Property

KUALA LUMPUR: Property developer Gamuda Land and Samsung Malaysia Electronics have collaborated to redefine modern living by integrating cutting-edge artificial intelligence (AI) technology into homes, enhancing convenience and significantly reducing carbon footprints. Under the partnership, Gamuda Land and Samsung will collaborate to furnish Gamuda Cove’s The Camellia show unit with the comprehensive Samsung Bespoke AI ecosystem, the first in Malaysia. Gamuda Land chief executive officer Chu Wai Lune recognises that, as a township developer, the company must create townships that will last. “We meticulously design our masterplan components with sustainability at the forefront. Our homes are thoughtfully prepared for the future, being solar-ready with pre-installed conduits for seamless solar panel installation. “Recognising the significance of sustainable living, we are excited to collaborate with Samsung, a renowned leader in the market for sustainable and smart home appliances, to further enhance the eco-friendly infrastructure already in place at Gamuda Cove,” he said in a statement. Chu said Gamuda Land remain committed to pushing the boundaries of innovation in sustainable living, and this collaboration exemplifies its dedication to creating smarter, more efficient homes that align with the needs of modern consumers. “By integrating AI technology into our smart home systems, we can provide better value to our homeowners. This is facilitated by the fact that Gamuda Cove is a 5G-ready township, which opens up new possibilities and opportunities for smart city planning. “It enables us to monitor, manage, and control devices remotely and to create new insights and actionable information from massive streams of real-time data,” added Chu. Samsung Malaysia Electronics president Denny Kim said Samsung is harnessing the power of AI to unlock new and impactful experiences that make life better and simpler for all. “We are pleased to collaborate with Gamuda Land to demonstrate the capabilities of our Bespoke AI appliances to homeowners, enabling them to enjoy the advantages of an intuitive and connected home environment,” he said. Samsung’s Bespoke AI Home offers future homeowners an opportunity to enhance their lifestyles by streamlining household chores and enabling them to prioritise personal activities. With AI-driven energy management, personalised recommendations based on user behaviour, and seamless integration with various smart devices such as refrigerators, washers, air conditioners, vacuums, and TVs, homeowners can enjoy heightened convenience and efficiency. The Bespoke lineup features intelligent functions like AI Energy Mode to optimise energy consumption, AI Wash for tailored laundry cycles, and AI Pro Cooking remotely monitoring oven-cooked dishes. Continuously learning from users’ habits, Bespoke AI adapts appliance performance to provide customised services that cater to individual preferences and needs. “In envisioning Gamuda Cove, our aim was to create a township that can stand the test of time. At the core of smart cities lies the seamless integration of urban functions like digital, infrastructure, mobility, environmental monitoring, safety and security, energy systems, sport and recreation, waste, and sustainability management. “This interconnectedness leverages data to enhance services, elevate living standards, and promote environmental sustainability. With AI, the possibilities are endless,” Chu said. He said deploying IoT devices such as surveillance cameras, smart street lighting, and emergency response systems can make neighbourhoods safer and improve community well-being. Additionally, he said AI can aid in the creation of smart parking systems, streamlining the search for available parking spots through real-time data from sensors and cameras. Moreover, AI-driven predictive maintenance systems can enhance the upkeep of mobility infrastructure such as roads, bridges, tunnels, and highways by analysing data to forecast maintenance needs, thereby preventing accidents and minimising downtime. Leveraging AI and 5G technology, Gamuda Land is exploring the integration of 5G-connected smart grids into their townships. This initiative aims to boost energy efficiency, promising a substantial decrease in energy consumption for sustainable long-term development.

