Matrix Concepts 1Q14 Presentation Slides
Transcription
Matrix Concepts 1Q14 Presentation Slides
Matrix Concepts Holdings Bhd (Company No.: 414615-U) 1Q14 Results and Corporate Update 22 May 2014 IR Adviser CONTENTS 1Q14 Operations Review 1Q14 Financial Highlights Recent Developments Investment Merits Appendix 2 1Q14 OPERATIONS REVIEW 3 Background Operations Financials Growth Total Value of Properties Sold in 1Q14 Projects Launched in 1Q14 Merits Appendix RM125.0 mil (RM788.0 mil in FY2013) RM254.3 mil GDV (RM307.2 mil in FY2013) Ongoing GDV (under construction) (RM797.5 mil in FY2013) Projects Completed in 1Q14 (RM1.2 bil in FY2013 – incl. 785.9 mil from STV) Unbilled Sales (as at 31 Mar 14) (RM437.0 mil as at 31 Dec 2013) Average Take-up (not including STV) 77.1% (as at 31 Mar 14) 1Q14 SNAPSHOT Total ongoing GDV of about RM975 mil… with RM440.8 mil unbilled sales to help mitigate any effects from cooling measures RM974.8 mil RM83.4 mil GDV RM440.8 mil 4 Background Operations Financials Growth Merits Appendix Bandar Sri Sendayan • Completed Nusari Aman 2D & Idaman Bayu 2 with total GDV of RM77.9 mil • Launched Hijayu 1A (Phase 2) – Balista, with GDV RM196.6 mil in Feb 2014 30% units taken-up • Launched 50 units of shop offices @ Sendayan Metropark 2 with GDV of RM55.0 mil 94% units taken-up • BSS Snapshot: 1Q Start-Quarter GDV 783.2 Less Completed Projects 73.6 Add New Launches - FY2013 (RM'mil) 2Q 3Q 709.6 586.5 123.1 - 136.1 FY2014 (RM'mil) 4Q 1Q 722.6 595.4 127.2 77.9 254.3 End-Quarter GDV 709.6 586.5 722.6 595.4 771.9 Start-Quarter Take-up 480.0 552.0 542.4 603.1 555.2 Add New Take-up 145.6 113.5 60.7 79.3 108.5 Less Completed Projects 73.6 123.1 - 127.2 77.9 552.0 542.4 603.1 555.2 585.8 77.8% 92.5% 83.5% 93.3% 75.9% End-Quarter Take-up Take-up Rate Unbilled Sales 304.1 361.9 392.0 289.3 Launched RM254 mil GDV of mixed products in 1Q14… on target for about RM490 mil launches in 2014 279.4 PROJECT UPDATE: BSS (as at 31 Mar 2014) Background Operations Financials Growth Merits 5 Appendix Sendayan TechValley Net saleable land (acres) Project Type Sendayan Tech Valley 1 Ind Lot 221.0 No. of units 52 Take-up rate 83% Est. GDV (RM'mil) Unbilled Sales (RM'mil) 226.7 104.0 Sendayan Tech Valley 2 Ind Lot 417.9 TOTAL 638.9 77 129 45% 60.5% 559.2 785.9 Status Completed & Ready for Sale In no hurry to deplete landbank while negotiating for STV3 land… 104.0 STV Land (acres) (as at 31 Mar 2014) Total Land Sold in 2011 2013 243.7 441.3 Balance land • 2 Japanese companies started operations, Hino Motor & Akashi-Kikai, thus boosting interests and selling prices. • Post 1Q14, sold 3 acres of land at about RM40 psf and currently in advance negotiation for sales of up to 25 acres of land PROJECT UPDATE: STV Key Information on STV: (as at 31 Mar 2014) •Total land: 685.0 acres/ 129 lots Sold: 441.3 acres/ 78 lots Balance: 243.7 acres/ 51 lots •Completed end-2013 6 Background Operations Financials Growth Merits Appendix Matrix Global Schools Current Progress Artist Impression Offering international school syllabus for both primary & secondary education Target student population of 2500 Schedule for first intake in early 2015 d’Tempat Country Club @ Sendayan Artist Impression Current Progress Housing various sports facilities, meeting rooms, dining outlets, etc. Awarded a provisional “Gold Standard” by the Green Building Index for Design Assessment On target for completion in 4Q14 OTHER ONGOING PROJECTS @ BSS Background Operations Financials Growth Merits 7 Appendix Taman Seri Impian • Impiana Casa 2 (fully-sold) near completion, while Impiana Bayu 1 enjoyed encouraging take-up • Launching more commercial products in the