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Old November 26th, 2007, 07:14 AM   #1
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TROPICANA GRANDE | Selangor (Tropicana) | Completed (2013)

taken from the star 26/11/07

Dijaya’s trump card

By S.C. CHEAH


An artist’s impression of Tropicana Avenue's retail style shop offices.


An artist's impression of Tropicana Grande at the Tropicana Golf & Country Resort in Petaling Jaya.


HAVE you ever dreamt of living in a posh and big condominium with a grand view of the award-winning Tropicana Golf & Country Resort in Petaling Jaya?*

Well, dream no more. Come early 2008, you can grab one of the 241 units of the Tropicana Grande – three blocks of 36-storey condominiums with average size of 3,000 sq ft, which will tower over all condominiums in the area. *

An artist’s impression of Tropicana Avenue's retail style shop offices.
Dijaya Corp Bhd has finally thrown in its trump card by developing this high-end golf course-front condominium at a time when the high-end condominium market in the city is reaching dizzying heights.*

By pricing Tropicana Grande's units at an average of about RM500 per sq ft (a third off the prices in the KLCC area), it is set to appeal to those who want a well-known location minus the spiralling prices of KLCC nor the congestion in Mont' Kiara.*

“We plan to launch Tropicana Grande early next year and we are now building the show unit. We are targeting upgraders, especially young CEOs in their 30s and 40s who are looking for condominiums such as the Tropicana Grande,” said Dijaya managing director Tong Kien Onn.*

He said the other target markets were investors seeking high return investment properties and foreigners who wanted to live in a resort development with golf course and club facilities.*

Tong said the Tropicana Grande was a prestigious development that promised privacy and the serenity of a golf course view. The design is planned with luxury in mind, with a built-up big enough to provide comfort living, full glass windows to capture the scenic view, a private lift that serves up to the doorstep, and a private pool.*

The design is alike – two crystalline blocks with maximum transparency for the sprawling golf course view. Almost all the bedrooms are located towards the golf course view and certain units could bring the view closer by having sky gardens.*

Tong said there would also be eight units that with its own dip pool at the recreational deck on the podium floor. Some duplexes on the upper floors will also have such pools. The duplex units will have built-up areas of 4,531 sq ft to 10,359 sq ft.*

An artist's impression of Tropicana Grande at the Tropicana Golf & Country Resort in Petaling Jaya.
This condominium will feature, among others, smart home and security system (alarm, intercom and panic button for all units), CCTV system (at service lift lobbies, service lifts, main lobbies, car park, etc), broadband, card access and barrier gate systems, and private lifts. All bedrooms will come with attached bathrooms while the master bathroom will have an en-suite resort-styled Jacuzzi.*

The development on 5.17 acres of prime resort land will have a density of 46 units per acre and a gross development value (GDV) of RM390mil.*

Meanwhile, Dijaya will also launch the Tropicana Avenue (gross development value of RM205mil), comprising three blocks of nine and 11-storey lifestyle shop offices (26ft x 79ft lot size) in the northeast sector of the resort next March. It will have extensive food and beverage (F & B) outlets and a retail strip on the ground floor and strata offices on the upper floors. *

The row of retail space is arranged along a pedestrian thoroughfare cum walkway that faces the food and beverage (F & B) area. Escalators are located at various points throughout this thoroughfare to allow a continuous circulation and bring shoppers to the first floor.*

People can enjoy the sights of a garden and pools at the F & B area, and even the first floor retail units will benefit from this garden, as those on the first floor will be able to see the garden below through translucent glass. *

The office units are arranged along an internal corridor while green pockets punctuate the floor layout as “sky gardens”, a refreshing addition to the office units. *

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Old November 26th, 2007, 07:18 AM   #2
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Old February 26th, 2008, 05:18 AM   #3
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Dijaya plans RM600m property launches

Dijaya Corp Bhd will launch at least RM600 million worth of properties in fiscal 2008, amid plans to expand geographically and reorganise its product range to sustain earnings.

The year to December 2008 will see the unveiling of, among others, the estimated RM205 million Tropicana Avenue shop offices, and RM390 million Tropicana Grande luxury condominiums.

