KUALA LUMPUR: PRG Holdings Bhd’s (PHB) first affordable property development project, Embayu @ Damansara West, had achieved an 80 per cent take-up rate for Tower A and B.

With the encouraging sales, PRG is looking forward to launching the last tower in the next two months.

Managing director for property and construction Datuk Alex Wee Cheng Kwan said despite the ongoing pandemic, the company noted that customers are looking forward to being a part of the maturing community in Damansara West, which is definitely the next exciting growth area following the Kota Damansara and Ara Damansara townships.

“Taking into account the healthy interest in our project, we expect to hit a 100 per cent take-up rate for Embayu @ Damansara West before our targeted completion date in December 2022.

“Moving forward, building affordable housing with quality finishing will continue to be the focus for PHB going forward.

“We shall announce our upcoming project soon, and it shall be done either through land acquisition or joint-venture,” he said in a statement today.

Embayu is a nature-inspired residence with various facilities that nurture families’ well-being and potential for investment returns.

The resort-themed condominium sits on a 6.5 acre-land, offering 650 residential units starting at RM450,000 from 1000 sq ft onwards.

Its gross development value is RM267 million.

In terms of accessibility and facilities, the area is connected to major highways such as DASH, GCE Guthrie Highway, NKVE and Federal Highway.

Besides being near to Kota Damansara and Ara Damansara, Embayu is also close to Shah Alam, DASH’s Subang 2 interchange, Sultan Abdul Aziz Shah Airport at Subang, and it is surrounded by mature amenities such as Help University, Giant Hypermarket, Star Avenue Mall, Segi University Colleges and Thomson Medical Centre.

On recent earnings, PHB recorded a turnaround performance for the second quarter of 2021 with a revenue of RM38.1 million and profit before tax of RM15.9 million, respectively.

The revenue and profit before tax are up by RM16.9 million and RM18.4 million, respectively, compared to the same quarter last year, due to revenue generated by the sale of the company’s security brokerage business.

Further, the company also saw an increase in revenue from manufacturing subsidiaries and the property development project Embayu @ Damansara West.

PHB also benefitted from the one-off recognition of reversal of lease liabilities arising from early termination and decreased operational expenses by its retail business.

Source from New Straits Times/NST Business, 13 Sep 2021