KUALA LUMPUR: Eco World Development Bhd’s (EWD) first quarter (Q1) FY24 net profit was RM69.6 million, which was within Public Investment Bank Bhd’s (PublicInvest) and consensus full-year estimates. PublicInvest noted that the property developer secured RM1.26 billion in pre-sales in 4 months, with 57 per cent or RM723 million from Iskandar Malaysia, or about 36 per cent of its FY24 sales target of RM3.5 billion. The strong sales momentum increased EWD’s unbilled sales to RM3.88 billion as of February 2024, PublicInvest noted. Separately, PublicInvest said that EWD’s share of results of its joint ventures for Q1 FY24 was 9.4 per cent higher year-on-year (YoY) due to Eco World International Bhd (EWI) recording a profit instead of a loss during the quarter. EWD’s gross and net gearing levels as of January 2024 remained low at 0.52x and 0.28x, respectively, even after completing the 403.78-acre Kulai land acquisition (balance 90 per cent land price of RM190 million) and paying its FY23 final dividend, amounting to RM58.9 million, to shareholders in Q1 2024. On sales, PublicInvest noted that EWD’s FY24 sales target is within reach. Sales momentum continued into Q1 FY24, with about RM1.26 billion secured in four months. “We understand that its projects in Iskandar Malaysia have performed well, with about RM723 million secured or 57 per cent of EWD’s total year-to-date (YTD) sales for FY24,” PublicInvest noted. Currently, EWD has eight ongoing projects in Iskandar Malaysia. Sales of residential homes remain the biggest contributor for the company, with Eco Townships and Eco Rise Pillars bringing in RM799 million or 63 per cent of total sales. These include sales from new launches of landed homes at Eco Spring and Eco Tropics in Iskandar Malaysia as well as Eco Grandeur in the Klang Valley. “EWD also recently launched Sa.Young D’ Eco Botanic in Iskandar Malaysia which we understand is well received by the market. “Going forward, the company is preparing for the launch of Se.Duduk D’ Kajang, which is its first duduk apartments to be developed outside an EcoWorld township,” PublicInvest said. Relatively, EWI secured RM243 million in property sales plus reserves of RM203 million, adding up to a total of RM446 million for the first four months of FY24. This was driven mainly by Embassy Gardens, which brought in RM105 million in sales, followed by Wardian (RM75 million) and Yarra One (RM20 million). “We understand that as of February 29, 2024, EWI has approximately RM650 million of completed and nearly completed stocks available for sale, of which the company’s effective share is approximately RM500 million,” PublicInvest noted. The research firm said completed stock sales are estimated to generate excess cash up to RM500 million for EWI over 2024 and 2025. Separately, the company has 18 existing and upcoming projects in the United Kingdom and Australia, with a total gross development value of GBP4.6 billion and A$0.7 billion, respectively. “We keep our earnings unchanged and maintain our Neutral call. Our target price increased to RM1.30 from RM1.15 previously as we narrowed the discount to book value to 20 per cent from 30 per cent as sector valuations improved. “We believe it deserves a premium given its strong sales track record and attractive dividend yield,” PublicInvest said.

KUALA LUMPUR: Melaka-based property developer Teladan Group Bhd’s (TGB) wholly-owned subsidiary Riverwell Resources Sdn Bhd (RRSB), signed a memorandum of understanding (MoU) with Melaka Corporation (MCorp) to develop a 341.2-acre German Technology Park at Ayer Panas, in Jasin, Melaka. The project aims to attract German investment into Melaka and strengthen Malaysia-Germany economic ties. It encompasses various industrial developments, including industrial bungalow lots, semi-detached factories, shop offices, and centralised labour quarters. Under the MoU, both parties will collaborate on feasibility studies and development planning for the project. The agreement seeks to leverage TGB’s construction expertise and its landbank located along Jalan Gapam. MCorp, the Melaka state government development agency, will lead the development and sales of the Project. Melaka chief minister Datuk Seri Utama Ab Rauf Yusof said this collaboration strengthens Malaysia’s position as a preferred investment destination within ASEAN and deepens economic ties with Germany. “The project aligns with the government’s economic growth initiatives by promoting industrial advancement and attracting high-tech industries to Melaka. “By leveraging Malaysia’s strategic location in Southeast Asia and its robust infrastructure, we aim to drive Melaka’s industry, business, and trade forward. “The project represents a significant step towards advancing international trade activities, creating job opportunities, and broadening the country’s market access. “At MCorp, we are committed to supporting Malaysia’s economic growth and development,” he said in a statement. Ab Rauf Yusoh and the ambassador of the Federal Republic of Germany Dr Peter Blomeyer graced the recent signing ceremony. This project builds on the robust trade relations between Malaysia and Germany, which have flourished over the past decade. Germany has remained Malaysia’s top trading partner in the European Union, while Malaysia is now Germany’s largest trading partner in Southeast Asia. Furthermore, Malaysia remains an attractive destination for foreign direct investments (FDIs), with German companies investing EUR€8.5 billion (RM43.61 billion) as of 2023. TGB managing director Richard Teo Lay Ban said the company is confident in its contribution to this project’s success, given its proven track record of developing over RM2.9 billion in combined gross development value (GDV) across residential, commercial, and industrial projects. “Looking ahead, we are optimistic about Melaka’s economic trajectory, driven by the 2024 Budget’s focus on enhancing Melaka’s competitiveness and the government’s commitment to positioning the state as a global tourism hub and trade and investment centre. “With TGB’s deep experience in Melaka, we are well-positioned to explore new development opportunities and unlock significant long-term commercial value,” he said. As of December 31, 2023, TGB holds 1,071.5 acres of undeveloped land, a significant portion of which is located in Melaka. This land has a potential GDV of RM2.7 billion.

