Crescendo plans property launches

29 July 2005

JOHOR-BESED developer Crescendo Corp Bhd plans to launch RM285 million worth of properties by 2007 driven by growing demand from the local and foreign markets.

The launches will involve 850 residential units, 40 commercial units and 60 industrial units. The industrial properties, situated in an industrial park, comprise 60 units detached and semi-detached factories worth RM140 million.

Managing director Gooi Seong Lim said he hopes the industrial park can attract Singaporean companies as it offers good infrastructure at an affordable cost.

He said the park is strategically located as it is near the second-link expressway that connects Singapore and Johor.

"We will be moving forward with earth and infrastructure works over the next two months and will probably start launching for sale in early 2006." Gooi told reporters after the company's annual general meeting in Petaling Jaya yesterday.

As at end-June 2005, locked-in sales for the 2006 financial year totalled RM37 million.

Gooi said Crescendo, with its strenght in industrial property development, is expecting its residential development to contribute more despite the strong competition in this segment in Johor Bahru.

"The Taman Cemerlang Utama' development projects is expected to generate RM2.5 billion of revenue and RM700 million of net profit over the next 12 to 15 years," Gooi said.

He said group expects the performance for the 2006 financial year to remain sastisfactory with the divedend payment to be at least 7 per cent.

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