MKH Berhad 25 Management Discussion and Analysis Report SEGMENT RESULTS AND ANALYSIS Property Development and Construction This division achieved lower revenue and PBT of RM509.0 million (FY2020: RM561.8 million) and RM36.2 million (FY2020: RM73.8 million) respectively following the completion of Kajang 2 Precinct 2 Phase 3 and Phase 4, Kajang East Precinct 1 (Phase 2 and Phase 4) and TR Residence in the current year as well as temporary disruption in the construction work due to the Movement Control Order (“MCO”). As at 30 September 2021, the Group has lockedin unbilled sales value of RM947.2 million (FY2020: RM1.02 billion) which was mainly contributed from the ongoing development projects namely Hillpark Shah Alam (RM101.0 million), Inspirasi @ Mont Kiara (RM90.9 million), Kajang East Precinct 1 (RM16.3 million), MKH Boulevard 2 (RM89.2 million), Nexus @ Kajang Station (RM249.0 million), Bandar Teknologi Kajang Shops (RM1.7 million), Hillpark 3 Phase 1B Shop (RM1.5 million), Kajang East Avenue Shops (RM16.7 million), MIRAI Residences @ Kajang 2 Precinct 1 (RM267.9 million) and Nexus @ Taman Pertama (RM113.0 million). These attributed sales revenue and profts will be recognised progressively as development percentage of completion progresses. Both newly launched projects MIRAI Residences @ Kajang 2 Precinct 1 and Nexus @ Taman Pertama are still at the preliminary stage of development. However, the Movement Control Order (“MCO 3.0”) started from 1 June 2021 and ended on 16 July 2021 disrupted the physical construction works of the ongoing property development projects which comprise MKH Boulevard 2, Nexus @ Kajang Station and the above mentioned newly launched projects. The Group is well positioned to unlock the value of its current development landbank for the transit-oriented development projects which are strategically located in Kuala Lumpur, Kajang and Cheras. MIRAI Residences @ Kajang 2 Precinct 1 Phase 1 which was launched in 30 September 2020 with Hotel and Property Investment For FY2021, this division recorded a lower revenue of RM23.9 million (FY2020: RM25.0 million) and a turnaround with a proft before tax of RM1.0 million (FY2020: loss before tax of RM8.0 million) due to inclusion of lower loss on changes in fair value of investment properties totalling RM5.0 million in FY2021 (FY2020: RM12.2 million). The property investment segment has granted approximately RM2.0 million rental rebates as compared to the preceding year (FY2020: approximately RM3.1 million rent free and rental rebates) during MCO to assist the tenants. the GDV of approximately RM236.8 million has achieved take up rate of approximately 88% while MIRAI Residences @ Kajang 2 Precinct 1 Phase 2 which was launched in February 2021 with the GDV of approximately RM245.1 million has achieved take up rate of approximately 31%. Nexus @ Taman Pertama with GDV of approximately RM261.2 million launched in November 2020 has achieved take up rate of approximately 43%. Iris @ Hillpark Shah Alam with roughly RM125.7 million GDV which was launched in September 2021 has achieved 37% of take up rate. Paired with good product design and strategic location with vital lifestyle facilities, our ongoing projects recorded a good average take up rate of 82%. RHR Hotel @ Kajang is strategically located in the heart of Kajang city
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