#Hot Stock* Global Oriental shares rise more than 5%

-A +A

KUALA LUMPUR (Sep 2): Global Oriental Bhd (GOB) shares rose 5.8% to RM1.09 today, reversing the recent downtrend after it hit a high of RM1.16 last month.

The stock has climbed 45% year-to-date from 75 sen in January.

The Edge Financial Daily reported today that the developer planned to kick start almost RM 2 billion worth of new projects next year.

Its Executive Director Wee Beng Aun said the company was set to develop 106 acres (43 ha) of land in Batu Kawan, Penang, in the immediate term with an estimated gross development value (GDV) of RM662 million.

Also, GOB is in a joint-venture (JV) with Lembaga Getah Malaysia (LGM) to develop a tract near Jalan Ampang, Kuala Lumpur with a GDV of RM1.2 billion, which will also kick off next year.

According to Wee, GOB has two projects planned for launch by year-end worth RM401 million, consisting of bungalows, shop offices and a retail space hypermarket located in Taman Equine.

He said the company’s unbilled sales currently stood at about RM400 million mostly from Taman Equine and its Da Men mixed developments in USJ, Subang Jaya.

He added that the company was currently on the lookout for more land, through JV’s as well as outright purchases with primary focus within the Klang Valley.