DRB-HICOM to bank on property division


  • Business
  • Saturday, 22 Feb 2003

BY DANNY YAP

DIVERSIFIED group DRB-Hicom Bhd, which is mainly involved in the automotive industry, expects its property division to contribute significantly to group revenue when its projects are completed. 

Its senior group director Datuk Mohd Nor Mohamad said, however, it was difficult to give a timeframe because there were several on-going property projects at different stages of development. 

“We have RM4.4bil worth of projects in hand and over 3,800ha of land bank,” he told reporters in Klang yesterday after the launch of the group's Glenmarie Cove Resort there.  

Datuk Mohd Nor Mohamad (centre) flanked by Comtrac CEO Ng Tet Min (left) and Glenmarie Cove Resort department head Michael Wong.

Currently, the automotive division contributes 80% of the DRB-Hicom group's earnings, financial services 5%, and the property development division 15%. 

“The contribution of the property division to the group's earnings is not significant at the moment, but it should be in the future,” Mohd Nor said, adding that the company had prime areas to develop in Glenmarie and Semenyih in the Klang Valley. 

He said the RM600mil Glenmarie Cove Resort project, covering 257 acres freehold land in Klang was undertaken by Glenmarie Cove Development Sdn Bhd, a joint venture company between Comtrac Sdn Bhd and Hicom Holdings Bhd, which are both subsidiaries of DRB-HICOM. 

“It's a fairly high-end project but this does not mean we will only focus on such projects,” said Mohd Nor. 

He added that Glenmarie Cove Resort was a five-year development project which had two phases. 

Under Phase 1A of the project, 57 bungalow units and 96 semi-detached houses, costing over RM660,000 and RM465,000 respectively, would be built in three years' time. 

The Glenmarie Cove Resort, themed as a Riverfront Lifestyle Resort would have 2km of river frontage surrounded by landscaped parklands and a lake, said Mohd Nor, adding that resort was also equipped with amenities and recreational facilities. 

“We expect good response from the public for these properties,” he said. 

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