Both projects sit within Dijaya's existing 253-hectare upmarket Tropicana Golf & Country Resort township near the Bandar Utama enclave in Petaling Jaya.

Dijaya's upcoming property projects in Malaysia coincide with its initial real estate launches in India, the developer's first foreign venture.

It has tied up with a landowner in India to build an approximately RM800 million mixed-development project in Hyderabad.

"It is at least RM600 million locally and abroad," Dijaya managing director Tong Kien Onn told Business Times in Petaling Jaya yesterday.

Tong said Dijaya intends to venture into Johor and Penang, the other two property hotspots in Malaysia besides the Klang Valley.

Plans are also afoot for an entry into fast-growing Vietnam.

In Johor, Dijaya plans to build commercial units and high-rise homes while in Penang, it hopes to develop landed houses.

Tong declined to elaborate on Vietnam, only indicating that a deal could be struck within the next four months.

To sustain earnings, commercial properties will take greater prominence in Dijaya's real estate portfolio to enable the company to increase income from rental.

Initial rental boost is expected to come from the lease of company-owned retail and office space within its upcoming Tropicana Mall in Petaling Jaya.

"Our current rental income is minimal," Tong said.

Dijaya prefers to sell its foreign offerings, but may retain strategically-located ones for lease.

Recurrent rentals offer a buffer against a cyclical real estate sector while outright property sales may fluctuate according to economic conditions.

In Malaysia, the developer still has some 243ha of untouched land across the Klang Valley, Behrang and Bukit Mertajam.

These sites can last the company up to the next seven years. Its unbilled property sales stand at about RM250 million.

Dijaya's first half to June 2007 net profit rose 19 per cent to RM15.4 million, or 5.9 sen a share, while revenue climbed 29 per cent to RM114 million.

Shares of Dijaya dipped two per cent or three sen to end at RM1.37 yesterday, valuing the firm at RM355.6 million.

The stock has advanced 71 per cent this year, surpassing the benchmark index's 26 per cent rise.
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Old March 11th, 2008, 09:40 AM   #4
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Dijaya plans Jenjarom project launch in 2009

PETALING JAYA: Dijaya Corp Bhd plans to launch the first phase of the RM270 million mixed development on its recently acquired land in Jenjarom, Kuala Langat, Selangor, by end-2009, its managing director Tong Kien Onn told theSun.

“We have yet to decide on the final components of the proposed development, but it will comprise mainly residential properties.

The composition will depend on market studies yet to be carried out,” he explained.

Earlier this week Dijaya Corp announced that its wholly owned subsidiary Nadi Jelita Sdn Bhd had entered into a sale and purchase agreement with Beta Fame Sdn Bhd to acquire four parcels of freehold agricultural land, measuring 93.418 acres in Jenjarom, Kuala Langat, for RM29.5 million.

Tong said the project, which has yet to be named, will be targeted at the upgrader market of the local population in Jenjarom, Banting and its immediate surroundings who are looking for quality products. The site is located within the commercial center of Jenjarom town and along the Klang/ Banting road, which has been seeing rapid development.

The land acquisition for the project, which is slated for completion within six years, is in line with the developer’s direction to increase its landbank for development and to generate long-term sustainable income.

Dijaya Corp is synonymous with the development of its flagship project, the Tropicana Golf & Country Resort and the Damansara Indah Resort Homes.

In the Tropicana Golf & Country Resort, the developer is expecting to launch the first phase of its Tropicana Grande golf-course-fronting condominiums by the third quarter of the year.

Tropicana Grande, one of the final offerings in the resort development in Petaling Jaya, is tagged at an estimated price of RM500 psf.

There will be 298 units with built-ups from 2,208 to 6,138 sq ft.



Tong with a scale model of the integrated development of Tropicana City

Meanwhile, construction on its nine-acre freehold development of Tropicana City located at the crossroads of the LDP and Sprint highways is progressing rapidly. The Tropicana Mall is expected to be completed by the third quarter of the year. More than 40% of its 440,000 sq ft of nett lettable area has been leased out.

