HIL Industries Bhd will continue to source and seek opportunities to acquire more development land within Klang Valley for the continued growth of its property business, according to its president and chief executive officer, Datuk Milton Ng.
In 1995, the company entered the property development scene, offering dream homes at reasonable prices in the mature enclaves of Kota Kemuning and Klang.
HIL is regarded as the first developer in Kota Kemuning South, having begun with the Bukit Kemuning Golf & Country Resort development.
On its website, it mentions two ongoing property projects: Amerton Greens @ Bukit Kemuning Golf and Country Resort and 108 Terraces.
Amverton Greens is the most recent niche project in the Amverton series of lifestyle developments. Amverton Park in Shah Alam, Amverton Hills in Sg. Buloh, and Amverton Cove Golf & Island Resort in Carey Island are recent Amverton developments.
HIL recently received shareholder approval to develop several residential projects on 40.9 hectares of land in Selangor with a combined gross development value (GDV) of RM471.1 million.
The projects will be carried out in collaboration with Unik Sejati Sdn Bhd, Pembinaan Kesentosaan Sdn Bhd, and Amverton Carey Golf & Island Resort Sdn Bhd.
They will collaborate to construct 154 stratified double-storey terrace houses in Sungai Buloh, 78 stratified double-storey terrace houses in Klang, and 141 stratified bungalows and 428 townhouses in Amverton Cove.
On April 20, 2021, HIL's wholly-owned subsidiary, Amverton Prop Sdn Bhd, entered into four conditional joint venture agreements (JVAs) with the three firms.
In a statement issued following the company's Extraordinary General Meeting this week, Ng stated that the JVAs are in line with the company's goal of expanding its property business in the Klang Valley.
Ng revealed that the JVAs provide an opportunity for HIL to replenish its property development projects while incurring minimal upfront costs.
He expects the projects to increase revenue and profit contribution from the property development segment.
"Based on the management feasibility studies, HIL is expected to generate an estimated gross development profit of RM96.1 million from the JVs, which would also allow us to participate in the developments without an outright purchase of the land which would otherwise require significant cash outlay," he said.
