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SBC CORPORATION BERHAD (KLSE: SBCCORP/5207), a progressive Construction and Property Development Group of Companies listed on the main board of the Kuala Lumpur Stock Exchange reported positive out
look during their Annual General Meeting (AGM) for 2007 today.
The adoption of the revised Financial Reporting Standards (FRS) resulted in a slight decline of SBC Corp Bhd’s reported net profit. This implementation impacted the Group’s prudent measures to provide possible impairment losses.
Looking towards the coming 12 months, SBC is primed to launch more than RM350 million worth of property projects in a bid to maintain their excellent track record in the development scene.
SBC Corp Bhd’s latest project, PJXchange (PJX) worth RM200 million, is slated to be an iconic office tower to mark the skyline of Petaling Jaya’s “Golden Triangle”. This major office skyscraper is set to transform PJ’s skyline although the 33-storey, blue-chip, design-led office tower is substantially owned and only 30% is open for sale. Tenants of this prestigious skyline are assured of modern and high security features and services.
PJX is also situated in close proximity to the vibrant Bangsar and Mid Valley Megamall, and is conveniently linked to the central rail interchange at Kuala Lumpur Sentral, KL’s integrated transportation hub from the Taman Jaya PUTRA LRT station.
Other upcoming projects cited to enhance their future earning includes the launch of:
- High end residential development, Lot 2, Signal Hill, Kota Kinabalu, Sabah (RM70 million)
- Mixed commercial development, Jalan Ipoh, Kuala Lumpur (RM80 million)
- Integrated Commercial Hub, Seri Kembangan, Selangor (RM64 million)
- 6th Phase of Seri Mahkota Aman, Kuantan, Pahang (RM15 million)
SBC Corp Bhd is upbeat on properties situated in selected prime locations especially near transport links like highways and rail and the abolition of the Real Property Gains Tax (RGPT), Malaysian demographics are still strong. Demand for residential properties is expected to be strong in 2008 on the back of the anticipated growth of domestic economy and improved consumer confidence. Amid the favourable interest rate environment and the recent 2008 Budget announcement, the increase in liquidity is expected to encourage more frequent buying and selling within the property market.
SBC Corp Bhd believes that future property projects will be skewed towards niche developments, as the success of which will depend on the developer’s reputation and branding, as well as product innovation, following where the Group deems fit. |
