Operation and Financial Matters Question 1(a)

The primary thrust behind the enhanced operational performance of the Group was the revenue garnered from the KL48 project—a noteworthy accomplishment given the sales from KL48 spanned just two months by May 2023. (Page 23 of AR)

What is the latest take-up rate of KL48 property project as of September 2023?

• As of 25 Oct 2023, the take up rate of KL48 is 77.6%.


Question 1(b)

Of the 750 units of KL48 project that have been booked, what is the number and value of units with signed Sales & Purchase Agreements?

• As of 25 Oct 2023, total number of units booked is 1,319 of which 745 units’ SPA have been signed with total sales value of about RM423 million.


Question 1(c)

Has the Group launched the 2nd Tower of KL48 project? If yes, what is the latest take up rate of Tower 2?

• Yes, we have launched the Tower 2 and the latest take up rate as at 25 Oct 2023 is 77.9%.

• The take up rate for Tower 1 as at 25 Oct 2023 is 77.4%.


Question 2(a)

The recently completed Liberty Arc @ Ampang Ukay project adds 38 retail units to the Group’s portfolio of investment properties. (Page 25 of AR)

What were the occupancy rates of the 38 retail units of Liberty Arc @ Ampang Ukay for FYs 2023 and 2022 respectively?

• The occupancy rates for FYs 2023 and 2022 were 81.6% and 73.7% respectively.


Question 2(b)

What were the rental income of the 38 retail units of Liberty Arc @ Ampang Ukay for FY 2023 and FY 2022 respectively?

• The gross rental income of the 38 retail units of Liberty Arc @ Ampang Ukay for FY 2023 and FY 2022 were RM1.21 million and RM642k respectively.


Question 3(a)

The South City Plaza shopping mall with tenants classified as Other Tenants (Office, Storage, Services, Education, etc.) recorded a drop in tenancy from 53.6% in FY 2022 to 39.8% in FY 2023. (Page 39 of AR)

What were the reasons for the drop of Other Tenants in FY 2023?

• The main reason for the drop in Other Tenants in FY 2023 was mainly due to termination of tenancy agreement with a private college.


Question 3(b)

What was the reduction in the rental income due to the drop in Other Tenants in FY 2023?

• The gross rental income reduced by about RM870,000 compared to FY2022.


Question 3(c)

Was the drop in rental income from Other Tenants compensated by the higher occupancy from Wholesaler Tenants ((Handphone Accessories Wholesaler) that registered occupancy rates from 8.3% in FY 2022 to 20.6% in FY2023? If yes, what was the additional rental income generated from the increase in the occupancy rate from Wholesaler Tenants?

• The drop in gross rental income from Other Tenants was compensated by the higher occupancy from Wholesaler Tenants, an increase of about RM1.4 million in FY2023 from wholesaler Tenants.


Question 3(d)

What is the gross and net rental income from the South City Plaza shopping mall for FYs 2022 and 2023 respectively?


Question 4(a)

The Group has written back allowance for expected credit loss no longer required of an amount of RM14.72 million in FY 2023 as compared to RMNil in FY 2022. (Page 87 of AR)

What were the reasons for the allowance for expected credit loss no longer being required in FY 2023.

• The reason for the allowance for expected credit loss no longer being required in FY2023 was due to a settlement agreement with a third party to recover the debt.


Question 4(b)

Please provide the breakdown of the allowance for expected credit loss that was no longer required into trade and non-trade receivables respectively.

• All the allowance for expected credit loss that was no longer required were trade in nature.


Corporate Governance Matters Question 1

During the financial year ended 31 May 2023 (“FY2023”), Dato’ Syed Ariff Fadzillah Bin Syed Awalluddin, the Chairman / Independent Non-Executive Director of the Company, who retire by rotation pursuant to Clause 110 of the Company’s Constitution, had expressed his intention not to seek re-election.

Dato’ Syed Ariff Fadzillah Bin Syed Awalluddin who had served the Board as Independent Non-Executive Director for more than twelve (12) years was then retired from office at the conclusion of the Forty-Ninth Annual General Meeting (“AGM”). There was no appointment of Chairman since then. (Page 51of AR).

Is the Board going to appoint an Independent Non-Executive Chairman? If no, why not? If yes, when is the appointment expected to take place?

• Yes. The Board is the midst of getting suitable Non-Executive Chairman who could meet the objective criteria, merit and with due regard for skills and experience to join the board.