The second component of the integrated development is the RM147 million Tropics Designer Suites, which already has a take-up rate of 75%. The 601 units are sized from 625 to 1,176 sq ft and priced between RM222,000 and RM506,000.

The suites, which sit on top of the shopping podium, are scheduled for completion by the third quarter of 2009. Construction work on the third offering — the 105,000 sq ft Signature Office Tower recently commenced. The developer intends to retain the tower for leasing.

By theSun (by Allison Lee)
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Old March 11th, 2008, 10:05 AM   #5
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Dijaya Corporation Berhad will launch more than RM600 million worth of properties in fiscal 2008, amid plans to expand geographically and reorganise its product range to sustain earnings.


2008 will see the unveiling of, among others, the estimated RM205million Tropicana Avenue shop offices, and RM430 million Tropicana Grande luxury condominiums.

Both projects sit within Dijaya's existing 253-hectare upmarket Tropicana Golf & Country Resort township, next to Damansara Indah Resort Homes.

Dijaya's upcoming property projects in Malaysia coincide with its initial real estate launches in India, the Group's first foreign venture.

It has tied up with a landowner in India to build an approximately RM800 million mixed-development project in Hyderabad.

"It is at least RM600 million locally and abroad," said Dijaya Managing Director, Tong Kien Onn.


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Old March 11th, 2008, 10:06 AM   #6
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Old March 11th, 2008, 10:09 AM   #7
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Old March 11th, 2008, 10:11 AM   #8
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Old March 11th, 2008, 11:32 AM   #9
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Old March 19th, 2008, 05:39 AM   #10
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Dijaya lays foundations to move ahead

DIJAYA Corp Bhd is on the threshold of further growth under the helm of MD Tong Kien Onn, who took over from P.K. Koh.

Tong is currently putting down new foundations to move ahead. He is taking on a more aggressive move as competitors have sprouted and managed to establish themselves as major players in the property sector.

“We were (well) known at one time. We still are but compared to these several competitors who have marched on, I would like Dijaya to be a name that people can identify with,” he says. The completion of the Tropicana City at the end of this year will help but Tong is laying down other strategies to propel the group forward.


The group has property launches totalling some RM890mil planned for the first half of this year. Over the last year, Tong has been buying up land to replenish its depleting land bank. He has paid RM96mil for three pieces of land outside the inner city development, which he refers to as the second tier.

Located in Balakong, Sg Long and Jenjarom in Banting, the land spans some 190 acres.



Analyst Kevin Khoo from Insider Asia says the company is “aggressively expanding its land bank at low prices.”

Besides its land purchase and launches of close to RM900mil in Tropicana and Sg Buloh for the first six months of this year, it is also excited about its move to India soon.

“When I took over, I spent the first six to nine months looking for land and exploring opportunities overseas. We hardly bought any land the last 15 years. Tropicana and Damansara Indah kept us busy for a while. Today, we are at the tail end. We have four pieces of land, of which only one is for residential development in Tropicana itself, near the Lien Hoe building,” says Tong.

He says the company will adopt the concept of a guarded and gated community for these projects. The company has 93.4 acres in Jenjarom, 66 acres in Balakong, Selangor and 26.7 acres in Sungai Long, Cheras.

“We aim to have some elements of Gita Bayu and Desa Park City in Jenjarom and Balakong but have not worked out the concept for Sg Long yet. We are still looking for more land in Sungai Buloh. The focus of development will be around Sg Buloh area over the next five to eight years,” he adds. He opines that there is a market for such developments in the second tier townships.

“There are people with a lot of money out there,” he says.

“In property development, it is crucial to have good pieces of land and this is becoming scarce and expensive. The second thing I did was to look overseas ... my focus is India and Vietnam.”

Tong says while he is keen to go abroad, he is cautious because it is not as simple as it sounds or as many make it out to be. The company has teamed up with a local partner in a 54:46 joint venture to build a high-rise residential project in India.

Phase 1 will be launched in the second quarter of this year. The total gross development value is RM800mil. They are still exploring in Vietnam.

