11 Annual Report 2013 OPERATIONS REVIEW Construction and Project Management Division For the financial year under review, total revenue from the Construction and Project Management division improved to RM194.8 million from RM104.2 million in the previous financial year. The increase in revenue was mainly due to the higher progress billings for the construction works for the Jaya Shopping Centre project in Section 14, Petaling Jaya, Villa Avenue and Villa Heights projects in Taman Equine in Seri Kembangan, foundation and substructure works for the Da:Men mixed development project in USJ, Subang and earthworks, piling and basement works for Wangsa 118 SOVO (small office versatile office) Suites @ Wangsa Maju. Major on-going construction projects undertaken by the Division during the financial year under review are set out below. 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 was demolished and is being redeveloped into a 7-storey modern neighbourhood shopping mall with 4 levels of basement car parks. Construction works commenced in January 2011 upon the completion of the demolition work by other contractors. The project is anticipated to be completed by end of 2013. Da:Men @ USJ 1, SUBANG Located at USJ1 in Subang, Da:Men is a mixed commercial & residential development project, consisting of 480 units of service apartments in 2 building blocks, 68 units of 5 to 6-storey shop-offices and a 6-storey retail mall. Domain Resources Sdn Bhd was initially appointed as the contractor for the foundation and substructure works, which commenced in March 2012 and is anticipated to be completed by end of 2013. During the financial under review, Domain Resources Sdn Bhd had successfully secured the superstructure works for the Da:Men project, which is expected to commence by end of 2013 and complete by third quarter of 2015. 12 Malton Berhad (320888-T) OPERATIONS REVIEW CONT’D WANGSA 118 @ WANGSA MAJU Located at the hub of Setiawangsa and Wangsa Maju in Kuala Lumpur, Wangsa 118 project comprises a mixed development of both corporate offices (small office versatile office, SOVO style) as well as retail lots. Domain Resources Sdn Bhd was initially appointed as the contractor for the earthworks, piling and basement works, which commenced in December 2011 and was completed in March 2013. During the financial year under review, Domain Resources Sdn Bhd successfully secured the superstructure works for the Wangsa 118 project, which commenced in March 2013 and is expected to be completed by third quarter of 2014. VILLA HEIGHTS @ TAMAN EQUINE Domain Resources Sdn Bhd was awarded the construction works for Villa Heights project comprising the development of 82 units of double storey semi- detached house and 17 units of double storey bungalows. The construction works is currently in progress and is anticipated to be completed by end of 2013. NOVA SAUJANA @ SUBANG During the financial year under review, Domain Resources Sdn Bhd was awarded the piling works as well as the main building works for the Nova Saujana project. Nova Saujana is a mixed development project undertaken by our Group, comprising the development of two residential blocks with 386 units of service apartments and 20 units of retail lots. Construction works commenced in February 2013 and is expected to be completed by mid 2015. 13 Annual Report 2013 OPERATIONS REVIEW CONT’D Property Development Division Revenue generated by the Property Development division declined to RM157.0 million compared to RM217.6 million in the previous financial year mainly attributed to lower revenue recognition as a result of completion of the V Square @ Petaling Jaya Centre project and near completion of the Amaya Maluri project. During the financial year, the Group launched two new property development projects, namely The Cantonment, comprising the development of 71 units of high-end condominiums in Pulau Tikus, Penang and the Nova Saujana, comprising the development of 386 units of service apartments and 20 units of retail lots in Saujana, Subang. V SQUARE @ PETALING JAYA CITY CENTRE V Square or commonly known as VSQ is a commercial development strategically located along Jalan Utara, Petaling Jaya, Selangor. The development comprises two blocks of 20-storey office building, five blocks of corporate and retail space, with ample car parks facilities. The project was fully completed in 2012, with the completion of the two 20-storey office buildings in September 2012. As at 30 September 2013, all corporate and office space have been sold, except for one of the 20-storey office buildings, known as Block 1, which is currently pending completion of the sale by end of December 2013. 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, 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. Vacant possession was delivered to the purchasers in May 2013, four months ahead of delivery schedule. As at 30 September 2013, all of the property units at Mutiara Residence have been sold, except two units of 3-storey bungalows. 14 Malton Berhad (320888-T) OPERATIONS REVIEW CONT’D 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, only 4-km away from Kuala Lumpur City Centre. The site is adjacent to the existing AEON Shopping Centre and is within walking distance to the new Maluri MRT station that is scheduled for completion in 2017. Construction works have been completed with vacant possession handed over to the purchasers since August 2013. As at 30 September 2013, about 96% of the total service apartments have been sold whereas two units of retail shops are still available for sale. THE CANTONMENT @ PENANG THE CANTONMENT is a lifestyle condominium development sited on a freehold prime land located right in the heart of Pulau Tikus, on Penang Island. This project comprises a 32-storey high-rise tower offering 71 units of high-end condominiums, complete with infinity swimming pool and clubhouse facilities. It has stunning views of Pulau Tikus, Gurney Drive, Georgetown and the nearby hill of Tanjung Bungah. Construction works had commenced since April 2012 and is on schedule to complete by end of 2014. The project which was launched in August 2012, received overwhelming response from the public. As at 30 September 2013, only limited Bumiputera- reserved units are available for sale. 15 Annual Report 2013 OPERATIONS REVIEW CONT’D NOVA SAUJANA @ SAUJANA, SUBANG Nova Saujana is a lifestyle service apartment development sited on a freehold land in Subang, Selangor, near the prestigious Saujana Golf and Country Resort and adjacent to the Japanese School of Kuala Lumpur. It is also sited next to our previous project known as Amaya Saujana, which received the award as the “Highly Commended Apartment” in Asia Pacific by the International Property Awards in 2012. Nova Saujana comprises two 15-storey residential blocks with 386 well-designed service apartments and 20 units of retail units, complete with facilities such as a gymnasium, infinity swimming pool, sauna, games court, children’s playground, library, cafeteria and BBQ area. As at 30 September 2013, about 90% of the total service apartments have been sold whereas all the 20 units of retail lots will be retained for rental. The project was first launch in March 2013 and is expected to be completed by the fourth quarter of 2015..