SELANGOR Properties Bhd will focus on its core businesses of property development, education and investment property this year.

Financial controller Lee Boon Kian said: ''We are especially concentrating on the local property development sector as we want it to contribute more to our revenue than its present 18%.''

Last year, around 18% of the company's revenue came from property development activities, some 25% from investment property, about 20% from its Australian operations, and 10% from education arm, HELP University College.

''The rest was from our portfolio investment,'' Lee said.

''We are hoping that the local property development sector will contribute progressively (to total revenue) over the years,'' he said after the company's AGM in Kuala Lumpur yesterday.

Shareholders at the AGM approved the proposed first and final dividend of 11% less 28% income tax.

On its expected profit this year, Lee said the company was expecting to do ''better'' than last year.

Selangor Properties registered a profit after tax of RM90.1mil for the financial year ended Oct 31, 2004 against net profit of RM89.1mil in the previous year.

Much of last year’s local property development profit was attributed to its housing projects in Selangor - Bukit Permata in Gombak and Selayang Mulia in Selayang. ''We will continue to launch new phases for both these projects,'' Lee said.

He said the group had entered into an agreement with E&O Property Development Bhd to form a strategic alliance to jointly develop three parcels of freehold land in Damansara Heights, Kuala Lumpur, into condominiums, serviced apartments and car parks.

The project is expected to be launched by the second half of this year.

On its Australian operations, Lee said the company was not looking to buy more properties abroad. ''We will consider only when there is a good buy,'' he said.

He added that the local property sector had a lot of growth potential and stressed that landed property was the preferred choice of many.

Source : The Star  27/04/2005