BERJAYA GROUP BERHAD - Berjaya Corporation Berhad

38
CEO’s Review Of Operations
With market demand still good for houses
priced below RM150,000, we are planning to
launch the remaining 96 units of single-storey
terrace houses in Berjaya Industrial Park in
stages. These units are expected to generate a
total sales value of about RM12.4 million.
Within the approved layout of Berjaya
Industrial Park are 585 units of double-storey
terrace houses, which have also been
earmarked for development in the near future.
Another project scheduled for launching this
year is Taman Kinrara IV in Puchong. Within
this scheme, there are 102 units of mediumcost
link houses and 320 units of medium-cost
apartments with an estimated total sales value
of RM47.5 million. The necessary government
approvals for these developments have been
obtained.
Another major project that is coming on-stream
for official launching is the prestigious Seputeh
Heights project. Seputeh Heights is a new
residential development comprising 108
bungalow lots spreading over 41.04 acres of
freehold land. This project is strategically set in
the heart of the city, within the Robson
Heights/Seputeh locality, and about 5 minutes
drive from the Kuala Lumpur city centre. The
bungalow lots have been planned to incorporate
the Alarm Monitoring Services (“AMS”) and
state-of-the-art multimedia infrastructure for
distribution to every home. Works on the project
have commenced and the 108 lots are estimated
to generate a sales value of RM200 million.
date of commencement of tenancy. To date, we
have secured tenants for about 30% of the
unsold units.
MARKET OUTLOOK
The property market for the immediate future
is expected to soften further in tandem with
the prevailing market condition. However, with
the country’s growing labour force which makes
up the bulk of the house-buying segment of
the population, property market activities are
expected to be concentrated in residential
properties, especially medium-cost price range
properties.
With the available 3,000 units of medium-cost
price range properties in the development
portfolio, the Property Division team is
targeting to play a major role in the supply
of medium-cost price
range properties to
accommodate the
anticipated
growing demand.
ROBSON
CONDOMINIUMS,
KUALA
LUMPUR.
In addition to the new schemes, we have
successfully introduced the “Rent Now Own
Later” or “Buy Now and Get 12 Months
Rental As Rebate” scheme in January 1998 for
122 unsold units of our three completed
condominium projects, namely Robson
Condominiums, Petaling Indah Condominiums,
and Sri Pelangi Condominiums. This rental
scheme offers tenants the first option to
purchase and to convert their rentals into
downpayment for their units and such an
option is exercisable within one year from the
CONSUMER MARKETING & DIRECT SELLING
For the financial year under review, Cosway
(M) Sdn Bhd continued to show improved
performance despite difficult economic
condition in key markets. Profit before tax rose
14% to RM26.2 million from RM25.1 million
previously. Turnover increased by 25% to
RM264.7 million from RM211.7 million in the
previous year. The improved results were
mainly attributable to better performance from