Earnings were largely driven by higher billings from existing projects e.g. s The Meg, Arica as well as the Senna and Fera landed homes at Andaman Island continued to pick up, as well as its newly launched project, The Lume & The Peak and Conlay. all the projects are fully or almost fully sold. The Lume, which features large units, is already 41% taken up.

Healthy pipeline of launches. Marina Apartments will be launched in early December. This project has a GDV of MYR634m, and features 524 units with sizes ranging 900-1,300sqf and an ASP of around MYR1,200psf, is the first seafacing service apartment project on Andaman Island.

Meanwhile, Senna and Fera Phases 3 and 4 (GDV: MYR306m) will be rolled out in May next year, and the first phase of Elmina landed homes is scheduled to be launched in 2QFY26.

LRT project Segment 1 of the Penang LRT Mutiara Line project, which connects Komtar to Silicon Island may boost Andaman Island land value

Analyst
Loong Kok Wen CFA, RHB