PETALING JAYA: Malton Bhd has charted record sales of RM1bil on the back of its Bukit Jalil City development launch.
Malton and Pavilion Kuala Lumpur are collaborating to develop the 50-acre integrated development, which consists of Pavilion Bukit Jalil regional shopping mall, 112 units of Signature Shop Offices, four towers of luxury serviced apartments known as The Park Sky Residence as well as 44 units of Park Point Shop Offices.
The development includes a link bridge connecting residents to an 80-acre public park in Klang Valley.
“Initially, we had plans to launch only two out of the four serviced apartment tower blocks.
“However, response garnered during the soft launch in June this year was overwhelming.
“We were surprised to receive that level of response as there had been a slowdown in the property sector.
“Therefore, the remaining two tower blocks slated for future launches had to be released to meet our customers’ demands,” said Malton Bhd Corporate Finance director Ng Chee Kiet after the group’s AGM yesterday.
Malton’s other main contributor of its earnings, its in-house construction arm, Domain Resources Sdn Bhd, is also expected to contribute positively for the coming financial year.
As of Sept 30 2015, Malton’s outstanding order book stood at RM1.5bil, whereby external and internal jobs accounted for 80% and 20% respectively.
This was mainly attributed by construction projects such as Bukit Jalil City, Pavilion Damansara Heights and Royale Pavilion hotel.
For the financial year ended June 30 2015, Malton registered revenue of RM503.4mil, 0.6% higher than the RM500.3mil registered in the previous financial year.
Meanwhile, Malton’s net profit was at RM45.8mil, 11.9% lower than the preceding financial year’s net profit of RM52mil.
“This was due to the larger revenue portion from the construction division, which has lower margins as compared to the property division.
“Apart from that, there was more expenditure from promotional and selling activities,” Ng explained.
A net dividend of 3% per share was proposed and approved by shareholders during the AGM.
The Park Sky Residence units range from 868 sq ft to 1565 sq ft, priced between RM714,000 to RM1.5mil.
Averagely, the serviced apartments were priced at RM800 per sq ft, with the highest transaction at RM855 per sq ft.
With that, The Park Sky Residence has established a new pricing benchmark at RM855 per sq ft in Bukit Jalil.
Other projects within the vicinity were previously launched at RM700 to RM750 per sq ft.
Malton will also be building some of Bukit Jalil City’s infrastructure, which comprises of a new flyover to Puchong, a road leading directly to Bukit Jalil City from Jalan 13/155C, an underpass access to the development and three pedestrian bridges.