In addition, another step taken by him over the year is to have a bigger budget for landscaping in their projects. In Villa Green 3A semi-detached units, the budget was increased from RM200,000 to RM600,000. A total of 50 out of 80 units were sold. These will be ready by the end of March.

“When a company offers lifestyle homes, there is a certain ambience that is needed. Having more trees, and more mature ones, lends a new feel to the place and this is what people want. If they are going to part with millions, it is our part to do the necessary.”

For the newer developments, the landscape architects will be brought in at an earlier stage instead of at the tail end of a project.

Along with this new emphasis, the company will continue with its bread and butter projects, which is middle to upper end residential development and lifestyle commercial projects.

In the next several months, it will launch its condominium Tropicana Grande, a contemporary 300-unit condominium of 39 storeys. Average size is about 3,000 sq ft, priced at around RM500 per sq ft. The project has a GDV of RM390mil.

It will also launch Tropicana Avenue, which comprises nine to 11-storey shop offices on 2.8ha, priced at RM300 to RM350 per sq ft for office space and between RM600 and RM700 per sq ft for the shops (GDV: RM210mil)

On the cards is Tropicana Gardens, a six-storey lifestyle shop offices project fronting Persiaran Surian on a 17.6 acres. It will have 80 units of shops and about 140 units of offices. This will be launched at the end of 2008.


On its up and coming Tropicana Mall which fronts the LDP in Petaling Jaya (opposite Dijaya’s headquarters), Tong says they will keep the 12-storey office block for leasing purposes at about RM4 per sq ft. The office block has a floor plate of about 8,000 sq ft so it is quite unlike some of the new projects that have come up around Petaling Jaya.

“We need something that will give us a recurring income. We will also be leasing out the mall and after paying off the loan, I get RM20mil to RM30mil annually from the mall. We will sell all the 600-odd apartment units, which is currently 75% sold,” says Tong.

By The Star (by Thean Lee Cheng)
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Old July 29th, 2008, 10:31 AM   #11
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Tropicana Grande - 4 blocks 39storey.
after a few delay, they will finally launchd dis project end of this year....


Last edited by rizalhakim; July 29th, 2008 at 10:51 AM.
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Old July 31st, 2008, 04:54 AM   #12
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redesign???

Quote:
Originally Posted by rizalhakim View Post
Tropicana Grande - 4 blocks 39storey.
after a few delay, they will finally launchd dis project end of this year....

[earlier render
Quote:
Originally Posted by rizalhakim View Post
can u spot the difnt????especialy the rooftop!!
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Old July 31st, 2008, 04:55 AM   #13
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Old July 31st, 2008, 04:57 AM   #14
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Old July 31st, 2008, 05:00 AM   #15
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Old December 19th, 2008, 03:32 AM   #16
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Big property launches delayed
By YEOW POOI LING


PETALING JAYA: Developers are delaying the launching of any major projects amidst the current weak market sentiment.

According to Real Estate and Housing Developers’ Association president Datuk Ng Seing Liong, major launches were being put off for a few months. However, some smaller-scale projects should be introduced after the Chinese New Year.


The trend was across the board for all types of properties as buyers were on a wait-and-see mode, he told StarBiz in a telephone interview.

“Deferring projects is a business decision and should not lead to abandoned projects. We have had enough of that in the past,” he said.

Ng believed recovery in the property market would take at least one to 1½ years.

“You can’t go wrong with properties. The most they can weaken is 10% to 15%,” he said, adding that in an economic downturn, it was important that developers could break even and sustain their cashflow.

“If any of them had locked-in sales, it’d be a bonus,” he said.

Dijaya Corp Bhd managing director Tong Kien Onn said the company was keeping tabs on the market to gauge the right time for its next launch.

It is planning to launch three new projects within the Tropicana area in Petaling Jaya over the next one year. They are Tropicana Grande, a condominium fronting the Tropicana golf course; Tropicana Avenue, which is a commercial centre; and Pool Villas, comprising semi-detached villas.

“There are plans for two new landed property developments located south of Kuala Lumpur, which we are targeting to launch by middle of next year,” he said.

