Ibraco’s NorthBank mixed-development project.
KUALA LUMPUR (April 25): Property development, real estate and construction player Ibraco Bhd is confident of achieving robust property sales in the financial year 2024 (FY2024), supported by its intense branding effort to elevate the value of properties as well as the strategic locations of its projects.
Chairman Ng Cheng Chuan said the group would continue to bank on the success of The NorthBank mixed-development project, with new launches of commercial developments, service apartments and landed residences as well as a private specialist hospital within The NorthBank development.
“This would further enhance the value of the project and boost its appeal to potential customers and investors alike,” he said in Ibraco’s annual report 2023 filed with Bursa Malaysia today.
Ng said the group would expand its foothold in the Klang Valley with the launch of its second high-rise project, the NewUrban Residence in Petaling Jaya, which comprises 922 units with a gross development value of RM529 million.
“With unbilled sales totalling about RM244.77 million as at Dec 31, 2023, our property development segment is expected to sustain its buoyant performance and drive the overall group growth in FY2024,” he added.
As for its construction segment, he said Ibraco would continue to actively seek new construction and infrastructure projects from both the public and private sectors to further expand its order book, in line with the group’s objective to strengthen sources of income, while reducing its reliance on the property development segment.
“As at Dec 31, 2023, our construction order book stood at a record high of RM1.16 billion, providing clear and sustainable earnings up to the end of FY2026.
“We are positive about the opportunities in the construction sector, underpinned by Malaysia’s gross domestic product growth in 2024 as well as the development initiatives highlighted under the Budget 2024,” he said.
Ng said Ibraco was confident that its track record as a key player in Sarawak’s construction industry would put the group in good stead to secure upcoming projects in the state.
“In other segments, we expect to commence steel pipe manufacturing in FY2024, with a trial run starting in the third quarter.
“This plant will meet internal needs and external demands from our customers and business partners, and help improve our earnings growth,” he added. – Bernama
