Friday 29 Mar 2024
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KUALA LUMPUR: Kedah-based property developer Bina Darulaman Bhd is keen on bidding for the construction of the proposed Kulim International Airport, reported to cost some RM1.6 billion.

“Of course we [want] to bid for the project. It’s in our backyard,” Bina Darulaman group managing director Datuk Izham Yusoff told reporters after the group’s annual general meeting here yesterday.

But Izham said Bina Darulaman (fundamental: 0.45; valuation: 1.4) has not submitted any bid for the project at the moment as the authorities have yet to finalise the terms of the proposed airport.

“We have the property and construction expertise.  We were part of the team that [built] the airports in Alor Setar and Langkawi.”

Kedah Menteri Besar Datuk Seri Mukhriz Mahathir had mooted the idea of building an international airport in Kulim as a regional hub for the northern states. The proposed airport was, however, strongly opposed by the Penang government for being redundant, as it would be less than 50km from the Penang International Airport in Bayan Lepas.

Going forward, Izham said Bina Darulaman targets to launch three mixed-development projects in Jitra, Sungai Petani and Kuala Ketil this year, collectively estimated to be worth RM350 million in gross development value.

“Our unbilled sales are between RM10 million and RM20 million. Our products are selling fast to cater to rising demand,” he said, adding that the group’s land bank currently stands at 2,000 acres (809ha) with potential for housing and mixed development.

Its construction order book now stands at RM150 million to RM200 million, primarily due to construction of the group’s property projects.

“We have some RM100 million in tenders for road and quarry projects in the state, [this year]” he added.

The Kedah state government via its investment arm Perbadanan Kemajuan Negeri Kedah has a 67.28% stake in Bina Darulaman.


The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations. Go to www.theedgemarkets.com for more details on a company’s financial dashboard.

 

This article first appeared in The Edge Financial Daily, on April 10, 2015.

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