KUALA LUMPUR: Kwasa Land Sdn Bhd, the master developer of Kwasa Damansara and  a wholly-owned subsidiary of the Employees Provident Fund Board (EPF), has partnered with Impiana Land and Development Sdn Bhd (Impiana) on a new residential development in the township. The project, Impiana’s second in Kwasa Damansara, will entail the construction of landed homes, as well as low and mid-rise condominium on a land area of approximately 47 acres. Coined as Serene Kwasa Damansara, the project will be spread across three plots with a gross development value (GDV) of RM1.5 billion. The project will be delivered in phases, with the first phase expected to be completed in the fourth quarter (Q4) of 2028. Formerly the site of the renowned Rubber Research Institute, the first and largest of three plots retains its heritage. Kwasa Land managing director Datuk Adenan Md Yusof said the company is pleased to partner with Impiana again on their second development within Kwasa Damansara. “It will be developed with surrounding green spaces, great connectivity to transportation networks, and also designed with the family unit in mind, meeting the lifestyle needs of Malaysians today. “Serene Kwasa Damansara will complement our efforts as the master developer, boosting the value of this township. “We look forward to offering various residential offerings with Impiana, leveraging their vast experience in high-quality development equipped with top- notch facilities,” he said in a statement. Serene Kwasa Damansara’s Serene South Lakes offers 141 neo-colonial-themed homes, including bungalows, link villas, and semi-detached homes. Perched on sloping terrains, these homes command scenic vantage views of the lake. The second phase measuring 4.6 acres, The Park, will consist of two modern tropical-themed mid-rise blocks of 311 units with facilities amid lush landscapes and refreshing greenery. The Serene Hillside is a 12-acre hillside plot comprising four blocks of low and mid-rise condominiums with 468 units surrounded by greenery. Serene Kwasa Damansara can offer vistas and vantage viewpoints to its future residents. It will be developed in a conducive, green environment, offering dedicated clubhouses, swimming pools, and landscaped gardens. Neighbouring mature neighbourhoods such as Tropicana Indah, Ara Damansara and Kota Damansara, the project is also close to future commercial centres, retail and dining offerings, and two mass rapid transit (MRT) stations connected directly to the Putrajaya and Kajang lines. Impiana managing director Datuk Haris Onn Hussein believes a home must be more than a building. “It has to be a space generous enough for life to expand and grow, enclosed in structure but open in spirit, to nurture a lifetime of cherished memories. “We are excited to be a development partner to Kwasa Land as we embark on a dynamic and future-forward residential development at Kwasa Damansara, a burgeoning location in the Damansara region – one where we see people converge to live, work and play as an attractive address and neighbourhood,” he said. Impiana’s maiden project in the township is known as Linari Damansara. Sitting on an 8.9-acre site, the development consists of two towers housing 480 units of condominiums and 16 units of Park Homes. Linari is positioned to offer a mass-transit-oriented lifestyle adjacent to the Kwasa Damansara MRT station. Once completed, it will offer residents a dedicated security entrance and pedestrian walkway to the station. Linari is planned with a host of features and facilities, including a community garden, lap and kid’s pools, jogging and cycling trail, BBQ area, gym, yoga lawn, and many more. It will be launched this year and is expected to be completed by 2027.

