KUALA LUMPUR, Sept 15 — Property developer, Land & General Bhd plans to launch two new project phases for the remainder of its financial year ending March 31, 2022 (FY2022).

Managing director Low Gay Teck said the projects are the Astoria Ampang Phase 2 involving 506 serviced apartment units, and Sena Parc Phase 1D, comprising 162 double-storey terrace houses in Senawang, Negeri Sembilan.

"The combined gross development value for the planned two launches, including Sena Parc Phase 1C which was launched in May 2021, will be in excess of RM450 million,” he told a virtual press conference following the group’s 58th annual general meeting today.

Low said the group has three ongoing projects, namely Astoria Ampang Phase 1, as well as Sena Parc Phase 1A and Phase 1C.

As of Aug 31, 2021, the group saw encouraging take-ups for its projects, including Astoria Ampang Phase 1 (77 per cent), Sena Parc Phase 1A (97 per cent), Sena Parc Phase 1C (13 per cent) and Damansara Seresta (64 per cent).

It currently has a landbank of 323.75 hectares.

The group’s net profit for its first financial quarter ended June 30, 2021 (Q1 2022) had increased to RM7 million from RM5.4 million in Q1 2021, while its revenue increased to RM30.64 million versus RM14.7 million previously due to higher contribution from all divisions. — Bernama