OSK to launch two new projects

  • Property
  • Wednesday, 04 Sep 2019

PETALING JAYA: OSK HOLDINGS BHD will be launching two new projects in Seremban and Sungai Petani, Kedah, with a combined gross development value (GDV) of RM271.57mil for the second half of 2019.

In a recent press release, OSK said the new projects to be launched shall comprise 245 units of bungalows and terrace homes at Precinct 3 and 5 of Bandar Puteri Jaya in Sungai Petani, as well as 312 and 219 units of single and double storey terrace homes, respectively, at Iringan Bayu Township in Seremban.

OSK recently posted a 50% increase in net profit to RM82.9mil for the second quarter ended June 30,2019, mainly driven by its property development segment.

This brought its net profit for the first half of FY19 to RM174.26mil.

The group said its property development segment saw sales and progress billings from its existing and ongoing projects such as Ryan & Miho in Section 13, Petaling Jaya, Phase 1 and 2 of Pastura and Astera at Iringan Bayu township in Seremban, You City III in Cheras, as well as Precinct 4 in Bandar Puteri Jaya in Sungai Petani, Kedah, which have a combined GDV amounting to RM1.68bil.

“The property development division will complete and handover three projects in FY19, namely, Windmill Upon Hills in Genting Permai, TimurBay in Kuantan and Luminari in Butterworth, which have achieved high take-up rates.

“The extension of the Home Ownership Campaign 2019 till December 2019 will continue to boost sales of the foregoing projects, ” said OSK.

The group added that its Melbourne Square project in Australia has recorded a good take-up rate of above 69% since its launch and construction is progressing as scheduled.

In addition, OSK will see the maiden profit recognition from Melbourne Square in FY19, upon completion and settlement of Stage 1 towards end-2019.

As at June 30,2019, OSK has unbilled sales of RM1.62bil with minimal unsold completed stocks.

The group’s current land bank stands at 1,722 acres with an estimated GDV of RM10.6bil located across the Klang Valley, Sungai Petani, Butterworth, Kuantan, Seremban and Melbourne, Australia.

OSK has declared a single-tier interim dividend of 2 sen per share for the year ending Dec 31,2019.

The entitlement and payment dates have been fixed on Sept 18,2019 and Oct 3,2019, respectively.

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