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OPERATIONs REVIEW Property Development Division Revenue generated by the property development division declined to RM235.9 million compared to RM414.1 million in the previous financial year. The decrease in revenue was mainly attributed to lower revenue recognition as a result of near completion of on-going projects. (Artist’s impression for illustrative purposes only) THE GROVE – WATERSCAPE VILLAS @ SS23, PETALING JAYA V SQUARE @ PETALING JAYA CITY CENTRE The Grove – Waterscape Villas is an exclusive gated and V Square or commonly known as VSQ is a commercial guarded residential enclave in SS23, Petaling Jaya. Located development strategically located along the busy Jalan away from the hustle and bustle of major highways, it is Utara of Section 52, Petaling Jaya. nonetheless easily accessible from Kuala Lumpur, Subang, Shah Alam and the Klang Valley via major highways through This 2.6-acre development is surrounded by notable a network of feeder roads. landmarks such as the Armada Hotel, PJ Hilton, Crystal Crown Hotel and Menara Axis. It is also within walking This 4.8-acre freehold development comprises 35 units of distance from the Asia Jaya LRT Station. premium lifestyle series of 3-storey bungalows and link bungalows complete with a private clubhouse with facilities. The development comprises 7 blocks of retail and office Its close proximity to various matured neighbourhoods and space with ample car parks facilities. The two 12-storey established amenities has made it a highly sought after corporate office blocks under phase 1 were fully sold property. whereas the 17-storey corporate business suites have achieved 93% take up rate. Phase 2 comprises 2 blocks of The project has enjoyed 100% sales take-up rate. Vacant 20-storey corporate twin towers and retail podiums. With possession was delivered in December 2011. its modern façade design and prime location, this development will emerge as the next distinctive landmark in Petaling Jaya. The construction has been completed and vacant possession has been delivered in August 2012. MALTON BERHAD 320888-T 11 OPERATIONs REVIEW (cont’d) (Artist’s impression for illustrative purposes only) AMAYA MALURI @ KUALA LUMPUR Amaya Maluri is a mixed commercial development comprising 25 retail shops and 398 serviced apartments housed in a 20-storey tower block with 3 levels of elevated car park. The development is located within the established business centre of Taman Maluri, Cheras and only 4-km (Artist’s impression for illustrative purposes only) away from Kuala Lumpur City Centre. The site of this 2.7- acre leasehold development land is adjacent to the existing THE CANTONMENT @ PENANG Jaya Jusco Shopping Centre and within walking distance to the proposed Maluri MRT station. THE CANTONMENT is a lifestyle condominium development sited on a 0.8 acre freehold prime land located The project launch has received overwhelming response right in the heart of Pulau Tikus, one of Penang most sought and achieved a sales take-up rate of 88%. Construction after residential address. This project comprises a 32-storey work of the building had commenced since April 2011 and high-rise tower offering 71 units of high-end condominiums, is on schedule to complete by early 2013. with built-up areas ranging from 1,000 sq.ft. to 2,150 sq.ft., and a penthouse of 5,500 sq.ft., complete with infinity swimming pool and clubhouse facilities at podium floor. It has stunning views of Pulau Tikus, Gurney Drive, Georgetown and the nearby hill of Tanjung Bungah. The project which was launched in August 2012, received overwhelming response and achieved 100% take-up rate for the non-Bumi units. Only limited Bumi-reserved units were available on the day of launching. Construction work of the condominium has commenced since April 2012 and is on schedule to complete by end of 2014. 12 ANNUAL REPORT 2012 OPERATIONs REVIEW (cont’d) (Artist’s impression for illustrative purposes only) MUTIARA RESIDENCE @ BALIK PULAU, PENANG Set amidst the rolling hill of Balik Pulau in Penang, Mutiara Residence is a low density landed residential property development built on a 2.3 acre freehold land, strategically located in the heart of Balik Pulau town, in the south western side of Penang Island. The development comprises 24-units of 2-storey terrace houses and 2 units of exclusive 3-storey bungalows. With its access fronting the main road of Jalan Balik Pulau, Mutiara Residence provides convenient connectivity and distinct identity. The development is easily accessible via routes from Bayan Lepas, Paya Terubong and Teluk Bahang. It is just 15 minutes’ drive to Bayan Lepas and Batu Maung, where Penang International Airport, Free Trade Zone and Penang second bridge are situated. All terrace houses at Mutiara Residence have been sold, with currently only two bungalows are available for sale. Construction works began in July 2011 and were completed in October 2012. Vacant possession is expected to be delivered by January 2013, ahead of delivery schedule. MALTON BERHAD 320888-T 13 OPERATIONs REVIEW (cont’d) Construction and Project Management Division For the current financial year under review, total revenue from the construction and project management division improved from RM47.4 million in 2011 to RM104.2 million. The increase in revenue was mainly due to the progress billings for the construction works for the Jaya Shopping Centre project in Section 14, Petaling Jaya and Villa Avenue of Taman Equine in Seri (Artist’s impression for illustrative purposes only) Kembangan, as well as the commencement of the foundation and substructure works da:men @ USJ 1, SUBANG for a mixed development project in USJ, Located at USJ1 in Subang, da:men is a mixed commercial Subang. Some of the on-going construction & residential development project, consisting of 480 units projects undertaken by the Division during of service apartments in 2 building blocks, 68 units of 5 to the financial year are set out below. 6-storey shop-offices and a 6-storey retail mall. Domain Resources Sdn Bhd was appointed as the contractor for the foundation and substructure works. The construction works commenced in March 2012 and is anticipated to be completed by mid 2013. (Artist’s impression for illustrative purposes only) JAYA SHOPPING CENTRE @ SECTION 14, PETALING JAYA The design and build contract for the redevelopment of the Jaya Shopping Centre at Section 14, Petaling Jaya was awarded to Domain Resources Sdn Bhd in 2009. The previous shopping centre and office building were (Artist’s impression for illustrative purposes only) demolished to be redeveloped into a 7-storey modern WANGSA 118 SOVO SUITES @ WANGSA MAJU neighbourhood shopping mall with 4 levels of basement car parks. Located at the hub of Setiawangsa and Wangsa Maju in Kuala Lumpur, Wangsa 118 project consists of a mixture of both Construction works commenced in January 2011 upon the corporate offices (small office versatile office, SOVO style) as completion of the demolition work by other contractors. The well as retail lots. re-development project is anticipated to be completed in mid 2013. Domain Resources Sdn Bhd was appointed as the contractor for the earthworks, piling and basement works. The job commenced in December 2011 and is anticipated to be completed by early 2013. 14 ANNUAL REPORT 2012 OPERATIONs REVIEW (cont’d) VILLA AVENUE @ TAMAN EQUINE Located at the well established development of Taman Equine in Seri Kembangan, Selangor, Villa Avenue is a mix housing development comprising 88 units of Double Storey Semi Detached Houses and 78 units of Double Storey Bungalows. Awarded to Domain Resources Sdn Bhd in August 2010, the project was completed in March 2012. (Artist’s impression for illustrative purposes only) VILLA HEIGHTS @ TAMAN EQUINE Due to the successful launch of Villa Avenue by the developer, the developer has proceeded with Villa Heights comprising 82 units of Double Storey Semi Detached Houses and 17 units of Double Storey Bungalows. Awarded to Domain Resources Sdn Bhd in May 2012, the construction is currently in progress and is anticipated to be completed in August 2013. MALTON BERHAD 320888-T 15.
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