Property Development Division
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1 2 3 4 5 6 7 Our Business Strategy Management Discussion and Analysis by Group Managing Director Property Development Division The Group’s Property Development Division is the custodian of two land banks in Kuching – a 3,911-acre land bank in Petra Jaya named Bandar Samariang, and a 246-acre land bank in Muara Tebas called The Isthmus. On top of this, the Division is also tasked with developing some other smaller parcels within Kuching. The Division is also responsible for the development of a new township, commercial/service hub, light industrial park, workers’ accommodation, a hotel and ancilary services within the Samalaju Industrial Park (SIP). The SIP is the largest industrial park in Malaysia and one of the five growth nodes under the Sarawak Corridor of Renewable Energy (SCORE) initiative. Development Sdn Bhd provides project management services to companies within the Division whilst also undertaking the development of the Division’s other land banks. The sizeable land banks held by the Division provide sustainable long-term growth in tandem with the steadily urbanising population and 2017 ANNUAL REPORT the needs of Kuching city itself. Bandar Samariang Bandar Samariang is located approximately 7km from the Kuching city centre and is within easy reach of the resort areas of Damai and Santubong. Home to more than 25,000 residents, this integrated township encompasses a variety of residential homes, a commercial centre and schools, with the scenic Santubong Mountain as its backdrop. On 26 August 2017, PBS celebrated the 20th Rivervale Residences anniversary of its inception with much fanfare. The township continues to draw interest due to For FY 2017, the Property Development Division improved road access, an increase in critical mass, posted a revenue of RM200.27 million (FY 2016: the affordability of its properties and CMS’ superior RM104.66 million) and PBT of RM47.22 million build quality. The Federal Administrative Centre road, (FY 2016: RM23.51 million), registering a windfall linking Bandar Samariang to Matang too continues increase in revenue and PBT of 91% and 101% to provide a positive pull effect for the residential respectively. This was mainly due to the increase and commercial properties from a larger population in revenue recognition of the Rivervale Residences base. Bandar Samariang can now also lay claim to housing project and the Raintree Square commercial having the first water theme park in Kuching, with the project, and, additionally, the rental income from a Revenue Borneo Samariang Resort City project under Sentoria hypermarket in Bandar Samariang. Group Berhad slated to open its water theme park in RM200.27 million 1Q 2018. DEVELOPMENT ACTIVITIES WITHIN THE VICINTY OF KUCHNG As at end FY 2017, a total of 4,432 residential units Within the vicinity of Kuching, the Property and 180 shop-houses under Phase 1 covering some Development Division is responsible for the Bandar 600 acres within the township had been completed Samariang and The Isthmus developments. Bandar by PBS. In the immediate future, PBS aims to provide Samariang comes under the ambit of Projek Bandar Profit Before Tax 596 units of affordable housing under Phase 2, in line Samariang Sdn Bhd (PBS), whilst The Isthmus is vested RM47.22 million with the Government’s call for more housing for the with CMS Land Sdn Bhd. Meanwhile, CMS Property people. 27.