KUALA LUMPUR: Domestic property companies are setting higher new sales targets to express optimism about the outlook for the financial year 2024 (FY24). MIDF Research said Sunway Bhd targets to achieve new sales of RM2.6 billion in FY24 after recording new sales of RM2.4 billion in FY23. Similarly, Mah Sing Group Bhd is setting a higher new sales target of RM2.5 billion for FY24 after hitting new sales of RM2.26 billion in FY23. “SP Setia recorded bumper new sales of RM5.1 billion in FY23, including land sales of RM836 million. “Excluding land sales, new property sales are estimated at RM4.2 billion in FY23 as SP Setia is setting a new sales target of RM4.4 billion for FY24,” the research firm said in a report. Eco World Development Group Bhd has set a sales target of RM3.5 billion for FY24. MIDF Research, quoting Bank Negara Malaysia (BNM) loan data, said the total loan application for property purchase in 2023 was higher at RM605.3 billion, up by 5.7 per cent year-on-year (YoY). The data said the higher loan application was supported by stronger demand for property as the outlook for the property sector improved. Further, it noted that BNM’s pause in the Overnight Policy Rate (OPR) hike since July 2023 had also underpinned the recovery in buying interest on property. Meanwhile, loan application data is off to a good start in January 2024 as it was higher at RM51 billion, up by 46.5 per cent YoY, as buying sentiment on property remains healthy. “Moving forward, we maintain our  view that demand for properties would be stronger in 2024 as the landscape for the sector is improving,” MIDF Research said. Further, BNM data also showed that the approved loans for the purchase of  property was strong at RM261 billion, up by 7.3 per cent YoY in 2023, driven by the higher loan application in 2023. Besides, the higher percentage of total approved loans over total applied loans of 43 per cent in 2023 against 42 per cent in 2022 had also lifted the approved loan in 2023. Meanwhile, approved loan data in January this year remained encouraging as it grew by 40.8 per cent YoY and 14.1 per cent month-on-month (MoM) to RM20.4 billion, driven by the higher loan application. MIDF Research said the higher approved loan bodes well for new sales outlook for property developers. MIDF Research also noted that for the recently concluded earnings reporting season, four out of six property companies reported earnings that came in within expectations namely Sunway, Matrix Concepts Holdings Bhd, UOA Development Bhd and Mah Sing. Meanwhile, SP Setia reported earnings that came in above expectations as earnings in FY23 were lifted by land sales gain of RM110 million and better margin, MIDF Research noted. “On the flip side, earnings of IOI Properties Group Bhd missed expectations as earnings contribution from China was weaker than expected. “Meanwhile, property companies that concluded FY23, namely Sunway, SP Setia, Mah Sing Group and UOA Development, reported higher new sales in FY23,” MIDF Research said. Touching on overhang units, MIDF Research said data released by the National Property Information Centre (NAPIC) showed residential overhang increased marginally to 25,816 units in the fourth quarter (Q4) of 2023 from 25,311 units in the third quarter (Q3) of last year. Perak had the highest number of residential overhangs, at 4,598 units in Q4 2023, up from 3,625 units in Q3 2023. Meanwhile, Johor has the second-highest residential property overhangs at 4,228 units in Q4 2023, which declined from 4,500 units in Q3 2023. Kuala Lumpur has the third-highest residential property overhangs at 3,535 units in Q4 2023, an increase from 3,111 units in Q3 of the same year. “Despite the marginal increase in the overhang, we think that the overall declining trend in overhang eased concern on oversupply of property. “Note that the residential property overhang of 25,816 units in Q4 2023 was lower than 27,746 units in Q4 of 2022 and 36,863 units in Q4 of 2021,” MIDF Research said. MIDF Research maintains a Positive stance on the property sector and remains sanguine about the outlook for property companies. The research firm said buying sentiment on properties is expected to remain healthy going forward as the property sector’s landscape improves. New sales of property companies are improving, which should translate into better earnings visibility going forward, it said. “Our top picks for the sector are Mah Sing (Buy with a target price of RM1.12) and Matrix Concepts (Buy with a target price of RM1.91). “We like Mah Sing for its quick turnaround strategy and high exposure to affordable homes via its M series projects. “Besides, its growing presence in the industrial property segment will support earnings growth in the medium to long term. “Meanwhile, we like Matrix Concepts as its new sales remain encouraging while landbank expansion in Labu, Negeri Sembilan, will further buoy earnings growth. Besides, the dividend yield of Matrix Concepts is attractive at 5.6 per cent,” MIDF Research said.

