KUALA LUMPUR (Sept 29): Selangor Dredging Bhd (SDB) anticipates a stable and steady year, backed by ongoing property development projects such as 19Trees and Jia, said SDB group managing director Teh Lip Kim at its annual general meeting (AGM) held on Friday.

19Trees, located at Taman Melawati, comprises 222 terraced homes with 75% units sold. Jia consists of 324 terraced homes and is situated at Taman Bukit Serdang, with a take-up rate of 88%.

“These projects, which harmonise modern living with environmental sustainability, stand as testimony to our forward-thinking approach. Not only do they hold the promise of great aesthetic value, but they also adhere to the principles of sustainable development which is becoming increasingly significant in the property market,” said Teh

“SDB’s meticulous approach in selecting prime locations like Taman Melawati and Taman Bukit Serdang manifests in potential high yields for investors and a luxurious lifestyle for the inhabitants,” she added.

In Singapore, SDB obtained a Temporary Occupation Permit (TOP) for the luxury condominium One Draycott in April 2023. It is situated at the upscale Ardmore-Draycott residential enclave and nearby the Scotts and Orchard Road shopping belt.

Additionally, SDB announced its financial performance to shareholders during the AGM. It has total unbilled sales of RM630 million, after a commendable financial year whereby the company posted a pre-tax profit of RM12.55 million on the back of a higher turnover of RM137.74 million for the financial year ended March 31, 2023 (FY2023). The group posted a net profit of RM6.25 million.

Meanwhile, SDB posted a group pre-tax profit of RM7.78 million and a net profit of RM7.04 million on the back of a turnover of RM46.78 million for the first quarter of FY2024.

For the hospitality sector, represented by Hotel Maya Kuala Lumpur in Jalan Ampang, the group achieved a revenue of RM17.01 million for FY2023, driven by travel rebound and the acquisition of new corporate and overseas accounts.