Golden Land Bhd’s property division is expected to continue generating revenue and cash flow for the group, despite facing challenges brought about by the Covid-19 pandemic.
Its chief executive officer Yap Phing Cern said in a statement in the group’s 2020 annual report today that its Golden Gateway project in Batu Kawan, Penang, launched in March 2018, was progressing well and is 90 per cent completed.
Golden Gate, located close to the Batu Kawan Interchange of Penang’s Second Bridge comprises 54 units of semi-detached industrial factories with a gross development value (GDV) of RM182 million.
Yap said despite the movement control order (MCO) which caused delays in sales and construction, the project is expected to perform above expectations.
“Despite the MCO and a global economic headwind coupled with generally slow property sentiments, the sales in this financial year performed better than those of the previous year,” he said.
Yap said during the financial year 2020, the property division had been diligently focusing on the group’s marketing and sales strategy by raising the profile of the Golden Gateway brand through promotion via social media and collaboration with real estate agents and business partners.
Golden Land remains committed to pursuing its targets while cautiously implementing strategies for the property development segment and the group’s oil palm plantation business, despite the challenging economic conditions due to the Covid-19 pandemic, he said.
Yap said given the general outlook for the property development industry remaining weak and the unprecedented disruptions and uncertainties caused by the Covid-19 outbreak, the property development division is cautiously reviewing its existing development projects in hand.
The group’s development projects in hand have a combined GDV of RM600 million, which would contribute to the group’s revenue for the next few years, he said.
The projects include Aunggun in Setia Alam, Selangor.
Anggun is a two-block serviced apartment project with an expected date of completion in December 2021.
There are about 500 units priced from RM270,000 (560 sq ft) to RM1.246 million (1,277 sq ft).