SEGMENT RESULTS AND ANALYSIS Property Development and Construction Despite the higher revenue of RM587.6 million (FY2022: RM538.5 million), this division recorded a lower PBT of RM56.6 million (FY2022: RM64.7 million) mainly due to absent of sale of land held for property development and absent of fair value gains from transfer of inventories to investment properties (FY2022: fair value gain of RM3.0 million). As at 30 September 2023, the Group has lockedin unbilled sales value of RM841.2 million from which attributed sales revenue and profits will be recognized progressively as their development percentage of completion progresses and were mainly contributed from the ongoing development projects namely Hill Park Shah Alam (RM50.3 million), Nexus @ Kajang Station (RM17.3 million), MIRAI Residences @ Kajang 2 Precinct 1 (RM182.7 million), Nexus @ Taman Pertama (RM84.7 million), TR2 Residence @ Jalan Tun Razak (RM363.1 million), Akina @ Kajang 2 Precinct 3, Phase 1 (RM80.6 million), Kajang East Avenue 2 shops (RM42.7 million) and Akina @ Kajang 2 Precinct 3 Phase 2 (RM19.8 million). The Group is well positioned to unlock the value of its current development landbank for the transit-oriented development projects strategically located in Kuala Lumpur, Kajang and Cheras. MIRAI Residences @ Kajang 2 Precinct 1 Phase 1 and 2, launched in September 2020 and February 2021 with a GDV of approximately RM471.4 million has achieved a take-up rate of approximately 80%. Nexus @ Taman Pertama MIRAI Residences @ Kajang 2 Precinct 1 Phase 1 and 2, launched in September 2020 and February 2021 with a GDV of approximately RM471.4 million has achieved a take-up rate of approximately 80%. with a GDV of approximately RM258.4 million launched in November 2020, achieved a take-up rate of approximately 45%. Iris @ Hillpark Shah Alam with GDV of approximately RM127.1 million launched in September 2021 has achieved a 100% take-up rate. TR2 Residence @ Jalan Tun Razak with GDV of approximately RM507.3 million launched in November 2021 (Phase 1) (Block A - 454 units of apartments) and June 2022 (Phase 2) (Block B - 464 units of apartments) has achieved a take-up rate of approximately 85%. Akina @ Kajang 2 Precint 3 Phase 1 with GDV of approximately RM198.5 million launched in September 2022 achieved a take-up rate of approximately 70%. Kajang East Avenue 2 with GDV of approximately RM46.3 million launched in March 2023 achieved a take-up rate of approximately 92%. Akina @ Kajang 2 Precinct 3 Phase 2 with GDV of RM129.1 million launched in July 2023 achieved a take-up rate of approximately 15%. Paired with good product design and strategic location with lifestyle facilities, our ongoing projects recorded a good average take-up rate of 76%. MANAGEMENT DISCUSSION AND ANALYSIS REPORT Artist’s impression of basketball court, part of facilities at MIRAI Residences @ Kajang 2 Precinct 1 Artist’s impression of NEXUS @ Kajang Station with swimming pool view MKH BERHAD | ANNUAL REPORT 2023 29
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