KUALA LUMPUR (March 25): Dutaland Bhd group is developing a new recreational park on a five-acre plot in the Hartamas area, according to sources.

“The planned green community space is opposite the palace and adjacent to the Hartamas Shopping Centre,” said one source.

“The recreational park – Laman Tuanku – will also have a 2-storey pavilion and carpark. Land clearing works have begun and the park is expected to be ready by next year,” added the source.

Dutaland did not respond to questions emailed to the group about this new project.

It is learnt that the land earmarked for the park is in the same vicinity as Dutaland’s Kenny Heights development in the Hartamas/Mont Kiara area.

Kenny Heights is a joint venture (JV) project between Dutaland’s subsidiary KH Estates Sdn Bhd and Olympia Properties Sdn Bhd – a wholly-owned unit of Olympia Industries Bhd. KH Estates holds 58% in the JV, while Olympia has 42%. The project is on two plots of land in Mukim Batu, Kuala Lumpur, that measure 41.14 acres and 32.3 acres respectively.

Dutaland and Olympia share common directors and major shareholders through Dutaland’s group managing director and non-independent director Tan Sri Yap Yong Seong (better known as Duta Yap) and his sons – Datuk Seri Yap Wee Keat and Yap Wee Chun.

Both Dutaland and Olympia are in property development but what sets them apart is that Dutaland is also involved in plantation, while Olympia also has leasing and number forecast operator businesses.

For the six months ended Dec 31, 2020, Dutaland's net profit jumped to RM16.3 million from RM146,000 a year earlier, mainly due to stronger contribution from its short-term investment portfolio, following better overall market sentiment. Its revenue surged 443% to RM70.1 million from RM12.9 million previously, due mostly to higher CPO trading volume, which contributed RM65.5 million to its topline during the period, according to Dutaland's results filing. At end-2020, Dutaland's assets totalled RM1.34 billion, of which RM521 million were cash and financial assets, including derivatives. It was in a net cash position, with borrowings of RM508,000. Its net assets per share stood at RM1.47.

Olympia, on the other hand, saw its net loss expanding to RM26.3 million for the nine months ended Sept 30, 2020, from RM553,000 a year earlier. Its financial performance took a hit, as its gaming division had to temporarily close due to movement restrictions imposed by the government to curb the spread of Covid-19 during the period. The division also recorded a higher payout ratio of 63.5%, compared with 58.5% in the corresponding nine months in 2019, besides lower average sales value per draw.

Olympia had net debt of RM150 million as at Sept 30, 2020, which translated to a gearing ratio of about 40%, with net assets per share at 37 sen. Its Dec 31, 2020 results have yet to be released, as Olympia was granted up to March 31, 2021 to submit its financials, due to the Movement Control Order.