coming quarters Kluang project gaining traction with not only residences but also commercial set-ups… • Taman Seri Impian snapshot: FY2013 (RM'mil) 2Q 3Q 147.6 67.5 80.1 - 164.0 4Q 231.5 - FY2014 (RM'mil) 1Q 231.5 - 231.5 231.5 231.5 128.4 59.2 84.7 115.6 29.4 10.9 25.5 30.9 21.2 - 80.1 - - - 128.4 59.2 84.7 115.6 136.8 87.0% 87.7% 36.6% 49.9% 59.1% Start-Quarter GDV Less Completed Projects Add New Launches 1Q 147.6 - End-Quarter GDV 147.6 67.5 Start-Quarter Take-up 99.0 Add New Take-up Less Completed Projects End-Quarter Take-up Take-up Rate Unbilled Sales 47.3 37.3 55.9 34.0 52.4 PROJECT UPDATE: TSI (as at 31 Mar 2014) 8 Background Operations Financials Growth Merits Appendix Others • Completed Taman Desa PD 3 in Jan 2014 (RM5.5 mil GDV) • Lobak Commercial Centre (Phase 1) • GDV of RM16.1 mil: 12 units of 2-storey shop offices Project Lobak Commercial Centre Site Area (acres) Type DSSO 0.7 TOTAL 0.7 No. of units 12 12 Take-up Est. GDV rate (RM'mil) Unbilled Sales (RM'mil) 92% 16.1 5.0 91.7% 16.1 5.0 Group also focused on other projects in Seremban… Commenced Completion 2013 2015 Artist Impression of Lobak Commercial Centre PROJECT UPDATE: OTHERS (as at 31 Mar 2014) 9 1Q14 FINANCIAL HIGHLIGHTS 10 Background Operations Financials Growth Merits Appendix 1Q14 1Q13 Change RM'mil FY13 134.7 155.6 -13.4% Revenue 573.5 67.8 74.5 -9.0% Gross Profit 249.0 50.3% 47.9% 2.5 pt Gross Profit margin 43.4% 55.0 62.2 -11.6% EBITDA 211.2 40.8% 40.0% 0.8 pt EBITDA margin 36.8% 54.0 61.5 -12.2% PBT 205.1 40.1% 39.5% 0.5 pt PBT margin 35.8% 38.6 46.0 -16.2% PATMI 151.6 28.6% 29.6% (0.9 pt) Net margin 26.4% 12.7 15.2 -16.2% Basic EPS (sen)* 50.0 Slower start in 1Q14 as current project mix in early stages of completion… margin however, improved with higher-end products * Based on enlarged number of shares Profitability 50% Lower 1Q14 revenue year-on-year, largely due to sales yet to be recognised as certain BSS projects still in early stages of completion. Better gross margin in 1Q14, due to favourable sales mix of more double storey houses. 36% 40% 36% 34% 19% 21% 27% 30% 20% 10% 11% 17% 14% 3% 0% FY10 FY11 FY12 FY13 1Q14 ROA (Average Asset) ROE (Average Shareholders Equity) 1Q14 INCOME STATEMENT Background Operations Financials Growth 11 Merits Appendix PROJECT SEGMENTATION 1Q14 Revenue Breakdown (Project) Location 1Q13 1Q14 RM’mil % RM’mil % 119.3 76.7 101.5 75.4 -25.1% -14.9% Taman Seri Impian, 20% NS BSS Others 0.9 0.6 6.7 5.0 35.4 22.8 26.5 19.7 155.6 100.0 134.7 100.0 Bandar Sri Sendayan, 75% 1Q14 Rev: RM134.7 mil Others (NS), 5% Revenue model reflects a good mix of products strong in their respective markets… Johor TSI Total +644.4% 1Q14 Revenue Breakdown (Type) TYPE SEGMENTATION +378.6% Type 1Q13 5% 1Q14 RM’mil % RM’mil % Residential 117.3 75.4 92.9 69.0 Commercial 1.4 0.9 6.7 5.0 Industrial 36.9 23.7 35.1 26.1 Total 155.6 100.0 134.7 100.0 -20.8% 26% 69% -4.9% Residential Commercial Industrial Development Properties REVENUE SEGMENTATION 12 Background Operations Financials Growth Merits Appendix Balance Sheet (RM’mil) Shareholders Equity Gross Borrowings Cash & Cash Equivalents Net Gearing (times) Balance sheet ready to undertake further expansions… backed by healthy cashflow 600.0 2.00 Net cash 552.4 1.83 500.0 582.0 Net cash 1.61 1.50 400.0 +23.7% 341.9 Net cash 143.4 116.0 203.0 0.50 50.8 47.6 30.7 22.3 14.0 17.3 0.01 0.2 100.0 326.0 182.5 332.6 200.0 1.00 237.6 300.0 FY2013 1Q2014 0.0 Driven mainly by strong positive operating cashflow with RM20 mil government grant for STV, after netting off RM30.1 mil of dividends paid and RM28 mil of CAPEX on Clubhouse & School constructions 0.00 FY2009 FY2010 FY2011 FY2012 