Selangor Dredging to launch RM1.45b projects next year

  • Business
  • Friday, 29 Sep 2017

KUALA LUMPUR: Selangor Dredging Bhd (SDB) plans to launch several projects with a total gross development value (GDV) of RM1.45 billion in Singapore and Malaysia next year.

The projects comprise residential projects in Serangoon Road and Draycott Park Singapore, as well as the third phase of the SqWhere serviced apartment and retail offices in Kota Damansara.

Managing Director Teh Lip Kim said the company was focusing on selling the existing units and the launch of its projects in Singapore in the first quarter of next year.

"We know that property prices in Singapore have bottomed and are in the midst of going up, so we are focusing our efforts in the country for the next six to 12 months," she told reporters after the company's AGM and EGM in Kuala Lumpur on Friday.

AT the EGM, SDB received the nod from shareholders' to dispose of its headquarters, Wisma Selangor Dredging.

"We want to unlock the value of our asset in Malaysia, and the proceeds will be used to reduce our bank borrowings and it will also give us additional funds for our working capital, while simultaneously providing us with financial flexibility," Teh said.

On June 20, SDB signed a conditional agreement with Golden Realty Sdn Bhd for the disposal of the building for RM480 million.

On another note, Teh said the decision to enter the mining industry was based on the currency exchange.

"We wanted to be involved in an activity where the cost is in ringgit but we sell it in US dollar," she added.  

Earlier this year, SDB had acquired a 20% equity interest in Webcon Mining Sdn Bhd, which was given the rights to mine and sell iron ore from Bukit Besi, Terengganu.

Teh said the mining lease was for 15 years, and it also came with a production guarantee of six million tonnes of iron ore.

"We had conducted a trial run, and we are expecting some revenue from it beginning next year," she said. - Bernama
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