Kumpulan Hartanah Selangor eyes positive growth for 2011
Jun 28, 2011
Kumpulan Hartanah Selangor Bhd hopes to achieve positive growth this year by strengthening and expanding its property development business.
Its chairman, Raja Idris Raja Kamaruddin, described the group's decision to purchase 3.84 hectares of prime commercial land in Petaling Jaya as a "good move" which would contribute over RM800 million in gross development value over the next five years.
"We expect the development, which will consist of offices, office tower and service apartments, will commence by this year," he told a media briefing after the company's annual general meeting Monday.
Raja Idris said the company has also planned to start conceptual development planning on 2,000ha in Bistari Jaya.
He said Hartanah Selangor was still having discussions with the government to build the infrastructure in the area.
"The infrastructure in Bistari Jaya, a former mining area, is still low and it may affect us in attracting the buyers," he said.
Raja Idris said the company's plan to develop a water theme resort in Pulau Indah was still in progress.
Currently, Hartanah Selangor has 2,960ha and with the finalisation of debt recovery the company from Talam Corp, it would increase to 3,200ha.
Meanwhile, Raja Idris, who is also chairman of Kumpulan Selangor Bhd, said the company planned to exercise its put option pursuant to the acquisition of 15 per cent equity interest in Syarikat Bekalan Air Selangor Sdn Bhd from Kumpulan Darul Ehsan Bhd.
"We are waiting for our shareholders’ approval at the extraordinary general meeting which would be held next month," he said. - Bernama