KUALA LUMPUR: Pilgrims Fund Board’s property unit TH Properties Sdn Bhd (THP) sees the demand for residential and commercial properties as still resilient despite various setbacks such as the Covid-19 pandemic, softer global economy and the spike in raw material prices. TH Properties board member Zarulakmar Abd Aziz said the company is optimistic that its latest property offering, the Felora and Bizcentre, will be well-received by buyers and investors due to its location, competitive prices and modern design. THP unveiled its latest developments, Felora and Bizcentre Phase 2, at the Karnival Warisan Puteri 2 in Seremban recently. Felora, a residential development, comprises 86 double-storey terrace houses with a gross development value of RM38.95 million. With prices from RM409,000 to RM659,200, Felora offers homebuyers to invest in a meticulously designed unit that combines comfort, style and quality living within the thriving Warisan Puteri 2 community. In addition to the residential offering, THP also launched Bizcentre Phase 2. The 28 units of two- and three-storey shop offices have a built-up area ranging from 2,170 sq ft to 6,868 sq ft, with prices starting from RM648,000 to RM2.33 million. Bizcentre Phase 2 aims to fulfil the demand for commercial property in the area and to cater to businesses seeking a location in a prime commercial hub. Zarulakmar said the success of previous developments in Warisan Puteri 2, such as Tierra, another double-storey terrace house project, is a testament to buyers’ trust towards THP’s products. The one-day Karnival is a celebration of community and engagement, and THP showcased its latest offerings that foster inclusive living experiences with its customers.

KUALA LUMPUR: Iskandar Waterfront City Bhd (IWC) has unveiled its strategic master development plan for the next ten years, as the company is poised for significant growth with a landbank of approximately 1,000 acres holding freehold status. The company’s development pipeline includes the phased development of 146 acres, with a total gross development value (GDV) of RM4.3 billion. These developments will be strategically located near the Johor Bahru–Singapore rapid transit system (RTS) Bukit Chagar station and Johor Bharu city centre, capitalising on its proximity to key transportation hubs and urban centres. One of the flagship projects in the pipeline is Danga Rivera, a mixed waterfront development in the mature area of Permas Jaya. This project will feature shop offices, retail spaces, hotels, and service suites, with an expected GDV of RM500 million. Today, IWC signed a memorandum of understanding (MoU) with Meliá Hotels International SA, a leading hotel company from Spain, for this development. Located just 7km from the RTS, Danga Rivera’s strategic location is expected to attract investors and stakeholders. IWC spokesperson Yap Meow Hin said the company’s collaboration with Meliá Hotels International underscores its commitment to excellence and vision of transforming landscapes to enrich communities. “We are excited to partner with a global hospitality leader to bring a new dimension of luxury and service to Johor Bharu. “This is an exciting time for IWC as we capitalise on the strategic location of our land bank, which is within a 10-15 minute drive to the RTS Bukit Chagar station,” he said in a statement. Another highlight of IWC’s development plan is Tebrau Bay, a waterfront township located at the serene river mouth of Sungai Tebrau. Focused on health and wellness, this development spans 100 acres and is poised to offer quality waterfront living. Located just 15 minutes from the RTS Bukit Chagar Station, Tebrau Bay is expected to generate a total GDV of RM 3.5 billion in several phases, starting with a pilot phase of 30 acres. IWC is also developing Danga Heights, a vibrant mixed-use project focusing on retail. This development, spanning 29.3 acres, will feature 2-storey plus mezzanine shop offices in its first phase, with an expected GDV of RM330 million. The project will also include a branded hotel, office, and service apartment and is strategically surrounded by approximately 500,000 residents in the mature residential area of Kempas. Overall, IWC is confident in developing and leveraging its extensive landbank, strategically located near mature areas and the RTS station and Johor Bharu city centre. The first phase of the three key development projects is expected to generate a total GDV of RM1.8 billion by developing approximately 63 acres over the next five years.

