News: Poultry Firm Expands into Property Market with RM24.5m Project in Perak

Feb 8, 2018

In a bid to diversify into the real estate market, D.B.E. Gurney Resources Bhd has teamed up with a landowner to undertake a mixed-use project in Perak, revealed a Bursa Malaysia filing on Monday (5 February).

Landowner Misi Jutari Sdn Bhd and the company’s wholly-owned unit DBE Development Sdn Bhd will be respectively entitled to 25 percent and 75 percent of the earnings in the project.

Known as Taman Desa Harmoni, the development has an estimated net profit, cost and gross development value of RM7 million, RM14.1 million and RM24.5 million, respectively.

It comprises three two-storey shop houses, 16 one-storey shop houses, 10 single-storey semi-detached homes and 85 units of one-storey terrace residences.

These properties are located on a 3.765ha freehold land, which has an audited value of RM950,000 as of 30 April 2017. Situated on Malay Reserved Land at Lot 8502 in Mukim Bota, these units can only be sold to Malays.

“The land is easily accessible via Lumut-Ipoh Highway. About 1km to the north lies a residential development known as Desa Seri Iskandar, while other developments within 2km – 6km to the north-east include, Kolej Profesional MARA Seri Iskandar, Kojel Vokasional Seri Iskandar, Taman Gemilang, Institut Latihan Kemas Seri Iskandar, Taman Puncak Iskandar, and Universiti Teknologi PETRONAS,” it said.

Within 2km to 5km to the east of the land are Universiti Teknologi MARA Perak, Bandar & Taman Seri Iskandar, and the Bandar Universiti Seri Iskandar township.

Construction work is expected to begin in Q2 2018 and would take two years to complete.

Meanwhile, the Malaysia-listed poultry company announced that its foray into the real estate sector will be helmed by an industry veteran.

“Although the group does not have any historical track record in the property development and construction, the new business segments are expected to be spearheaded by the company’s Executive Director Dato’ Doh Jee Ming, who has extensive experience in the property development and construction related business.”

Furthermore, DBE proposed to use remaining proceeds of RM12.56 million from the issuance of redeemable convertible notes to fund the Taman Desa Harmoni project and future land acquisitions.

Image sourced from The Star

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