Land & General Bhd (L&G) expects to remain profitable in the current financial year helped by its newly-launched joint venture project called The Elements in Ampang.

The firm has projects with a gross development value of about RM700 mil.

The property developer posted a net profit of RM29.54 mil in the financial year ended March 31 2010, nearly double the RM15.31 mil net profit it posted in the previous corresponding period.

Up to the nine months ended December 31 2010, the company's net profit stood at RM13.4 mil.

"We expect our ongoing commercial project, 8trium in Bandar Sri Damansara to help improve profits for the next three years," executive director Ferdaus Mahmood told Business Times after the company's extraordinary general meeting (EGM) in Bandar Sri Damansara recently.

At the EGM shareholders voted on a plan to buy 10 parcels of land with a 27 hole-golf house in Negri Sembilan for RM25 mil.

"Apart from the golf course we will develop it into residential project," he said, adding that the company will use internally generated funds to acquire the assets.

Speaking on its newly launched project - The Elements, Ferdaus said that the project is a joint venture with Malaysia Land Properties Sdn Bhd.

It features 1,040 units of serviced apartments, as well as lifestyle and retail component.

Source: Business Times