KPS ... Jun10

State-controlled Kumpulan Hartanah Selangor Bhd (KHSB) is planning a high-end mixed development at a prime location in Section 14, Petaling Jaya with a potential gross development value (GDV) of nearly RM1 billion.


The company was finalising the purchase of a 9.3-acre plot there for the proposed development. The GDV is close to RM1 billion, but this depends on the (development) proposal.

KPSB owns a 56.57% stake in KHSB. KPSB in turn is a 60.7%-unit of state-owned Kumpulan Darul Ehsan Bhd.

It is understood that the land is located near the Asia Jaya LRT station and opposite the Armada Hotel in Section 14. Officials did not confirm this.

As at Dec 31, 2009, KHSB’s gearing ratio stood at 0.44 time, with short and long term debts totalling RM216 million and shareholders equity of RM484.03 million.

It posted a net profit of RM27.11 million in the fiscal year ended Dec 31, 2009 on the back of RM125 million revenue.

For the current fiscal year, income would be derived from its Pulau Indah project and possibly the mining extraction activity in Dengkil.

KHSB had tendered out jobs for mineral extraction in the area spanning 100-acres of idle land to unlock value of the tract. However, property development remained its core business.

It planned to launch its RM30 million mixed residential project in Salak Tinggi by early next year (2011).

On a separate matter, there had not been any update on the Selangor water industry-consolidation exercise which is led by federal government’s vehicle Pengurusan Aset Air Bhd (PAAB).