Avaland plans to launch projects with RM1.4bil in GDV

KUALA LUMPUR: Avaland Bhd aims to launch three new projects namely Amika Residences, Aetas Seputeh, and Anja Bangi with a total gross domestic value (GDV) of RM1.4bil in the current financial year ending Dec 31, 2024 (FY24).

“We are confident that the new projects will be well accepted by the market considering its strategic location, unique concepts and design for post-pandemic lifestyles,” chief executive officer Apollo Bello Tanco said in a statement.

“Moving forward, we remain optimistic of the group’s prospects with the property industry rebounding from the lows during the pandemic as the number of overhang residential properties continues to improve while the interest rate remains stable.

“Furthermore, the enhanced Malaysia My Second Home programme coupled with higher financial assistance set aside under the Housing Credit Guarantee Scheme are expected to benefit the group as these would boost demand for homeownership,” he added.

The developer posted a higher net profit of RM37.5mil, or earnings per share of 2.58 sen in the fourth quarter ended Dec 31, 2023 (4Q23) compared with RM13.5mil, or 0.93 sen in the same period a year ago.

Its revenue for the quarter surged to RM261.6mil against RM76.4mil last year.

In FY23, Avaland posted its highest net profit in five years, amounting to RM66mil, with a revenue of RM608.2mil.

“The improved financial performance was mainly due to increased contributions on the back of advanced construction progress from the group’s ongoing projects, namely Aetas Damansara, Alira Subang Jaya, Casa Embun and Sanderling,” it said.

“Despite facing economic and market challenges in 2023 such as the higher overnight policy rate and weaker Ringgit, we not only reported quarterly growth throughout the year but also achieved higher sales for the year.

“We achieved 7.6% higher sales to RM586.1mil in FY23 from RM544.7mil in FY22, mainly contributed by the strong demand from Casa Embun, Sanderling and Alira Subang Jaya due to their strong value proposition and strategic locations,” Apollo said.