The property market in Malaysia in the financial year 2022 remains challenging with recurring issues such as affordability, slower economic growth, high levels of unsold units as well as the property supply-demand imbalance. However, the Group sees the financial year 2022 onward an opportunity to continue our effort in providing affordable type of real estate products. We strongly believe that the property market will slowly recover with the renewed consumer confidence and gradual improvement in sentiment. The Group will continue its focus on affordable property projects and believe that this segment of the market will be in demand especially in the prime areas of Selangor and Kuala Lumpur. We strongly believe that Malaysian with its young population will continue spur the demand for property despite the prolonged pandemic since year 2020. Our property division has performed satisfactorily by locking in high sales number for our Embayu Project despite the difficult operating environment. Our construction division continue to push forward despite many disruption in work flow caused by the MCO. With the workforce finally back to normal we believe our agriculture division should perform better than last year. For future growth, the Group will continue to seek opportunities by leveraging on its inherent business strengths and will look into opportunities in the low cost property segment of the market. The Group will remain cautious in planning and looking at potential new businesses via strategic alliances or mergers and acquisitions. With the recent acquisition of ESGL to venture into emerging green economy, we believe it will enhance our group’s environment, sustainable and governance policy and will create value to our shareholders in the long run. We continue to build our brand to deliver quality products to solidify strong customer focus and deliver sustainable value to our stakeholders. Dato’ Lua Choon Hann Group Executive Vice Chairman 19 P R G H O L D I N G S B E R H A D A N N U A L R E P O R T 2 0 2 1 (cont’d) The Group will continue to seek opportunities by leveraging on its inherent business strengths and will look into opportunities in the low cost property segment of the market. Management Discussion and Analysis
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