Symphony Life’s plan for RM8b township held back

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SHAH ALAM: Symphony Life Bhd’s plan to develop an RM8 billion township in Sungai Long, within Selangor’s Kajang district, is being held back by potential land acquisition by the Selangor government.

According to executive chairman Tan Sri Azman Yahya (pic), the delay was due to the state government’s plan to acquire part of the land for the Langat 2 water treatment plant project and a proposed new highway.

The group’s preliminary projection shows that the 420 acres (170ha) Sungai Long township may carry a total gross development value (GDV) of RM8 billion.

The land is deemed a jewel for the mid-sized developer, which has a market capitalisation of RM368.5 million at its current share price of RM1.20.

“The amount of land [in Sg Long] that will be acquired has yet to be finalised. We hope we could get a certainty by the end of the year,” said Azman after the company’s annual general meeting yesterday.

Azman owns 22.24% of Symphony Life — formerly Bolton Bhd — as at July 18 this year.

Commenting on the medium-term outlook, Azman was confident the market would return to a steady pace next year, given that the central bank and the government have taken measures to ensure a stable and sustainable property market.

“Although the market had seen signs of softening over the past 12 months, we launched projects with total GDV of RM2.5 billion with excellent take-up rates,” he added.

On the longer term, Azman said the group has projects with an estimated total GDV of almost RM4 billion to be launched within the next five to seven years.

Symphony Life’s current or soon-to-be launched projects include Star Residences in KLCC, Desiran Bayu in Wangsa Maju, TWY Mont Kiara, The Elevia Residence in Puchong, Tijani Signal Hill in Sabah and Tijani @ Raja Dewa in Kota Baru.

Meanwhile, the group recently re-planned its Wharf Shopping Mall in Taman Tasik Prima in Puchong to incorporate the concept of a neighbourhood mall.

“We are currently in the planning stages and we hope to start the construction of the mall early next year,” said Azman, adding that the mall is expected to be completed by the second quarter of 2017.

In addition, Symphony Life is also looking to redevelop The Langkawi Fair Shopping Mall, by adding two blocks of apartments to cater to affluent locals and foreigners wanting to own a property in Langkawi.

Symphony Life posted a net profit of RM11.01 million for the first quarter ended June 30, 2014, down from RM11.39 million in the corresponding period last year. Revenue, also fell to RM82.73 million from RM98.35 million a year ago.

This article first appeared in The Edge Financial Daily, on September 11, 2014.