22-08-2008: Selangor Dredging sees challenging FY09
by Yantoultra Ngui Yichen & Venus Hew

KUALA LUMPUR: Property developer Selangor Dredging Bhd (SDB) expects the remainder of its fiscal year ending March 31, 2009 (FY09) to be a challenging time, given rising development cost and interest rates that dampen demand for property.

“Due to the general slowdown in the economy, we have to be selective as to when to launch. Our immediate launch is in Ampang (by year-end), and by the first quarter of next year, we’ll be launching our next Singapore development in Gilstead,” said its managing director Teh Lip Kim.

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This year’s The Edge’s Top Property Developers Awards have been announced and the top players in the industry are honoured last night. This year’s awards have been expanded to include non-listed property developers, besides companies listed in the property sector on both the Main and Second Boards of Bursa Malaysia, so this would be much more interesting as we would be able to see more developers in the ranking. Here’s the top 10, in alphabetical order: -

• Bandar Raya Developments Bhd (Troika, CapSquare, One Menerung)
• Bandar Utama City Corporation Sdn Bhd (Bandar Utama, One Utama)
• Boustead Properties Bhd (Mutiara Damansara)
• E&O Property Development Bhd (Dua Residency, Idamansara, Seri Tanjung Pinang)
• IGB Corporation Bhd (Midvalley City, Hampshire Place, One Jelatek, Cendana)
• IOI Properties Bhd (Bandar Puteri Puchong, IOI Mall)
• Island & Peninsular Sdn Bhd (Seri Beringin Damansara)
• S P Setia Bhd (Setia Eco Park, Setia Sky Residences)
• Sunrise Bhd (MK10, MK11, Solaris MK)
• Sunway City Bhd. (Sunway Vivaldi, Palazzio)

The full details of the ranking will be published in the Sept 1 issue of The Edge weekly. I can’t wait to read the special pullout. Am curious to see if SDB made it to the top 30.

Related Links
29-08-2008: The Edge honours top property developers

Here are a few photos on the progress of the superlinks & semi-detached development over at Mutiara Damansara. The 2-storey superlink  was priced at RM920,000, whereas the semi-detaches were sold at a starting price of a whopping RM1.8million. Both are currently sold out.

More photos after the jump.

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