BALANCE SHEET Background Operations Financials 13 Growth Merits Appendix Continue to maintain minimum 40% payout in FY2014… Dividend Payout (RM'mil) Payout Ratio 59.7% 39.4% 91.3 15.2 FY13 1Q14 Dividend Per Share (sen) FY2014 Dividend per share (sen) Dividend Payout (RM’mil) 1st Interim (single tier) 5.0 15.2 Total 5.0 15.2 Payment Date 10.7.14 30.4 5.0 FY13 1Q14 DIVIDEND HISTORY 14 RECENT DEVELOPMENTS 15 Background Operations Financials Growth Merits Appendix 2014 Development Plan Projects No. of Units/Type 1Q 2Q 3Q 4Q GDV (RM’mil) BSS 367 units of 2-storey terrace houses 196.6 36 units of 2-storey shop offices & 14 units of 3-storey shop offices 55.0 589 units of 2-storey terrace houses 237.0 Impiana Avenue 3 I 26 units of 2-storey shop offices 14.0 Impiana Villa 2 54 units of 2-storey bungalows & 74 units of 2-storey semi-d houses 85.6 Lobak Commercial Centre (Phase 2) 14 units of 2-storey shop offices & 2 units of commercial lots 29.3 Third 9 Residence 148 units of 2-storey terrace houses, 38 units of 2-storey semi-d houses & 31 units of 2storey bungalows 144.7 Hijayu 1A (Phase 2) Sendayan Metropark 2 Hijayu 3A Launched RM266 mil projects to date and another RM497 mil projects yet to be launched this year… TSI Others TOTAL Launched 762.2 To be launched LAUNCHES IN FY2014 16 Background Operations Financials Growth Merits Appendix Matrix Concepts to continue launching new projects to sustain the Group’s future earnings: Projects Timeline to completion Land size (acres) Ready for Sale# Completed 220.4 416.4 Ongoing (launched) 2014 to 2017 262.1 974.8 Future Projects 2015 to 2022 1,717.8* 6,240.0* 2,200.3 7,631.2 TOTAL Est. GDV (RM ‘mil) Group‘s earnings to be further sustained with additional est. RM6.2 bil GDV projects… *includes KL, Labu and Rasah Kemayan land purchase FUTURE PROJECTS (Selected) Hijayu 2 @ BSS #Projects that are ready for sale include: • Sendayan Techvalley (Balance GDV: RM 377.2 mil; Land: 197.3 acre) • Sub Centre @ Nusari Bayu (Balance GDV: RM27.2 mil; Land: 15.0 acre) • Sub Centre @ Nusari Hijayu (Balance GDV: RM12 mil; Land: 8.1 acre) Nusari Bayu 2B @ BSS Impiana Avenue/Impiana Square @ TSI Impiana Villa @ TSI PIPELINE PROJECTS Background Operations Financials Growth 17 Merits Appendix Identify strategic areas Create competitive advantages Constantly on lookout for neighbouring landbank for cost effective management of development • Labu & Rasah Kemayan land acquisitions: mixed development of residential and commercial properties commencing within 2-3 years Also exploring up-and-coming locations for diversification and geographical expansion • KL project near PWTC, target submission of building plans to DBKL for mixed development of high-rise serviced apartments in 2H14 Commercial activities • Merchant Square in the centre of BSS to be the nucleus of recreational and lifestyle activities to cater for the targeted 100k population Active Landbanking BSS Township Enhancement Duplicate STV success In advanced stage of negotiations for potential lands for industrial property development Promote “Live in Negeri Sembilan, Work in Klang Valley” Strengthen balance sheet Keeping low gearing to seize landbank opportunities when they arise Job creation • Ensuring success in STV, in terms of infrastructure and support; to encourage high-impact FDIs to attract highly-skilled professionals • Currently in various stages of negotiations with interested potential investors Top-notch educational facilities • Targeting families seeking wholesome education experience to set up homes in BSS • Matrix Global Schools is affiliated to Ellesmere College (UK) on interactive curriculum, sporting skill