KUALA LUMPUR: The domestic real estate market is expected to see continued resilience in 2024, with certain segments demonstrating sustainable growth. According to JLL Global Capital Outlook 2024, this positive trend is expected to be fueled by several key factors, namely stable macroeconomic growth partly attributed to multinational companies’ wider adoption of the ‘China Plus One’ strategy. By diversifying their operations beyond mainland China, these companies are expected to drive increased business activity in Malaysia’s office, logistics, and industrial sectors, contributing to overall economic growth. Secondly, real estate growth is also due to the financial markets anticipated to demonstrate stability, fostering optimism among investors. This stable environment is expected to encourage continued investment in the real estate sector. Furthermore, strong domestic demand is expected to play a significant role in bolstering the market. This robust demand will support growth across various segments, ensuring a well-rounded market performance. Further, the continued development of technology and the implementation of relevant measures are expected to enhance and innovate the real estate industry. These advancements can streamline processes, improve transparency, and open up new opportunities for buyers and sellers. Overall, the report said 2024 appears to hold promise for the Malaysian real estate market. Supported by stable macroeconomic growth, financial market stability, strong domestic demand, and technological advancements, the market is well-positioned for continued resilience and sustainable growth. “We have observed that investors are displaying a more positive outlook towards the Malaysian real estate market, driven by the favourable dynamics and robust recovery witnessed over the past six quarters. “However, their primary focus continues to be on the three core segments with the highest growth potential – residential, logistics and industrial, and data centres,” JLL Appraisal & Property Services Sdn Bhd head of research Yulia Nikulicheva said in a statement. On risks, the JLL Malaysia report said one potential concern is the escalation of local conflicts worldwide. This could ripple effect, leading to rising global inflation and further disruptions to global supply chains. Both of these factors could dampen the positive outlook for the real estate market. Another potential roadblock is a slowdown in the Chinese economy. The report said that as China is a major player in the global market, a significant slowdown in its growth could have implications for various industries, including real estate, potentially impacting Malaysia as well. Finally, slower growth in key global markets, such as Western Europe (particularly Germany) and the United States, could also significantly impact the dynamics of the Malaysian market. This is because Malaysia heavily relies on exports of manufactured goods to these economies, and their performance directly influences future market conditions. While these risks cannot be ignored, it is important to remember the underlying strengths of the Malaysian real estate market. By acknowledging these potential challenges and proactively developing strategies to mitigate them, stakeholders can ensure the market continues its trajectory of resilience and sustainable growth in the coming year, the JLL report noted.

KUALA LUMPUR: Leading integrated industrial space solutions provider AME Elite Consortium Bhd (AME) saw its net profit double to RM28.5 million in the third quarter (Q3) ended December 31, 2023 (FY24) from RM13.9 million posted in the same quarter last year on stronger contribution from its industrial parks, and fair value gain from the sale of an industrial property from inventories to AME Real Estate Investment Trust (AME REIT). Notably, AME also posted a robust revenue growth of 31.2 per cent in Q3 FY24, reaching RM176.2 million from RM134.3 million previously, attributed to increased contributions from property development, engineering, and property investment and management services segments. The property development segment, primarily driven by contributions from the company’s i-Park@Senai Airport City and i-TechValley industrial parks, achieved 96.4 per cent higher revenue of RM98.5 million versus RM50.1 million previously, on higher stages of work completed and timing of income recognition of industrial properties. Similarly, the property investment and management services segment reported revenue growth of 22.7 per cent to RM16.7 million in Q3 FY24 from RM13.6 million in the previous quarter. The improvement was attributed to a higher number of leased industrial properties, increased rental income from workers’ dormitories, and management services income from industrial park tenants. Meanwhile, the construction segment experienced a lower revenue contribution of RM35.2 million in Q3 FY24 versus RM66.3 million previously due to the stage of completion of ongoing projects. In contrast, the engineering services segment witnessed 505.1 per cent revenue growth to RM25.8 million from RM4.3 million previously, also attributed to the stage of completion of projects. AME group managing director Kelvin Lee Chai said the company’s industrial parks continue