," he told reporters after the company's annual general meeting Wednesday.
However, Tee said although the contribution from the property division was expected to be significant, the construction division would remain the core driver of the group's operations.
He also said Bina Puri has also secured new jobs amounting to RM110 million and was expected to secure several more projects before the year-end.
Meanwhile, Bina Puri, which is one of the concessionaire for the KL-Kuala Selangor Expressway, is optimistic the project will contribute positively to its earnings from 2016 onwards.
"With this project under our belt, the group will strive to work at similar models which would contribute to recurring income," he added.
On the Ampang LRT Line extension project, he said construction was expected to begin next year as there were some land issues which was not yet settled. - Bernama