exchanges, student exchange and staff immersion programmes Emphasise on affordability & price differential BSS property/land prices are within the affordable and mid-range categories, compared to KL; bigger space for similar price Leverage on highway connectivity BSS is strategically located with excellent and improving connectivity GROWTH PLANS 18 Investment Merits 19 Background • • Operations Financials Growth Merits Appendix Share Price @ 20 May 2014 RM4.10 Market Cap @ 20 May 2014 RM1,244.82 mil 12-month Trailing PE Ratio 8.6x 12-month Trailing EV/EBITDA 5.7x Matrix Concepts has declared a first interim single tier dividend of 5.0 sen/share in respect of FY2014 The dividend will be paid out on 10 July 2014 according to the Record of Depositors dated 26 June 2014 VALUATION 20 Background Operations Financials Growth Merits Appendix Matrix Concepts, an investment proxy to the growth proposition of Seremban as a satellite city within the Greater Klang Valley • KL-Seremban conurbation gaining traction over the years, with rising number of people migrating to Seremban while still working in KL Matrix Concepts is a leading property developer based in Negeri Sembilan (NS) with strong track record spanning more than 15 years • Extensive experience developing about RM3.3 bil GDV projects in NS and Johor Ample balance landbank (1,980 acres for est. RM6.2 bil GDV) to sustain Group till 2022 • Current projects of RM975 mil GDV have approx. 77% take-up and unbilled sales of RM440.8 mil Growing profit and sustainable margin expected to continue, with more higher-priced product launches and industrial properties sales at Sendayan Techvalley Strong balance sheet (net cash position as at 31 Mar 2014) allow Group to continue its active landbanking activities Dividend policy of a minimum of 40% payout from Group’s net profit SUMMARY 21 THANK YOU IR Contacts: Mr. Terence Loo Mr. Louis Tan T: 03-2711 1391 / 012-629 5618 T: 06-7642 688 / 017-336 1595 E: [email protected] E: [email protected] 22 APPENDIX 23 Background Operations Financials Growth Merits Appendix Established in 1996, Matrix Concepts Holdings Berhad is a reputable Serembanbased property developer, focusing on development of residential, commercial and industrial properties Matrix Concepts Business Model Matrix Concepts Sales of Land Commercial Property Development Residential Industrial Currently, the Group has two flagship township development projects in Negeri Sembilan and Johor Bandar Sri Sendayan (BSS) @ Seremban A property developer of choice that has moved up the value chain by building strong track record in Negeri Sembilan and Johor… Taman Seri Impian (TSI) @ Kluang To date, the has built a strong track record by completing development projects worth RM3.3 bil GDV on approximately 2,560 acres of land in Negeri Sembilan and Johor BACKGROUND Vision •Envisioned to be the innovative market leader in property development while diversifying in enhancing corporate values Mission •Continuously striving to provide excellent customer service and meet customer needs for total value 24 Background Operations Financials Growth Merits Appendix Dato’ Haji Mohamad Haslah bin Mohamad Amin (Non-Independent Non-Executive Chairman) •20 years of experience in both domestic and international financial industry, substantially with Maybank Group •Graduated in 1975 from the Institute of Bankers, London, with a Diploma in Banking Dato’ Lee Tian Hock (Group Managing Director/ Chief Executive Officer) •Founder of Matrix Concepts Group, he is responsible for the Group’s business direction and overall strategies and policies •Has approximately 30 years of experience in the property