MK Land upbeat on 2014 outlook

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PROPERTY developer MK Land Holdings Bhd is confident that its project launches next year will easily hit the RM700 million mark, said its group chief executive officer Lau Shu Chuan.

“In fact, if the market is good, the figure may be higher,” he said after the company’s 34th annual general meeting (AGM), here, yesterday.

The company has plenty of room to work its magic as it currently sits on a landbank measuring 2,010ha spread over Klang Valley and Perak.

Asked if MK Land has plans to venture overseas, Lau said there are still plenty of opportunities in Malaysia.

“Going overseas looks nice on the surface but the risk profile is different. We will look at the overseas market when the time is right.”

MK Land Holdings’ good health is based on its current and ongoing projects, like the 454-unit landed semi-detached Rafflesia development, which has an expected gross development value (GDV) of RM1.4 billion.

“Landed semi-detached houses are going to be the main drivers for us. We have set aside more than 28.10ha for Rafflesia.

“We have sold more than 95 per cent of Parcel A, called Rafflesia@-Park, and have also recently launched Parcel B, which is called Rafflesia@Hill,” Lau said.

Based on Rafflesia’s encouraging sales, Phase B2, B3 and B4 have been set in motion.

There is also a condominium project in Damansara Damai called One Damansara, which is sold out. It has an expected GDV of RM350 million.

“In terms of the locations of our landed properties, we are spot on and we can use these to drive our sales, revenue and profit going forward,” he said.

On the Developer Interest Bearing Scheme (DIBS) and Real Property Gains Tax, Lau said there will be a bit of impact on the market but the benefits far outweigh the negatives.

Without DIBS, he said, the upfront commitment from buyers will be more and this is good because developers will get very serious buyers.

In addition, the banks will now be very clear on what they can or cannot approve.

Earlier at the AGM, shareholders approved the adoption of audited accounts for the financial year June 30 2013 and approved seven resolutions.

Business Times : nation

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