Selangor Dredging

Selangor Dredging

Postby winston » Tue May 12, 2015 9:01 am

not vested

Selangor Dredging seeks potential buyers for Hotel Maya Kuala Lumpur

11 May 2015

KUALA LUMPUR: Selangor Dredging Bhd (SDB) said it is open to selling Hotel Maya Kuala Lumpur but did not give any price indication.

“As a business owner, SDB is always open to any business opportunities that may arise and are also on the lookout for any prospective business development potential,” the property-based firm told Bursa Malaysia.

It was clarifying an article published in a business weekly on Saturday that said SDB was putting up the hotel on the market at an estimated RM230mil.

SDB said it had appointed Zerin Properties to be the exclusive agent to accommodate all the enquiries and queries from the interested parties on Hotel Maya.

The company said it had been getting “strong interest” in the boutique hotel, which is located on Jalan Ampang, over the past six months.

However, SDB has so far neither received any offer nor entered into any sale and purchase agreement (SPA) with any party.

SDB said it would make the necessary announcement on the details if it entered into a formal SPA.

Source: The Star
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118527
Joined: Wed May 07, 2008 9:28 am

Re: Selangor Dredging

Postby winston » Tue May 12, 2015 9:04 am

not vested

Niche projects continue as Selangor Dredging's mainstay

22 August 2014

KUALA LUMPUR: Property developer Selangor Dredging Bhd will be launching more niche projects to add to the company's portfolio of such developments.

The company's managing director Teh Lip Kim said at a shareholders' meeting that among the projects slated for launch were 79 superlink homes in a gated area of Taman Melawati, Kuala Lumpur and a serviced apartment block in the Sqwhere commercial project in Sungai Buloh, Selangor.

She said the second phase of the Sungai Buloh project would be launched ion the first quarter of 2015.

Teh said the take up of new projects launched in the financial year ended March 31, 2014 has been encouraging.

The projects launched included The Hub retail and office suites in SS2, Petaling Jaya, the second phase of Windows on the Park condominiums in Bandar Hussein Onn, Cheras and Sqwhere SOVO and retail units.

She said the company achieved sales amounting to RM840mil, of which RM634mil was from developments in Malaysia and RM206mil was from developments in Singapore. As at March 31, the company has a total of RM1.05bil in unbilled sales.

"Construction of our developments in Malaysia and Singapore are also progressing as scheduled," Teh added.

"In fact, two developments in Malaysia namely Laman & Bayu in Puchong and By The Sea on Batu Ferringhi beach, Penang; and two developments in Singapore namely Okio and Hijauan are already at the final stage of construction and will handed over to home owners by the end of this financial year."

Source: The Star
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118527
Joined: Wed May 07, 2008 9:28 am

Re: Selangor Dredging

Postby winston » Fri Mar 04, 2016 8:15 am

not vested

Selangor Dredging launches reside-and-purchase housing plan

Source: The Star

http://www.thestar.com.my/business/busi ... sing-plan/
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118527
Joined: Wed May 07, 2008 9:28 am

Re: Selangor Dredging

Postby winston » Thu Sep 14, 2017 10:28 am

not vested

June 22, 2017

SDB shares up on news of HQ sale

PETALING JAYA: Shares in property developer Selangor Dredging Bhd (SDB) rose 12.5% to RM1.08 yesterday, on the back of news that SDB was selling its headquarters Wisma Selangor Dredging for RM480mil cash.

Apart from making a profit of RM146.8mil from the proposed sale that would increase the company’s earnings per share by 32 sen, SDB shareholders would also receive a special cash dividend, as SDB said it intended to distribute RM80.96mil of the proceeds to its shareholders. This translates to a special dividend of 19 sen per share.

According to a Bursa Malaysia filing on Monday, SDB had entered into a conditional sale and purchase agreement to sell Wisma Selangor Dredging to Golden Eagle Realty Sdn Bhd.

SDB said the divestment of the property would allow the group to unlock its investment in this asset and put SDB on a stronger footing for its business operations.

In an e-mail response, SDB said that after the completion of the sale, it would be renting the premise where its headquarters are currently located for the next three years, at the very least.

Golden Eagle Realty is a wholly-owned subsidiary of Nation Venue Sdn Bhd, which is jointly owned by Tan Sri Koo Yuen Kim and Koo Yoke Ying.

Yuen Kim, who is currently abroad, said he is very positive on the Malaysian economy and the future growth of greater Kuala Lumpur.

He believes “the potential of Klang Valley property is bright and vibrant”.

The deal is expected to be completed within 12 months from the date of signing of the agreement.

The bulk of the proceeds amounting to RM248.75mil will be used to fully settle the redemption sum owing to Public Bank Bhd, to release the bank’s interest over the property.

Meanwhile, RM103.07mil will be used for working capital for SDB and RM19.2mil will be used to repay part of the group’s bank borrowings.

SDB has total borrowings amounting to RM563.76mil and the partial repayment is expected to result in annual interest savings of RM960,000.

The audited net book value of Wisma Selangor Dredging as at March 31, 2016, was RM318mil. It was valued and appraised by Raine & Horne International Zaki & Partners Sdn Bhd on May 15 at RM372.1mil.

The disposal consideration represents a 29% premium over the market value of the property and a 51% premium over the audited net book value.

Going forward, SDB will maintain property development as its core business despite taking up a 20% stake in mining company Webcon Mining Sdn Bhd recently.

Source: The Star

http://www.thestar.com.my/business/busi ... sK5fFXJ.99
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118527
Joined: Wed May 07, 2008 9:28 am

Re: Selangor Dredging

Postby winston » Fri Sep 15, 2017 9:06 am

not vested

Selangor Dredging seeks shareholder approval to sell headquarters

KUALA LUMPUR: Selangor Dredging Bhd will seek shareholder approval for the disposal of a piece of freehold commercial land in Kuala Lumpur for RM480mil in cash during its upcoming extraordinary general meeting on Sept 29.

The land would be sold together with its headquarters, Wisma Selangor Dredging, comprising four commercial building blocks and two levels of basement car parks, the property developer said in a filing to Bursa Malaysia.

“The proposed disposal provides an opportunity for us to unlock and realise our property investment.

“It will enable our company to realise an estimated net gain of about RM93.9mil upon the disposal,” the company said.

It said shifting its focus from investment activities to property development would contribute positively to the group’s future earnings.

“The proposed disposal will also enable our group to raise funds to repay part of our group’s bank borrowings, which will reduce net gearing from 0.35 times to 0.1 times.

“This will also result in savings on interest and provide our group with the financial flexibility to secure additional borrowings, should new investment and development opportunities arise,” it said.

Source: Bernama

http://www.thestar.com.my/business/busi ... AkC2hUj.99
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118527
Joined: Wed May 07, 2008 9:28 am


Return to S to Z

Who is online

Users browsing this forum: No registered users and 6 guests