development industry and was involved in the development of Taman Rasah Jaya – then the largest housing scheme in Negeri Sembilan •Graduated with a degree in Housing, Building and Planning from Universiti Sains Malaysia Led by a capable Board with vast property development and corporate experience… Ho Kong Soon (Group Deputy Managing Director/ Chief Operating Officer) •Responsible for the overall project management as well as overseeing daily operations of the Group •Has approximately 20 years of experience and was involved in the development of the Allson Klana Resort Hotel, Kasturi Klana Park Condominium and Taman Semarak housing scheme in Negeri Sembilan •Graduated with Bachelor of Engineering degree from University of Malaya Dato’ Firdaus Muhammad Rom bin Harun (Independent Non-Executive Director) •39 years of experience in the corporate sector and civil service •Graduated with a certificate in Public Relations from the Institute of Public Relations, London, and also a Diploma in Marketing from the Chartered Institute of Marketing, UK. •Currently the Political Secretary to the Menteri Besar of Negeri Sembilan Rezal Zain bin Abdul Rashid (Independent Non-Executive Director) •Has approximately 20 years of experience in audit, corporate finance, as well as enterprise building •Member of the Malaysian Institute of Accountants and the Australian Society of Certified Practicing Accountants (now known as CPA Australia) •Graduated with Bachelor of Arts (Accounting) degree from University of Canberra Dato’ (Ir) Batumalai Ramasamy (Independent Non-Executive Director) •Has 35 years of experience as an engineer in the Department of Irrigation and Drainage (DID) in various jurisdictions of KL, Kedah, Perak, Johor and Negeri Sembilan; overseeing, planning, designing, operations and management of all the irrigation and drainage areas •Holds a Diploma in Civil Engineering from Universiti Teknologi Malaysia and a Bachelor of Science in Civil Engineering from the University of Aberdeen, Scotland BOARD OF DIRECTORS Background Operations Financials Growth 25 Merits Appendix 1997 •Commenced operations as a property development company •Began maiden property project, Tmn Bahau in Negeri Sembilan 1999 •1st JV with Menteri Besar Incorporated (MBI) of Negeri Sembilan to develop Tmn Andalas on approx 39 acres of land •Launched Phase 1 of Tmn Andalas with 90% units sold within 6 months 2004 •Acquired Seventech, a property development company to expand to Johor •Commenced 1st Johor project with the development of Tmn Anggerik Tenggara 2005 •Entered JV with KKTNJB to undertake township development in TSI, Kluang, Johor •Entered JV with MBI to develop 2nd flagship development project in BSS, Seremban •Accredited with ISO 9001:2000 status 2006 2008 2009 Unabated expansion since incorporation… Bandar Seri Sendayan set to be the Group’s trajectory milestone •Begins development of TSI township development •Begins development of BSS with Nusari Bayu 1 (residential area) and Sendayan Metropark (commercial plots) •Upgraded to ISO 9001:2008 by BM TRADA Certification Ltd 2011 •Disposed piece of land (750 acres) to 1Malaysia Development Berhad for purpose of setting up new academia and training centre for the RMAF at BSS 2012 •Signed MOU with 6 foreign companies from Japan, Taiwan, Hong Kong and France for purchase of industrial lots at Sendayan Techvalley 2013 •Listed on the Main Market of Bursa Malaysia Securities Berhad on 28 May •Expands BSS with purchase of 2 neighbouring lands at Labu & Rasah Kemayan for RM106.8 mil •Makes maiden foray into Kuala Lumpur with purchase of 1.1 acre land nearby PWTC for RM43.6 mil KEY ACHIEVEMENTS & MILESTONES 26 Background Operations Financials High Quality & Diverse Product Mix Established Track Record >15 years experience; incl developing integrated township Demonstrated in high take-up rates Growth Merits Strategic Location Sustainable & High-Impact Developments BSS has high accessibility to key locations BSS to benefit from highimpact Government and industrial developments Ability to launch new projects at higher prices Appendix Experienced Management Team Matrix Concepts brand embodies >15 years of accumulated expertise and experience in township development… Founder has approx 30 years of experience in the sector Supported by a competent management team Diverse product portfolio to mitigate risk Experience in Joint Venture projects with State Governments Taman Seri Impian strategically located in Kluang Ongoing and future projects have GDV of RM7.3 bil lasting till 2022 Ability to market and complete projects on time COMPETITIVE ADVANTAGES & KEY STRENGTHS Background Operations Financials Bandar Sri Sendayan Acreage (incl. STV) (acres) Completed# Ongoing* Future Total Growth Merits 27 Appendix GDV (RM'mil) 1,017.8 208.9 1,146.3 2,373.1 1,611.0 821.8 4,196.4 6,629.2 Bandar Sri Sendayan Rasah Kemayan Land •194.4 acres •Purchased for RM59.3 mil •Proposed mixed development of residential and commercial properties worth approx RM800mil GDV (commence 2015-2016) Labu Land •236.9 acres •Purchased for RM47.5 mil •Proposed mixed development of residential and commercial properties worth approx RM760mil GDV (commence 2016) Sendayan Tech Valley #includes total GDV and land acreage of STV *includes Clubhouse & Sub Centres at Nusari Bayu and Nusari Hijayu BANDAR SRI SENDAYAN PROJECTS 28 Background Operations Financials Growth Merits Appendix Foreign Direct Investors to date (with indicated investment): •Hino Motor (RM150 mil) •Messier-Buggatti-Dowty (RM300 mil) •Keen Point (RM200 mil) •TMC Metal (RM20 mil) •Akashi-Kikai Industry /Daihatsu (RM220 mil) •Meditop Corporation (RM150 mil) •MBM Resources/Mitsubishi (est. RM300 mil) •Nippon Kayaku (RM600 mil) •Linatex (RM350 mil) •Schmidt + Clemens (RM500 mil) •Weir Group (RM350 mil) Hino Motor Messier-Buggati-Dowty Akashi Kikai FDIs IN SENDAYAN TECHVALLEY Background Operations Financials Growth Merits 29 Appendix Acreage GDV Taman Seri Impian (acres) (RM'mil) Completed 310.6 420.2 Ongoing 99.5 231.5 Future 227.5 693.2 Total 637.6 1,344.9 TAMAN SERI IMPIAN PROJECTS 30 Background Operations Financials Growth Merits Appendix Acreage GDV (acres) (RM'mil) 1,232.5 1,237.3 0.7 16.1 342.9 1,100.4 1,576.1 2,353.9 Others Completed Ongoing Future Total OTHER PROJECTS Background Operations Financials 31 Growth Merits Appendix KL profile project targeted for 2H14 proposal submission… GDV likely to be enhanced with higher plot ratio Purchased for: RM43.6 mil / RM950 psf (Fully paid in 4Q13; 100% Internal funds) KL profile project targeted for 2H14 proposal submission… GDV likely to be enhanced with higher plot ratio Features: • Mixed development of high-rise serviced apartments with full facilities, retail and F&B outlets with approved of Plot Ratio of 8 • GDV: RM250 million KL PROJECT 32 Background Operations Financials Growth Merits Appendix Increasing prices in Group’s properties reflected in the strong margins over the years… 3-yr EBITDA CAGR: 86.0% 3-yr PAT CAGR: 90.8% Note: FY2011 Revenue & PAT would have been RM330.3 mil & RM58.1 mil respectively, if sale of 750 acre of land was not accounted; EBITDA and PAT margins would be 26.4% and 17.6% respectively. FINANCIAL PERFORMANCE Background Operations Financials Growth Merits 33 Appendix PROJECT SEGMENTATION Location