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Saturday August 27, 2011
By JACK WONG email@example.com
PROPERTY developer Ibraco Bhd, which came out of Practice Note 17 (PN17) status three months ago, is capitalising on the high take-up rate of the first two phases of its Tabuan Tranquility project here to launch the next phase of residential development.
Group managing director Chew Chiaw Han said Tabuan Tranquility phase two, which would has more than 255 units of houses, would open for sale before end of this year.
The units are made up of 163 terraced houses, 68 semi-detached homes and 24 detached houses with a gross development value (GDV) of more than RM150mil.
Townhouses will also be built under Phase two but its number has yet to be determined.
“Infrastructure work for phase two development is now underway,” he told StarBizWeek yesterday.
Tabuan Tranquility, a massive commercial, industrial and residential development on 66ha along Kuching-Samarahan Expressway, was unveiled last year under Ibraco's regularisation scheme to take the company out of PN17.
It is the single biggest mixed development ever undertaken by Ibraco, which has built more than 10,000 units of properties in the city over the years.
Tabuan Tranquility, to be developed in five phases up to 2015, will have a total 640 units of double-storey terraced houses, 108 units of semi-detached houses, 60 units of three-storey townhouses, 76 units of four-storey shophouses, 72 units of semi-detached industrial buildings, one office block and a petrol service station.
The entire project has a GDV of RM517mil.
Ibraco was classified a PN17 company after its revenue for the financial year ended Dec 31, 2009 fell below 5% of its paid-up capital. It was uplifted from PN17 in late May 2011.
Chew said all the 76 units of shophouses under phase one, priced between RM1mil and RM1.79mil each, had been sold.
“For phase five residential scheme, 90% of the units have been sold,” he added.
Phase five comprising 204 terraced houses and 38 semi-detached houses is due for completion in November-2012.
Chew said Ibraco would launch a new residential project in Stutong here next month. The project will have 67 units of terraced houses and four units of semi-detached houses with a GDV of 15mil.
On Ibraco's plan to venture into mixed property development projects in Bintulu or Miri, he said the company was still working on the proposal.
The company has earlier identified the land and might carry out the proposed development in joint-venture with the landowner concerned.
To diversify, Chew said Ibraco was studying proposals to go into construction business, both infrastructure and civil building works, for the private and public sectors.
For the quarter ended June 30, 2011, Ibraco posted a pre-tax profit of RM3.75mil on a turnover of RM28.5mil as compared with loss of RM798,000 on revenue of RM676,000 in the same period last year.
In an explanatory note, Ibraco said the group's revenue increased to RM28.5mil against RM19.4mil in the quarter ended March 31, 2011 when revenue came from both sales of inventories and Tabuan Tranquility project.
Chew said for the financial year ending Dec 31, 2011,the group was confident of achieving its projected nett profit of RM12mil.
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