Latest news with #Kimlun
New Straits Times
11-08-2025
- Business
- New Straits Times
Kimlun to raise RM40.64mil from private placement
KUALA LUMPUR: Kimlun Corp Bhd has proposed a private placement to raise up to RM40.64 million to raise funds for working capital. This includes property development expenditure, staff costs, as well as marketing and general operating expenses. Kimlun, in its filing with Bursa Malaysia, said the proposal involves issuing up to 35.34 million new shares, about 10 per cent of the company's total issued shares. The bulk of the proceeds of about RM30 million has been earmarked for property development expenditure in Johor. This includes funding for the Pinegate Residency Phase 1 project, which has a gross development value (GDV) of RM320 million. The company also plans to use the funds for its Arden Residence and Pinegate Residency Phase 2 projects, with estimated GDVs of RM800 million and RM330 million respectively. "The allocation of funding for the property development projects will be determined over the progress of the projects. Any shortfall required to fund these projects will be financed through the company's internally-generated funds and/or borrowings," it said. Another RM7 million will be allocated for staff costs, and RM3 million for marketing and general operating expenses. "This includes diesel, utilities and other office expenses," it said. Kimlun remains cautiously optimistic on its outlook, which is supported by improved operating margins, active project execution and property launches in Johor as well as a strategic focus on the core construction sectors in Malaysia and Singapore. For the three months ended March 31, 2025, the company recorded a revenue of RM460.0 million, being its highest quarterly revenue to-date, which signals positive momentum for the year ending December 31, 2025.
The Star
03-07-2025
- Business
- The Star
Kimlun poised to surge with RM3bil order book
PETALING JAYA: Kimlun Corp Bhd has posted its strongest quarterly results since listing as its first-quarter earnings surpasses core earnings for financial year 2024 (FY24), according to Hong Leong Investment Bank (HLIB) Research. With an outstanding order book of RM3.2bil, it appears poised for further growth this year. The company's management is targeting RM1.5bil to RM2bil in new construction contracts, according to the research house. Kimlun is also backed by a RM3bil to RM4bil tender book, which consists of Johor's commercial and residential projects and other types of infrastructure jobs. 'The property segment will also capitalise on the hot Johor market, where it aims to launch RM1.4bil worth of projects in FY25. Precast revenue is set to rise post-Johor plant expansion, with full utilisation and potential upside from Singapore's infrastructure cycle,' HLIB Research said. The research house said it might be a matter of time before the company delivers numbers to commensurate with its golden period, which was from FY15 to FY18, whereby core net profits ranged between RM61.1mil and RM81.9mil despite a lower order book of RM2bil and minimal property segment contribution. Meanwhile, the company is anticipating further tender wins in Sabah and Sarawak, which are expected to be known in the second half of the year. 'We think the Sabah and Sarawak tenders will likely consist of major road projects with phase two to their current Sarawak-Sabah Link Road project making up some RM1bil. 'In Johor, building work opportunities remain healthy as developers rush to capitalise on a booming market. 'We continue to expect vibrant pipeline in Johor anchored by the prime rapid transit system or RTS area as developers launch ahead of the upcoming RTS link project,' it said. Its recent first-quarter results had beaten both HLIB Research's and consensus expectations at 46% and 62% of full-year forecasts. Positive deviation came from stronger- than-expected pick-up at its property segment, while numbers from construction and pre-cast were also above the research house's assumed run rate. HLIB Research maintained its 'buy' call on Kimlun with a target price of RM1.42, based on a nine times FY25 forward price-to-earnings ratio.
The Star
20-05-2025
- Business
- The Star
Astaka-Kimlun JV begins construction of RM800mil Arden skyscraper in Johor Baru
From left: Astaka Kimlun Sdn Bhd director Abdul Hakim Kamaludin, Astaka Holdings Limited CEO and Director Allen Khong, Johor Bahru City Council mayor Datuk Mohd Haffiz Ahmad, Kimlun Corp Bhd CEO and executive director Pang Khang Hau and Kimlun executive director Sim Tian Liang. KUALA LUMPUR: Johor-based property developer Astaka Holdings Limited, together with its joint venture (JV) partner Kimlun Corp Bhd , has commenced construction of Arden — a premium serviced residence under Phase 3 of One Bukit Senyum, the group's flagship development. In a statement, Astaka said the 68-storey Arden is envisioned as a prominent international landmark within the newly announced Johor-Singapore Special Economic Zone (JS-SEZ). Standing 260 metres above ground, it will be the second tallest building in Johor Bahru. Notably, Astaka also developed Johor Bahru's tallest building — The Astaka — completed in 2018 as part of Phase 1 of the One Bukit Senyum development. Arden is a freehold development with a gross development value (GDV) of RM800mil, comprising 618 units of premium serviced residences. Unit sizes range from 797 to 1,700 square feet, with prices estimated between RM1,300 and RM1,500 per square foot. Targeted for completion by 2030, the project reflects the group's vision of delivering an iconic and prestigious development that will reshape Johor Bahru's skyline. Astaka and its JV partner have appointed GDP Architects Sdn Bhd — the firm behind landmark projects such as Pavilion Kuala Lumpur, TRX Residence, EQ Hotel Kuala Lumpur, and The Astaka — as the project's architect. Astaka executive director and chief executive officer Allen Khong said that following the successful official launch of Arden in March 2025, the company was thrilled to commence construction of the landmark development. 'We are pleased to share this milestone with Kimlun, our longstanding partner on projects including Menara MBJB and Aliva Mount Austin. I am proud to highlight that this project brings together two renowned, Johor-based real estate players dedicated to world-class developments that deliver exceptional value to residents and investors,' he said. Meanwhile, Kimlun chief executive officer Pang Khang Hau said: 'Kimlun is proud to partner with Astaka once again as a JV partner and the main contractor on another transformative project that will redefine Johor Bahru's skyline. 'Our proven track record in delivering high-quality engineering and construction solutions aligns perfectly with the vision for Arden and One Bukit Senyum. Together, we look forward to delivering an iconic project that will be the city's newest landmark.'
