KUALA LUMPUR: Former mining concern turned property developer Selangor Dredging Bhd (SDB) expects revenue contribution from Singapore projects to grow to 50 per cent over the next two years.

"We hope that 50 per cent of our income will come from Singapore," its managing director Teh Lip Kim said.

Currently, the Singapore projects contribute about 30 per cent to SDB's income.

Teh was speaking at a press conference after its annual general meeting (AGM) here yesterday. Also present was chairman Eddy Chieng Ing Huong.

She said SDB aims to launch several new projects in the Klang Valley and Singapore, worth a combined RM1 billion, by end-2012.

The firm will kick off the new projects with the Hijauan in Singapore through its unit SDB Asia. The land measuring about 19,806 sq ft there is located in Cavenagh Road, with a gross development value (GDV) of RM238 million.

SDB is planning to build 41 units of luxury apartments in District 9, a prime location in the island republic. It then plans to launch high-end apartments in Batu Feringghi in Penang.

The Hijauan project is expected to take off next month, while the one in Batu Feringgi in November.

Also in the pipeline are two more projects slated to be launched in the first and second quarters of next year, in Cheras Selatan and Dengkil respectively.

SDB has five ongoing projects, two in Taman Melawati in Kuala Lumpur, one in Petaling Jaya and two in Singapore.

Teh is confident that its niche portfolio of projects and new team of key department personnel will put SDB in a strong position to perform credibly.

"We will continue to focus on our strategy of niche, quality developments and will prudently proceed with our plans to launch based on market conditions," she said.

For the first quarter ended June 30, SDB registered a net profit of RM10.1 million, compared with RM5.6 million recorded in the same quarter of 2010.

The company recorded a revenue of RM98.9 million for the first quarter of 2011 compared to RM62.4 million during the corresponding quarter in 2010, boosted by high sales achieved in 20trees West in Taman Melawati and Five Stones in Petaling Jaya as well as Gilstead Two in Singapore.

SOURCE: Business Times