Keladi Maju eyes high-end projects in Klang Valley

Keladi Maju eyes high-end projects in Klang Valley
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KUALA LUMPUR: Kedah-based property developer Keladi Maju Bhd is on the lookout for land in the Klang Valley for its high-end residential project.

Managing director Chuah Chin Ah said the company was looking for a one- or two-acre site in Kuala Lumpur to build high-end condominiums, to be sold at an average price of RM1mil per unit.

“Although the competition is strong here, I believe there is still room for growth in the Klang Valley property sector. In terms of property prices, Kuala Lumpur is still among the cheapest compared with other major cities in the world,” he told a press conference after the company AGM and EGM yesterday.

Currently, the company is concentrating on the first phase of Taman Lagenda, a mixed residential and commercial development in Kulim, launched two months ago.

The project, with a gross development value of RM350mil, will comprise 4,136 houses and shoplots when fully developed in three years.

“We have received very good response from buyers. A month after our sales launch, we achieved 30% to 40% take-up,” Chuah said.

He said the group was also developing factories in Kawasan Perindustrian Makmur in Kulim.

Besides property, Keladi Maju is also involved in oil palm plantation and hopes to expand its existing 1,500-acre agricultural land to take advantage of the current high palm oil price.

Chuah said the company's good prospects would reflect positively in the current financial year ending Jan 31, 2008 (FY08).

In FY07, Keladi Maju group recorded pre-tax profit of RM20.65mil, an increase of 20.2% from FY06, although its turnover of RM50.58mil was 14.3% lower than before. It declared a first and final dividend of 15% per share less tax to be paid by Aug 17, ex-date July 25.