KUALA LUMPUR (July 24): AME Elite Consortium Bhd (KL:AME), which mainly builds industrial properties, plans to launch the 176-acre Northern TechValley industrial park in Penang, with a gross development value of RM1 billion, in the second half of 2024.

“This venture beyond Johor will enable us to tap into new markets and meet increasing demand for industrial properties in Penang,” said the group in its latest annual report. It is also actively pursuing opportunities to extend its presence into other high-potential locations across Malaysia.

Additionally, the group’s recent land acquisition in Kulai, Johor, will further strengthen its development pipeline, driven by the surge in data centre investments and high-value manufacturing.

“This trend, combined with the development of the Johor-Singapore Special Economic Zone and upcoming infrastructure enhancements like the Rapid Transit System (RTS) Link, is expected to further drive demand for industrial properties, particularly in AME’s areas of expertise,” it added.

According to the annual report, AME Elite secured RM283.6 million in new sales in the financial year ended March 31, 2024 (FY2024), with total hand-bookings amounting to RM276.1 million as at end-March.

Net profit for FY2024 decreased by 8.32% to RM93.1 million from RM101.6 million a year earlier. This decline was primarily due to fair value gains on investment properties, which fell to RM36.6 million from RM116.26 million, following the sale of industrial properties to AME Real Estate Investment Trust (KL:AMEREIT) in FY2023.

However, its FY2024 revenue grew 24.5% to RM716.9 million, from RM575.9 million, driven by industrial property demand, and increased contributions from its engineering services, property investment and management services segments.

Shares of AME Elite rose one sen or 0.59% at RM1.70 at Wednesday’s noon break, giving it a market capitalisation of RM1.09 billion.