IJM to launch properties worth RM750mil this financial year

Visitors checking out IJM Land projects during the StarProperty.my Fair 2017 at Gurney Plaza./Picby:CHAN BOON KAI/The Star/23 July 2017

KUALA LUMPUR: IJM Corp Bhd’s property unit, IJM Land Bhd, plans to launch properties worth RM750mil in the 2018 financial year.

Chief executive officer/managing director Datuk Soam Heng Choon said the take-up rate was anticipated to be good for its Bandar Rimbayu, Shah Alam, Seremban 2 project while its Riana South, Cheras project currently enjoyed a take up rate of 60%.

“There are many buyers in the market and they are able to obtain financing, however, not the right margin,” he told reporters after the company’s EGM where it obtained shareholders’ approval for a proposed renewal of share buy-back.

Meanwhile, IJM Corp recorded a higher pre-tax profit of RM197.5mil for the first quarter ended June 30, 2017, versus RM174.56mil in the corresponding quarter last year.

Revenue rose to RM1.46bil from RM1.31bil previously.

In a statement, the company said the rise in pre-tax profit was mainly due to improved earnings from the group’s construction, property development and infrastructure divisions.

“Revenue from the construction division increased to RM532.9mil, up 7.9%, from the same quarter last year, as construction works at certain major infrastructure projects gathered momentum while projects that were secured in the previous year further supplemented the division’s current quarter’s results,” it added. - Bernama