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KHSB Banks On Land Sale, Halal Hub

News From : DagangHalal.com (19 Jun 2009)

Kumpulan Hartanah Selangor Bhd (KHSB) is set to return to the black in the current year ending Dec 31 (FY09) after it disposes of land and reaps profit from its ongoing projects.

“Our focus will be on industrial properties, particularly in the Selangor halal hub project on Pulau Indah, Klang.

“We also plan to dispose of non-strategic land,” executive chairman Datuk Abd Karim Muniar said, without elaborating.

Speaking after a shareholders’ meeting here yesterday, he said the property unit of Selangor’s state investment arm Kumpulan Darul Ehsan Bhd had already locked in sales of RM133mil for its Selangor halal hub.

“Phase 1 comprising 220 acres has been fully sold, yielding sales of RM133mil.

“The total gross development value of the 244-acre Phase 2 is RM234mil and sales are expected to be completed in three to five years,” Abd Karim said.

Talks were ongoing with both foreign and local parties and KHSB expected to secure sales of RM70mil from the second phase of the Selangor halal hub project by the year-end, he said.

“Phase 1, which is expected to commence business in the next two years, is projected to bring in direct investment of RM1.06bil to Pulau Indah and create at least 2,000 jobs,” he added.

Among the major players that would operate there are Ramly Food Industries Sdn Bhd and Felda Holdings Bhd.

KHSB recorded a net loss of RM38.5mil on revenue of RM93.4mil for FY08 mainly due to provisions and impairment losses.

The company currently has a total land-bank of 4,000 acres, largely in Selangor.

Abd Karim said KHSB was in discussions to acquire a 9.5-acre in Section 14, Petaling Jaya, for a mixed property project with an estimated gross development value of RM600mil.

He said the company was also exploring opportunities in the sand and minerals exploration.

Source from : http://biz.thestar.com.my/news

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