Malton ... Aug 09

It expects higher contribution from its construction division following the return of more building and infrastructure projects in the country.

In the past two to three years, contribution from construction projects undertaken by its subsidiary, Domain Resources Sdn Bhd, has overtaken property development as the main revenue contributor at the group level.

Chuan, Domain only started to undertake external construction projects earlier this year (2009). Its objective is to achieve a 70:30 ratio of external and internal projects.

Its current projects comprise the construction of property projects and other related infrastructure development for its parent as well as for third party clients.

Currently, Domain has an order book of RM680mil.

Its ongoing projects include the construction of the Carrefour hypermarket complex in Bukit Rimau and the design and redevelopment of the former Jaya shopping centre in Section 14, Petaling Jaya.

The contract for Carrefour is worth RM34mil and the Jaya project is RM175mil.
Hong said Domain would be tendering for other projects, including RM534mil worth of in-house property projects and RM305mil external contracts, including an aircraft hangar in Subang and a commercial project in Putrajaya.

Besides Malton’s in-house property projects, there will be more project design, build and management contracts for other clients. Going forward, the company would be looking for projects in the region as well.

For the financial year ended June 30 (FY09), the company is expected to turn in RM400mil in sales, a marginal increase over the RM394mil registered in FY08.

The company’s landbank include 56 acres in Ukay Springs that are planned for semi-detached houses and bungalows with potential gross development value (GDV) of RM500mil. Another parcel is a 2.7-acre site in Taman Maluri earmarked for mixed development with service apartments, office suites and retail podium worth RM210mil. The project will be launched by year-end (2009). Development plans for its 67 acres in Sg Long, Cheras are under way while its 0.67-acre plot in Petaling Jaya will have service hotel suites worth RM70mil. It also has 17 acres in Seremban that will be turned into a RM160mil project comprising bungalows and shop offices.

Malton has seven ongoing projects including the Bukit Rimau township development, high-end residences and commercial projects with a total GDV of RM1.5bil, according to Fong. Of this, RM900mil worth of properties have been sold. One of its latest lifestyle offerings is the high-end gated development called The Grove in SS23, Petaling Jaya.

The 4.8-acre freehold project comprises 35 bungalows priced from RM3mil to RM3.8mil each.

Other developments include The Pearl @ KLCC and Amaya Saujana @ Saujana Subang.
The Pearl @ KLCC is a high-end condominium project along Jalan Stonor.

On 6 acres oppositve Saujana Golf Resort, Amaya Saujana comprises three 13-storey residential suite blocks with a total of 378 units priced from RM605,000 to over RM2mil. It has a GDV of RM285mil.

On the adjoining three-acre parcel will be a commercial development currently under planning. Malton is also building the V-Square - an integrated commercial project comprising two corporate towers, a corporate business suite block, and two blocks of corporate offices, with retail space on the ground floors. The 2.6-acre project in Jalan Utara, Petaling Jaya is scheduled for completion in 2011 and will have a GDV of RM240mil.

Related:
Equine/Malton ... Nov 2008