The boutique property developer’s managing director Teh Lip Kim said both projects, slated to be launched within the remaining months of this year, are located on the outskirts of Kuala Lumpur.

“After careful planning, we believe that our two upcoming developments will be well-received by the market,” she said in a statement.

Teh said SDB was currently waiting for final project approvals from the authorities.

SDB recorded a profit of RM12.13 million before tax on the back of a lower turnover of RM98.48 million for the financial year ended March 31.

It posted a net profit of RM6.76 million, a turnaround from the RM11.55 million net loss in the financial year 2021 (FY2021).

The group’s associate company, Fortress Minerals Ltd, recorded a net profit of RM18.58 million while its hospitality division registered a RM5.39 million revenue for the year.

Despite the challenges in the property sector, SDB said its fundamentals remain strong after its net asset backing per share increased to RM1.98 per share, up from RM1.96 in FY2021.