to experience robust demand from international players, attracting companies from major markets such as China, Hong Kong, the United States, Singapore, and more. “This sustained interest underscores the appeal of Malaysia as an important destination for business expansion, further reinforced by the reputation of our sustainably designed and industrial parks. “During our latest nine-month financial period, we successfully secured more than RM450 million in new industrial property sales and bookings, positioning us for sustainable performance going forward. “Looking ahead, we are poised to capture even more demand from companies seeking to expand their presence in Southeast Asia, further supported by expansions of our industrial parks at strategic locations in Malaysia,” he said in a statement. For the nine-month period (9M) FY24, AME recorded a net profit growth of 10.9 per cent to RM86.3 million from RM77.8 million in the same period last year while revenue rose 51.0 per cent to RM632.1 million from RM418.7 million previously. AME boasts a well-regarded track record, marked by the successful establishment of five industrial parks in Johor. Ongoing projects include i-Park@Senai Airport City and i-TechValley at the Southern Industrial and Logistics Clusters (SILC). Additionally, AME has completed i- Park@Indahpura, i-Park@SILC and District 6@SILC. Among these developments, i-TechValley stands out as AME’s newest addition, launched in 2022. Spanning 169.8 acres within SILC, i-TechValley features a specialised medical and healthcare cluster that has garnered significant interest from major industry players across global markets.

KUALA LUMPUR: Property player Meta Bright Group Bhd (MBG) posted a net profit of RM2.7 million, representing an increase of 143 per cent year-on-year (YoY) for the second quarter (Q2) ending June 30, 2024 (FY24) from RM1.11 million posted in the same quarter last year. The net profit reflects the company’s strategic execution in various sectors. However, operational costs were higher this quarter due to significant corporate activities and investments in business expansion. The company’s revenue stood at RM9.98 million, a 25 per cent increase from RM7.95 million posted last year. Executive director of corporate and strategic planning Derek Phang Kiew Lim said the company’s strategic initiatives over the past few years are now beginning to bear fruit, reflected in its improved financial performance. “Our focus on sustainable and high-demand sectors, coupled with strategic acquisitions like Expogaya Sdn Bhd, positions us strongly for continued growth. “We are confident in the prospects of MBG as we continue to innovate and adapt in an ever-evolving market landscape. “We remain confident that our efforts will lead to sustainable growth and enhanced shareholder value,” he said in a statement. The company’s increased costs are primarily due to the acquisition-related expenses for Expogaya Sdn Bhd, including professional fees and costs associated with the extraordinary general meeting. Further, increased costs also from the development costs for the leasing business in Australia, including US$5 million (around RM23.89 million) in loan expenses and professional fees. Further, the company was also impacted by the increased depreciation following the completion of the latest phase of the Grand Renai Hotel renovation. Also, there are elevated food and beverage costs as the hotel sector looks to expand and grow this part of the business. Despite these challenges, MBG remains steadfast in its commitment to refining its business operations. The company is confident that the outcomes of these business development initiatives will become increasingly evident following the completion of several corporate exercises, including fundraising through debt and equity, business diversification, and acquisitions. The acquisition of Expogaya marks the company’s venture into the construction sector, aligning the company with the recovering Malaysian property market. This acquisition solidifies the company’s position in the construction sector and ensures a steady supply of materials for its development projects, enhancing its competitive edge in property development. On the other hand, the expansion into the leasing business in Australia signifies a commitment to sustainable practices in the mining industry and its capability to identify and capitalise on profitable opportunities in the global market. This division entails an agreement with Mt Cuthbert Resources Pty Ltd, a copper mining company in Australia, which is expected to generate recurring monthly revenue of approximately AUD$ 223k. This move underlines MBG’s capability to identify and capitalise on profitable opportunities in the global market. In the hospitality sector, the Grand Renai Hotel continues to be a significant contributor to its revenue. The hotel’s recent renovations and enhanced focus on the food and beverage segment are designed to augment the guest experience and improve operational efficiency. As the Malaysian property market shows signs of recovery, MBG’s strategic positioning in property development and the concrete business is expected to yield positive results in the company’s financial performance in upcoming quarters.