The developer is also in the midst of promoting its unsold ready units of Villa Green super semi-detached homes.

“We sold about 75%, which were completed and delivered to our purchasers in April,” he said.

Tong said its property locations at Tropicana Indah and Tropicana City remained attractive for the owner-occupier segment of buyers.

“Most of our available stocks are completed properties and this helps because potential buyers can move in sooner and they enjoy savings on their loan interests,” he added.

Dijaya has unbilled sales of about RM250mil, most of which will be recognised over the next one year.
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Old March 18th, 2009, 08:24 AM   #17
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Quote:
Originally Posted by rizalhakim View Post
Tropicana Grande - 4 blocks 39storey.
after a few delay, they will finally launchd dis project end of this year....

just in...will be launched in 3rd Q 2009
4 blocks 39 storeys condo
2313sf to 6602sf
rm600psf
price from 1.388mil
300units
xpected completion 2012
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Old March 20th, 2009, 04:10 AM   #18
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Dijaya in good shape to ride the recession
Thursday, 19 March 2009 20:12



DIJAYA Corp (RM0.875) recently released full-year results for FY Dec 2008 that were above expectations. The company's full-year net profit of RM32.8 million, although down 33% year-on-year (y-o-y), was some 56% above our earlier conservative forecasts.

Much of the spurt came in the fourth quarter, where Dijaya reported net profit of RM23.5 million - or 72% of the full year's total. Up until the third quarter of 2008 (3Q08), the company's earnings had been relatively weak, hit by one-off large tax expenses in 3Q08 and land acquisition-related costs in 1Q08. The strong performance in 4Q08 came largely from progressive billings at TSB Sungei Buloh.

For the full year, Dijaya's revenue was relatively flat at RM247.1 million. Pre-tax profit rose 2.8% to RM73.6 million. However, net profit declined 32.7% to RM32.8 million due to higher minority interests (from increasing contributions at TSB Sungei Buloh and Tropicana Indah), and higher taxes in 3Q08.

Dijaya's balance sheet remains debt-free and is in very good shape, although its cash position has fallen due to land purchases and ongoing funding for the Tropicana City development.

As at end-December 2008, net cash and equivalents stood at RM25.7 million, down slightly from RM26.6 million in September 2008, and from RM141.3 million in December 2007. This includes payment of RM66.2 million for two earlier land purchases (Kajang and Cheras). The Jenjarom land purchase (amounting to RM29.5 million, of which 90% is outstanding) is still pending completion.

Outlook
The outlook for the property sector remains weak. The deepening global financial crisis, especially since 4Q08, has crimped consumer spending and big-ticket item purchases. Most developers are holding back their launches, awaiting further clarity on demand. This will continue for some time, depending on the length and breadth of the current downturn.
We do foresee a bottoming of the US economy in 4Q09. The stock market should recover three to four months ahead. With a bottoming of the economy, retrenchments tailing off and some stock market wealth effect, we expect sentiment for properties to improve in late 2009/early 2010.

We are maintaining our assumption that the two Tropicana projects will be launched in mid-2010, although the company may attempt to launch Tropicana Grande in the second half of 2009 (2H09). Tropicana Grande consists of 241 condos with large built-up space of 2,500-4,500 sq ft, located on 5.2 acres of land. Tropicana Avenue comprises three blocks of nine- and 11-storey shop-offices on seven acres (2.8ha) of land.

In the meantime, the company is busy completing its existing projects in Tropicana City and TSB Sungei Buloh, and selling the balance of its projects and inventory.

Tropicana City Mall opened for business in December 2008 and is about 80%-85% leased, with tenants opening in stages. The mall will provide a new source of recurring income from 2009 onwards, with estimated rental income of over RM20 million. The office tower, once completed, will provide rental income of around RM5 million when fully occupied.

Will ride downturn well
While the operating environment for property developers is very challenging, we expect Dijaya to weather through this downturn relatively well.

The company has a debt-free balance sheet and unbilled sales of RM190 million that will support earnings for another year. In addition, it also will focus on selling the balance of its inventory and unsold units, which amount to about RM330 million.

