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MB World to launch three projects in Iskandar Malaysia


Driving demand: The influx of domestic and foreign investors and new residents in south Johor has further driven demand for residential properties in Iskandar Malaysia, says Ng

Driving demand: The influx of domestic and foreign investors and new residents in south Johor has further driven demand for residential properties in Iskandar Malaysia, says Ng

JOHOR BARU: MB World Group Berhad (MBWG) is upbeat on the property outlook and prospects in Iskandar Malaysia and will launch three new property projects in the country’s first economic growth corridor next year.

“Demand for residential properties is still encouraging in Iskandar Malaysia and we have the right products to cater to our prospective buyers,” said MBWG executive director Ng Liang Khiang, adding that demand for residential properties there would be further driven by the influx of domestic and foreign investors and new residents in south Johor.

He said the three projects to be launched in Iskandar Malaysia in 2019 are strategically located with good connectivity and accessibility, with the added benefit of existing facilities at mature housing estates nearby.

The first project Ayana Residence @ Taman Sri Pulai Perdana in Skudai will be built on a 6.3ha site. It will offer 159 units of 22ftX70ft and 22ftX80ft double-storey link house. The project has an estimated gross development value (GDV) of RM80mil.

The second project on a 2.53ha site at Taman Sierra Perdana in Masai comprises two 21-storey apartment blocks featuring 406 units. The GDV here is RM157mil.

The third is a mixed development project – Puteri Senibong in Teluk Jawa – that has a GDV of about RM1.5bil which will sustain MBWG for the next 10 years.

Puteri Senibong will be built on a 20.08ha site and will consist of affordable houses under the Rumah Mampu Milik Johor housing scheme; serviced apartments; and commercial properties.

MBWG is targeting first-time buyers, upgraders and extended families, as well as Malaysians working in Singapore as the projects are located just a few kilometres away from the Johor Causeway and Second Link Crossing in Tanjung Kupang, Gelang Patah.

Ng said that apart from Iskandar Malaysia, south-east Johor is the new growth centre in the state offering long-term growth prospects driven by the development of Pengerang Integrated Petroleum Complex (PIPC) and the Desaru Coast premium integrated destination resort.

MBWG’s 190ha Taman Sri Penawar integrated township project in Desaru has been well-received and has seen a total of 1,839 residential units and 161 commercial units launched since 2017.

Undertaken by MBWG’s subsidiary Cocoa Valley Development Sdn Bhd, the entire township has an estimated GDV of RM2bil and will offer over 4,000 residential and 400 commercial units.

Riding on the momentum, MBWG plans to launch another two phases of 20ft x 70ft double-storey terraced houses totalling 507 units with a combined GDV of RM304mil next year.

MBWG diversified into property development in 2015 and two years later, completed its maiden project – the 38-storey Pinnacle Tower serviced apartment in Johor Baru city centre.

In August this year, MBWG ventured into Melaka with the launch of the 412-unit NOVO 8 Residence that has an estimated GDV of RM191mil.

The group registered RM209.08mil in revenue for the financial period which ended Sept 30, 2018, and pre-tax profit of RM57.42mil.

It recently announced an interim single-tier dividend of 6.9 sen per share for the financial year ending Dec 31, 2018, which represents about 25.7% of the group’s attributable profit for the period which ended Sept 30, 2018.

As at Sept 30, 2018, its unbilled sales stand at RM211mil, giving MBWG good earnings visibility.

   

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