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Selangor Dredging is confident that the real estate market will recover

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Selangor Dredging Berhad (SDB) is cautiously optimistic that the property market will recover after a difficult two and a half years caused by the Covid 19 pandemic.

 

The boutique developer will launch two new projects in the Klang Valley in the second half of 2022.

 

"After careful planning, we believe that our two upcoming developments would be well-received by the market. Both projects, located just on the outskirts of Kuala Lumpur are currently pending final approvals from the authorities," said its group managing director Teh Lip Kim.

 

Teh said the new projects were designed with the post-pandemic environment in mind and incorporate elements of the "hybrid lifestyle" in which more and more people are seeking to work from the comfort of their homes.

 

The architecture and development philosophy incorporates SDB's innovative "design thinking" approach to achieve just the right spatial proportions between living spaces while using rectilinear floor plans to maximise natural ventilation and light in each home, she said in a statement issued after the company's shareholder meeting today.

 

Looking at results for the fiscal year ended March 31, 2022, Teh said the year under review was challenging due to some operational constraints from the pandemic, particularly in 2021.

 

However, SDB was able to successfully hand over two projects, UNA service apartment in Kuala Lumpur and Jui Residences in Singapore, during the year under review, she said.

 

"What differentiates our projects from other developers is our Brand Promise to consistently deliver quality premium projects which include high-rises and landed developments," Teh said.

 

SDB posted a pre-tax profit of RM12.13 million on lower revenue of RM98.48 million.

 

After tax, the company posted a net profit of RM6.76 million, compared with a net loss of RM11.55 million in FY2021.

 

Teh said despite the difficult year, the company's fundamentals remain strong.