Starting this year, it will also enjoy recurring income from Tropicana City Mall and later the adjoining office tower. These new streams of income - plus progressive billings - will sustain income to tide the company through the downturn.

Dijaya has a large landbank, with much of it acquired at low prices, especially in Tropicana and Tropicana Indah. The company has also put into place a longer-term footprint by enlarging its landbank at low prices.

Between December 2007 and February 2008, the company acquired a total of 186.2 acres of mainly agriculture land - at relatively low prices - but within or near established areas, to be converted to residential status and development.

The pieces of land acquired include 66 acres in Kajang, Selangor, for RM47.5 million (RM16.50 psf); 93.4 acres in Jenjarom, near Klang, for RM29.5 million (RM7.25 psf) and 26.8 acres in Cheras for RM18.7 million (RM16 psf).

With the new landbank, Dijaya will be able to widen its product and customer mix - from mainly high-end to the middle market as well. The company plans to launch the newly acquired 66-acre Kajang land in 3Q09, featuring mainly terrace houses, with gross development value (GDV) of RM167 million.

Maintain forecasts, buy call
We are maintaining our 2009-2010 forecasts and our buy recommendation. We expect pre-tax profit to fall 21% to RM58.4 million in 2009, but net profit to remain fairly stable at RM31.3 million. Stronger growth will be evident in 2010 as the property market recovers and launches resume. The mall and office tower will also contribute fully by then.

Our forecasts assume the two Tropicana projects are launched in mid-2010. We have not factored in the launch of the Indian joint venture or other projects.

As previously noted, we expect the earlier proposed two-call, 3-for-4 rights issue, which has been deferred indefinitely, to be eventually called off given current market conditions and its existing strong balance sheet.

At RM0.875, Dijaya's shares are trading at undemanding P/E multiples of 7.2 and 4.8 times 2009-2010 earnings, and a steep 63% below its latest book value of RM2.39. Its book value is already severely understated due to low land costs.
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Old June 26th, 2009, 06:08 AM   #19
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Dijaya plans RM1.8b property launches
By Sharen Kaur Published: 2009/06/26



The developer expects its net profit and revenue to improve slightly this year despite a weak market

DEVELOPER Dijaya Corp Bhd (5401) will launch properties worth RM1.8 billion in fiscal 2010 to expand and sustain earnings.

Managing director Datuk Tong Kien Onn told Business Times after the company's shareholders meeting yesterday that it expects its net profit and revenue to improve slightly this year despite a weak market.

Tong said Dijaya achieved RM153 million in sales in the first half of 2009 and is expecting RM100 million more in the second half.

But profit will be hit due to higher land and construction costs. The company is projecting a net profit margin of 15 to 18 per cent this year versus 25 per cent before.

For the year to December 31 2008, Dijaya posted a net profit of RM34.4 million on revenue of RM244.1 million.

In the first quarter of 2010, Dijaya will unveil Tropicana Grande, the last residential development at its award-winning 250ha Tropicana Golf & Country Resort in Petaling Jaya.

It plans to offer 300 units of high-end condominiums for about RM2 million each.

In the second or third quarter, Dijaya will launch three projects that will include Tropicana Avenue in Petaling Jaya, which will feature eight- and 10-storey office blocks including two floors for retail.

In Balakong, Kajang, Dijaya will launch a RM380 million resort development comprising apartments, and two- and three-storey semi-detached and link houses.

In Sungai Long, Cheras, it will launch a RM200 million housing project that will have semi-detached and double-storey link houses, and low-cost apartments.

By the end of 2010, Dijaya will introduce Pool Villas in Tropicana, offering semi-detached houses worth an average of RM2.8 million each, or a combined RM160 million.

Finally, it plans to launch twin-tower offices blocks in Tropicana for more than RM150 million.

Dijaya will sell one block and retain the other to build its investment portfolio for recurring income.

Currently, Dijaya's portfolio includes the 12-storey Tropicana City office tower and newly-opened Tropicana City Mall in Damansara.
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Old July 27th, 2009, 08:54 AM   #20
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