Selangor Dredging Berhad (SDB), a local ‘boutique’ developer, is adopting a prudent approach for the next 12 months in view of economic uncertainties brought upon by the Covid-19 pandemic.
Its managing director explained during the company’s virtual AGM that the group has embarked on various cost-saving measures, including a 20% reduction in directors’ fees.
“In our efforts to become more prudent, various departments have also been directed to trim operational costs,” said Teh, adding that employees are also multi-tasking.
On the business front, she shared that the group would continue with marketing efforts for its existing projects, namely SqWhere and UNA in Malaysia, together with JUI Residences and One Draycott in Singapore.
At the same time, the Group will continue to strategise marketing activities to convert inventories into sales and adopt a cautious approach in launching new developments.
On upcoming launches, she said that SDB plans to launch a project in Singapore called Myra (pic above) towards end-2020.
“Myra would be located at Meyappa Chettiar Road and Woodsville Close in District 13. Comprising only 85 residences in 12 storeys, this freehold development is located 150meters from the Potong Pasir MRT Station,” she said.
In Malaysia, its pipeline include two distinct projects: condo villas in Serdang and Melawati – just on the outskirts of Kuala Lumpur.
For the year ended 31 March 2020, SDB registered a group pre-tax profit of RM6.58 million (2019: RM35.72 million) on the back of a marginally lower turnover of RM243.85 million (2019: RM256.13 million).
This was after accounting for impairment of capitalised land held for development in accordance with the Malaysian Financial Reporting Standards (MFRS).
After accounting for taxation, the SDB Group posted a net loss of RM4.48 million, as compared to the RM24.42 million net profit posted in the previous corresponding period.