Selangor Dredging Berhad (SDB), renowned for being one of Malaysia’s most reputable ‘boutique’ property developers, concluded its 57th Annual General Meeting (AGM). Reviewing its performance for the financial year ended 31st March 2018, SDB Chairman Eddy Chieng told a press conference that, in spite of the current challenging property sector, the SDB Group still managed to perform commendably with net group profit rising more than 50% from the previous year.
For the year ending 31st March 2018, the Group registered a group profit after tax of RM104.55 million (2017: RM68.58 million) on the back of a turnover of RM217.49 million (2017: RM220.50). The significant improvement in performance was mainly due to the sale of Wisma Selangor Dredging for RM480.0 million which was completed in December 2017.
During the year under review, the Group, whose main business activity is property development, continued to market units in both completed developments together with developments still under construction.
“During the year, we had participated in various roadshows in both Peninsular and East Malaysia as well as overseas,” says SDB Group Managing Director Ms Teh Lip Kim. “At the same time, we also focussed our efforts on upcoming developments in Singapore which we hope to unveil in forthcoming months.”
THE HUB, SDB’s commercial development in SS2 Petaling Jaya was completed and handed over to purchasers in April 2018. Located in the heart of Petaling Jaya, this development comprises 2 blocks of retail offices and a 42-level tower of service suites, and is easily connected to other areas of the Klang Valley via the Lebuhraya Damansara Puchong (LDP).
“At the same time, construction of two other developments, SQWHERE in Sungai Buloh and UNA in Jalan Peel, Cheras progressed as planned. Both these developments enjoy excellent connectivity,” continues Ms Teh.
SQWHERE is a mixed development comprising a SOVO tower, a Service Apartment tower, retail units and an office block. It will be directly connected to the Kampung Selamat LRT station via a 70m pedestrian link bridge. Meanwhile, UNA is a development that houses 316 units of service apartments located in an established neighbourhood within Kuala Lumpur. It is just 300m away from the Maluri MRT station and 500m from the Maluri LRT station.
In July 2018, the Group via its associate company, purchased several parcels of land in Singapore collectively measuring 24,575 sq ft in Serangoon, District 13 Singapore. These parcels are located just 200m away from Potong Pasir MRT station, making it easily accessible to other parts of Singapore.
Following the Group’s strategic entry into the mining sector last year, the Group continued to expand into this sector by acquiring a 35% equity interest in Extra Diligent Sdn Bhd. a company that has obtained right to mine iron ore, gold and other minerals in a piece of land in Gua Musang, Kelantan.