FY2009 FY2010 FY2011 FY2012 FY2013 RM’mil % RM’mil % RM’mil % RM’mil % RM’mil % BSS 91.5 44.8 101.8 52.1 206.1 33.0 339.8 74.5 458.5 79.8 Others 29.6 14.5 31.2 15.9 12.7 2.0 2.3 0.5 3.1 0.5 TSI 40.3 19.8 62.0 31.7 88.9 14.3 81.0 17.8 83.9 14.6 Others 42.2 20.7 0.3 0.2 0.0 0.0 0.0 0.0 0.0 0.0 Sales of Land 0.4 0.2 0.3 0.1 316.5 50.7 33.0 7.2 29.2 5.1 204.0 100.0 195.6 100.0 624.2 100.0 456.1 100.0 574.7 100.0 NS Revenue model reflects a good mix of products strong in their respective markets… Johor Total TYPE SEGMENTATION Type FY2009 FY2010 FY2011 FY2012 FY2013 RM’mil % RM’mil % RM’mil % RM’mil % RM’mil % Residential 187.4 91.8 176.7 90.4 254.7 40.8 328.1 71.9 419.5 73.0 Commercial 16.2 8.0 18.6 9.5 31.6 5.1 15.2 3.3 6.5 1.1 - - - - 21.4 3.4 79.8 17.5 119.5 20.8 0.4 0.2 0.3 0.1 316.5 50.7 33.0 7.3 29.2 5.1 204.0 100.0 195.6 100.0 624.2 100.0 456.1 100.0 574.7 100.0 Industrial Sales of Land Total REVENUE SEGMENTATION 34 Background Operations Financials Project Growth Merits Site Area (acres) Type Nusari Bayu 1 Nusari Bayu 2A Atiya SST SST SSSD SST Idaman Bayu DST Nusari Aman 1A SST SST DST SSSD Nusari Aman 2A DSSD SSSO SSS Cosmoxia SSSD Sendayan MetroPark Comm Lot SST Nusari Bayu 3 - Phase 1 DST SST Nusari Bayu 3 - Phase 2 DST DSSO SST Nusari Aman 1B DST DSSO Metro Park Shop 1A TSSO DST Nusari Aman 2 SST DST Nusari Aman 2D SSSD Idaman Bayu 2 DST TOTAL Appendix No. of units 105.4 32.6 1.4 Take-up rate 1,159 359 18 81 97 236 150 91 6 14 46 1 36 18 111 150 69 150 25 341 174 29 9 350 122 128 18 56 4,044 17.7 15.5 27.5 2.7 35.4 22.4 20.9 38.2 2.5 35.4 16.5 4.8 378.9 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 0% 100% 89% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 99.9% Est. GDV (RM'mil) 113.2 42.4 5.2 13.2 26.4 34.2 25.1 21.7 2.0 7.3 10.3 1.0 11.7 47.1 20.8 41.8 15.1 46.6 12.0 60.0 43.1 13.9 6.0 101.4 25.8 46.4 7.8 23.6 825.1 Commenced Completed 2008 2009 2010 2010 2011 2011 2010 2011 2010 2011 2010 2011 2010 2008 2011 2010 2010 2012 2011 2013 2011 2013 2011 2013 2011 2013 2012 2014 2012 2014 Total GDV and Site Area excludes STV BSS COMPLETED PROJECTS (as at 31 Mar 2014) Background Operations Project Nusari Aman 3A Nusari Bayu 2B Hijayu 1B Hijayu 3D Hijayu 1A (Phase 1) Hijayu 1A (Phase 2) Sendayan Metropark 2 1Sendayan Clubhouse Sub Centre @ Nusari Bayu Sub Centre @ Nusari Hijayu Financials Type Growth Site Area (acres) DST SST DST SSSD DST SST DST DST DST DSSO TSSO Comm Lot Institute 17.2 8.1 21.5 43.5 30.2 37.1 4.3 19.0 Merits No. of units Appendix Take-up rate 102 37 80 10 154 75 534 299 367 36 14 1 1 35 100% 100% 100% 100% 100% 98.7% 100% 100% 29.2% 97.2% 85.7% n/a Est. GDV (RM'mil) Unbilled Sales Commenced (RM'mil) 31.6 9.0 24.4 4.7 57.8 19.5 192.5 136.1 196.6 34.8 20.2 2.7 50.0 Completed 9.6 2012 Q3 2014 8.5 2012 2014 31.7 2012 2014 102.3 111.4 15.9 2012 2013 2014 2014 2015 2016 51.8 2014 2017 n/a 2013 2015 Comm Lot 20.0 4 25% 30.0 n/a Ready for Sale Comm Lot 8.1 2 0% 12.0 n/a Ready for Sale TOTAL 208.9 1,716 84.2% 821.8 331.2 Unbilled sales excluding RM104.0 mil from STV BSS ONGOING PROJECTS (as at 31 Mar 2014) 36 Background Operations Financials Growth Project Type Sendayan Merchant Square 1 Hijayu 3A Hijayu 3B Hijayu 3C DSSO Comm Lot DST DST DST DSSD DST DSB BL DSB BL DSSO Comm Lot DST SST DSSO Comm Lot DST DSSO Comm Lot DSSO DSSO Comm Lot DSSDF DSTF Icon City TOTAL Hijayu (Resort Homes) Hijayu (Resort Villa) Hijayu (Residence) Sendayan Merchant Square 2 Suriaman 1 Suriaman 2 Sendayan Metropark 3 Sub Centre @ Sendayan Tech Valley 1A Sendayan Icon Park Merits Site Area (acres) Appendix No. of units Est. GDV (RM'mil) 154 3 589 334 394 200 308 102 1 67 6 149 4 235 150 17 1 878 21 1 132 