KTI Landmark Plans For RM599.6 Million GDV Project In Sandakan

KTI Landmark Berhad to launch two residential projects with a combined gross development value of RM599.6 million by 2028 as the company made its debut on the ACE Market this morining.

Dr Gordon Loke, Group Managing Director and CEO of KTI, said “The three phases of affordable landed homes in Sandakan with an estimated RM107.9 million GDV, comprises 310 units of double-storey terrace houses. It is a design and build construction project with Lembaga Pembangunan Perumahan dan Bandar, the state agency in Sabah. 

He added that the remaining RM491.7 million GDV mixed development, Ayuria Place, Alamesra is a project under its own property development. The projects will feature three blocks of 39-storey of 1,269 apartment units between 650 sq ft and 1,000 sq ft. This development is poised to be one of the landmark projects in Kota Kinabalu as it’s strategically located from Kota Kinabalu City Centre and within close proximity to various educational institutions as well as convenient access to major highways,” he added. 

In the financial year ended 31 December 2023 (“FY23”), KTI managed to lock about RM132.9 million sales, while the amount of unbilled sales reached a record high of RM711.3 million.

Looking ahead, Dr Loke anticipates that these unbilled sales will be gradually recognised over the course of the upcoming financial years. 

The Company had successfully raised RM48 million in its initial public offering exercise, to partly fund its acquisition of land for development amounting to RM18.0 million.

Of the proceeds, the group wiill allocate RM20.7 million as working capital for project development and RM0.3 million to upgrade software and systems. 

Currently, it has a total of RM2.2 billion GDV on-going and upcoming projects across Kota Kinabalu, Tuaran, Sandakan and Papar in Sabah, where 30% are projects awarded by LPPB and the remaining are joint venture or its own projects to be developed until 2028.

For the financial year ended 31 December 2023 (“FY2023”), KTI’s net profit rose 31.9% to RM13.8 million, from RM10.5 million a year ago (“FY2022”) on higher gross profit (“GP”). FY2023 revenue increased 6.5% to RM120.2 million from RM112.9 million in FY2022.

During the period under review, the Company’s GP expanded to RM35.6 million, translating to a GP margin of 29.6%, versus 27.3% in FY2022 due to a mix of contributions from projects with higher GP margins. Net margin for FY2023 also improved to 11.5% from 9.3% a year ago. 

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