26 Annual Report 2022 Property Development and Construction This division achieved higher revenue and profit before tax of RM538.5 million and RM64.7 million for the current year as compared to the preceding year of RM509.0 million and RM36.2 million respectively mainly due to the higher profit recognition from ongoing projects and sale of completed development properties and land held for property development; lower interest expenses of RM33.7 million (FY2021: RM42.6 million), coupled with the turnaround of the share of results of associates from a loss of RM2.4 million in the preceding year to a profit of RM1.4 million in the current year. The ongoing property development projects namely Nexus @ Taman Pertama (launched in November 2020), Iris @ Hillpark Shah Alam (launched in September 2021) and TR2 Residence @ Jalan Tun Razak (launched in November 2021) still at the preliminary stage of development. As at 30 September 2022, the Group has locked-in unbilled sales value of RM906.2 million from which attributed sales revenue and profits will be recognised progressively as their development percentage of completion progresses and were mainly contributed from the ongoing development projects namely Hill Park Shah Alam (RM120.5 million), MKH Boulevard II (RM30.4 million), Nexus @ Kajang Station (RM109.1 million), Kajang East Avenue Shop (RM11.4 million), MIRAI Residences @ Kajang 2 Precinct 1 (RM271.1 million), Nexus @ Taman Pertama (RM120.7 million), TR2 Residence @ Jalan Tun Razak (RM184.2 million) and Akina @ Kajang 2 Precinct 3 (RM58.8 million). TR2 Residence @ Jalan Tun Razak which was launched in November 2021 (Block A - 454 units of apartments) with Gross Development Value ("GDV") of approximately RM253.0 million and in June 2022 (Block B - 464 units of apartments) with GDV of approximately RM251.5 million had collectively achieved take up rate of approximately 40%. Akina @ Kajang 2 Precinct 3 Phase 1 which was launched in September 2022 with the GDV of approximately RM194.2 million has achieved take up rate of approximately 30%. Paired with good product design and strategic location with vital lifestyle facilities, our ongoing projects recorded a good average take up rate of 62%. Plaza Metro Kajang shopping complex in Kajang town Management Discussion & Analysis Report
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