32 1 30 84 1 3,894 29.4 52.1 32.5 38.4 85.1 49.5 56.0 49.9 44.5 101.7 13.2 46.4 116.4 715.0 Commenced Completed 2015 2017 2014 2015 2015 2016 2017 2017 2015 2018 2015 2018 2015 2018 2016 2018 2015 2017 2016 2018 2016 2018 2016 2018 n/a n/a 202.2 10.0 237.0 140.3 153.7 160.0 154.0 157.8 4.0 120.6 18.8 223.5 40.0 112.8 42.0 13.6 1.5 491.7 21.0 3.0 200.0 38.4 1.7 30.0 58.8 0.0 2,636.4 BSS FUTURE PROJECTS (as at 31 Mar 2014) Background Operations Project Financials Type Taman Seri Impian 1 Impiana Avenue 1 SST DSSO Taman Seri Impian 2 (Parcel 1) SST Taman Seri Impian 2 (Parcel 2) Taman Seri Impian 3 (Impiana Garden 1) Taman Seri Impian 3 (Impiana Garden 2) Taman Seri Impian 3 (Impiana Garden 2 Modena) Impiana Avenue 2 Impiana Villa 1 Taman Seri Impian 4 (Impian Casa 1) Growth Merits Site Area (acres) 51.1 2.8 80.2 DST SST 38.4 DST No. of units 37 Appendix Take-up rate Est. GDV (RM'mil) 487 33 100% 100% 38.8 7.1 857 100% 83.4 50 100% 7.8 247 100% 28.3 99 100% 17.0 Commenced Completed 2006 2006 2008 2009 2007 2009 2007 2010 SST 26.9 242 100% 28.3 2009 2010 SST 17.9 161 100% 21.6 2010 2011 SST 21.6 194 100% 31.8 2010 2011 DSSO SSB DSB 3.3 36 96 65 100% 99% 98% 10.9 33.1 32.0 2010 2011 2010 2012 329 100% 47.6 2010 2013 136 100% 3,032 99.9% 32.5 420.2 SST DST TOTAL 26.1 42.3 310.6 TSI COMPLETED PROJECTS (as at 31 Mar 2014) 38 Background Operations Financials Project Growth Site Area (acres) Type DST SST DST SST TOTAL Impiana Casa 2 Impiana Bayu 1 Merits No. of units Appendix Take-up rate Est. GDV (RM'mil) 137 100% 151 100% 363 49% 240 40% 891 63.0% 32.5 67.0 99.5 Unbilled Sales (RM'mil) Commenced Completion 9.3 2012 2014 43.1 2013 2015 38.8 28.7 117.0 47.0 231.5 52.4 Impiana Casa 2 Impiana Bayu TSI: ONGOING PROJECTS (as at 31 Mar 2014) Background Operations Financials Project Impiana Avenue 3 I Impiana Avenue 3 II Growth Type DSSO DSSO DSSO Impiana Villa 2 DSSD DST SST DSSO Impiana Bayu 2 DST Comm Lot Stall Impiana Villa 3 DSSD Impiana Avenue 4 DSSO Impiana Avenue 5 DSSO Impiana Avenue 6 DSSO DSSO TSSO Impiana Avenue 7 Comm Lot Petrol Land Taman Seri Impian 2 DST Stall Impiana Casa (Stage 2) DST TOTAL Merits Site Area (acres) 1.0 2.3 23.7 100.0 21.4 2.8 2.4 2.7 39.6 11.8 19.8 227.5 39 Appendix No. of units 26 60 54 74 215 220 94 209 1 1 166 75 51 73 416 92 1 2 280 1 161 2,272 Est. GDV (RM'mil) 14 19.2 48.6 37.0 68.8 44.0 n/a n/a n/a n/a 79.7 26.3 21.4 29.2 222.2 82.8 n/a n/a n/a n/a n/a 693.2 TSI FUTURE PROJECTS (as at 31 Mar 2014) Commenced Completed 2014 2014 2016 2016 2014 2017 2015 2016 tba tba 2015 2015 2015 2016 2017 2016 2017 2017 2016 2019 tba tba tba tba tba tba tba tba 40 Background Operations Financials Growth Type of Units Project Merits Appendix No. of Units Acreage GDV (RM’mil) Est. Commencement Kota Gadong Perdana SST & DST 294.6 3,632 926.4 Q1 2016 Third 9 Residence DST, DSSD, & DSB 41.8 217 144.7 Q4 2014 Lobak Commercial Centre (Phase 2) DSSO & CL 2.1 16 29.3 Q3 2014 Lobak Commercial Centre (Phase 3) n/a 4.5 n/a n/a n/a 343.0 3,865 1,100.4 Total FUTURE PROJECTS: OTHERS (as at 31 Mar 2014) Background Operations Financials Growth Merits 41 Appendix LEGEND SST Single-storey terrace houses SSSD Single-storey semi-detached houses DST Double-storey terrace houses DSSD Double-storey semi-detached houses SSSO Single-storey shop offices DSSO Double-storey shop offices TSSO Three-storey shop offices SSS Single-storey stalls BL Bungalow Lots SSB Single-storey bungalows DSB Double-storey bungalows DSSDF Double-storey semi-detached factories DSTF Double-storey terrace factories Comm Lot Commercial Lots Ind Lot Industrial Lots Club Clubhouse GLOSSARY 42
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