KUALA LUMPUR, 29 September 2022: Boutique property developer Selangor Dredging Berhad (SDB) is cautiously optimistic of a recovery in the property market after a difficult 2½ years period caused by the Covid-19 pandemic. Following the reopening of the economy, the Group is set to launch two new developments in 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 for final approvals from the authorities,” said group managing director Teh Lip Kim.

These new projects were designed with the post-pandemic environment in mind, incorporating elements of ‘hybrid lifestyles’ whereby more and more people seek to work from their comfort of their homes.

The architecture and developmental philosophy incorporates SDB’s innovative 'Design Thinking' approach to achieve the spatial proportions between living spaces ‘just right’, while utilising rectilinear layouts to maximise natural ventilation and light in every home.

Aesthetics is an SDB’s key strength, as the Group is at the forefront of creating artistically designed landscapes by incorporating ‘private spaces in public areas’. Safety and property management are also key themes as SDB ensures that its developments are well-maintained to withstand the test of time. By practising a holistic and pragmatic approach to maintenance and security, SDB creates a safe and sustainable living environment for its residents and tenants.

Teh was speaking after the company’s AGM held virtually today. Reflecting on the performance for the financial year ended 31st March 2022, she said that the year under review was a challenging one due to some operational restrictions brought upon by the pandemic, especially in 2021.

SDB, however, successfully handed over vacant possession for two developments, UNA serviced apartment in Kuala Lumpur and Jui Residences in Singapore during the year under review.

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

On the financial front, SDB posted a pre-tax profit of RM12.13 million on the back of a lower turnover of RM98.48 million. After accounting for taxation, the Group posted a net profit of RM6.76 million, from the RM11.55 million net loss posted in FY2021. The Group also registered a net profit of RM18.58 million from its associate company Fortress Minerals Limited. The Group hospitality division registered a revenue of RM5.39 million for the year.

Despite the challenging year, SDB’s fundamentals remain strong: Net asset backing per share increased to RM1.98 per share (FY2021: RM1.96).

In the past, SDB has won numerous industry awards and accolades, which include multiple international FIABCI World Prix d’Excellence and Chapter Awards that recognise excellence in real estate projects from conception to completion.

Recently, Park Seven in Kuala Lumpur also won The Edge Malaysia Best Managed and Sustainable Property Award (Silver) for the above 10 Years: Multiple-Owned Strata Residential category. In Singapore, Jui Residences was awarded the BCA Green Mark Award (Gold) based on the Green Mark for New Residential Buildings (RB:2016) by the Building and Construction Authority of Singapore.