L&G unit secures RM90m loan from OCBC Bank

Publish date: Fri, 16 Dec 2011, 06:46 PM
KUALA LUMPUR (Dec 19): Land & General Bhd's unit Sri Damansara Sdn Bhd (SDSB) has secured a RM90 million loan from OCBC Bank (Malaysia) Bhd.

L&G said on Friday the credit facilities were to enable SDSB to undertake a condominium project, Damansara Foresta, in Bandar Sri Damansara, Selangor and to provide general working capital.

SDSB is a property development company with an authorised and issued and paid-up of RM100 million and RM69 million, respectively.

The first party first legal charge would be created over three parcels of land for Damansara Foresta project;'' debenture by way of fixed and floating charge over all of SDSB's present and future assets relating to the development of Damansara Foresta project.

L&G would also execute a corporate guarantee for RM90 million and it would also provide a letter of undertaking'' to finance the CONSTRUCTION [] cost and any other costs; associated with the development of Damansara Foresta project to complete the project.

Labels: L&G

Discussions
Be the first to like this. Showing 4 of 4 comments

luckyman

OCBC's loan is an endorsement of saleability & viability of its Damansara Foresta condominiums. The project was soft launched last weekend and received overwhelming response. This company is poised to show good numbers in the next 3 years. So it is the start of its new phase of growth. For this company after so many years of quiet moments.

2012-01-13 08:18

valueinvestor

The fantastic sales response and achievement of its first 2 blocks of Damansara Foresta Condominiums confirmed OCBC's accurate judgements. The sales achievement will translate into near future profitability of the company and eventually the upward price movement of its shares. It is a counter for medium and long term investors. :-)

2012-01-19 22:34

luckyman

Another good counter worth watching or investing in 2012. Gong Xi Fatt Chai!

2012-01-20 08:33

valueinvestor

For medium and long term investors who want to double their money in a year or two, the following article is worth reading:-

http://www.starproperty.my/PropertyScene/PropertyScene/18490/0/0

Based its current market capitalization, the company is merely valued at around RM230 mil @ RM 0.38 per share but it stands to reap a total profit of in excess of RM 300 mil in next few years based on the massive GDV of its projects. More importantly, it should start reporting good profits in the next 2 or 3 quarters. So, it may be worthwhile to start investing slightly earlier :-).

http://www.theedgeproperty.com/news-a-views/9266-pent-up-demand-for-condos-augurs-well-for-lag.html

2012-01-25 13:04

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