Fajarbaru secures job with GDV of RM192mil


PETALING JAYA: Fajarbaru Land (M) Sdn Bhd (FLM), a full subsidiary of Fajarbaru Builder Group Bhd (FBG), has won a development contract with a gross development value (GDV) of RM192mil from Perbadanan Putrajaya.

The project, to be spread over 36 months beginning from the signing of the contract between FLM and Perbadanan Putrajaya assuming all preconditions are met, would involve the integrated development of Residensi Cemara, Residensi Madani and 320 units of Residensi Wilayah in Putrajaya.

FBG believes that the development contract is in the best interest of the group, anticipating it to contribute positively to the earnings and net assets for the financial years ending June 30, 2025 and after.

Beginning its operation in Malaysia in May 1976 as a turnkey contractor with principal activities in civil and infrastructure works as well as construction and property development, FBG is also involved in the plantation, trading and logistic sectors at present.

Construction and property development remain the core of FBG’s activities, with some of its completed projects including the electrified double track from Seremban to Gemas, Skypark Hangar at Sultan Abdul Aziz Shah Airport in Subang and Tampin Hospital in Negri Sembilan.

The Low Cost Carrier Terminal at Sepang, the Depot and Traction Power Substation for Ampang LRT Line Extension Project, and the design and building of the 11-storey Medical Suite (Phase 1A) of Gleneagles Hospital are also part of its completed projects.

Among its more successful projects in the country are the Rica Residence Sentul, completed in early 2021 – which has been well-received by buyers due to its proximity to public transportation services such as the Light Rail Transit and the Mass Rapid Transit 2.

Another succesful project is the Vierra Residence Kinrara, launched in the second quarter of 2022, which is a two tower blocks development based on the affordable housing concept of Residensi Wilayah Keluarga Malaysia.

FBG’s latest local project Desa Green, located in Kuala Krai, Kelantan is an integrated township with a land area of approximately 146 acres.

At the same time, Melbourne, Australia, the group completed Gardenhill, a luxury apartment development located in Melbourne, Australia, back in early 2017.

More recently, FBG has also launched Paragon in early 2021, a skyscraper of residences also located in Melbourne, featuring Australia’s first high-rise indoor forest.

The Wilds is FBG’s latest development launched in mid 2021, located in Northcote Melbourne, which is a designed collection of 15 houses on the banks of Merri Creek.

For its first quarter ended Sept 30, 2023, FBG’s net profit stood at RM2.8mil, compared with RM4.8mil in the previous corresponding period, while revenue in the first quarter rose to RM72.98mil, compared with RM35.09mil a year earlier.

Basic earnings per share stood at 0.38 sen versus 0.65 sen previously.

In a filing with Bursa Malaysia on its first quarter performance, FBG said the higher revenue was mainly contributed by the property development segment, whereas, the lower profit was mainly attributed by the construction segment.

FBG said the property development segment reported revenue of RM39.86mil and pre-tax profit of RM12.29mil during the quarter under review, compared to revenue of RM3.79mil and pre-tax profit of RM2.11mil a year earlier.

“The surge in revenue and pre-tax profit in the current quarter were mainly contributed by Vierra Residence @ Kinrara development project, where it shows incremental growth in the development work progress as compared to preceding year’s corresponding quarter.”

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Business News

Genting Plantations expects demand for palm products to advance in 2024
FBM KLCI up despite market weakness, Middle East tension
Surging dollar pressures Asian FX; S.Korean won leads losses
China set to keep lending benchmark LPRs unchanged in April
Gold rises as safe-haven appeal boosted by Israel's attack on Iran
MKH Oil Palm IPO oversubscribed by 8.4 times
Bank Negara adds four companies to Financial Consumer Alert list
Nissan cuts annual operating profit estimate by 14.5% on lower sales
Oil surges as reports of Israeli strike on Iran roil markets
Bitcoin slides below US$60,000 on reports Israel strikes Iran

Others Also Read