PETALING Garden Bhd expects its property division to continue to be the largest contributor to group earnings, its chairman Tan Sri Ahmad Sarji Abdul Hamid said.

Of the 464 units of residential and shop-office properties in Zone P1 in Bandar Baru Seri Petaling launched in October, sales had reached RM114mil to date, its executive director Ahmad Fuaad Mohd Kenali said.

There were RM85mil worth of properties yet to be sold, he told reporters after the company's AGM in Petaling Jaya yesterday.

The units are priced between RM350,000 and RM1.3mil.

In the middle of 2004, the developer would launch 136 units of superlink terrace houses with a unique concept for the extended family and 28 units of a hybrid of showroom-cum-exhibition for its semi-detached double-storey commercial units at its new project in Glenmarie, Ahmad Sarji said. The 500-acre project would be developed in phases, he said, to sustain the company's profitability.

In the last financial year ended Dec 31, the group reported a pre-tax profit of RM62.7mil compared with RM61.5mil in the previous year.

Source: The Star