Country Heights big turn around, plans RM300m sales program
Country Heights Holdings Bhd, one of the leading property developers with a diversified business portfolio in health and wellness, lifestyle, event and convention, resort and hospitality, announced a turnaround for FYE 31 December 2021 with concrete plans to sustain the trend even as it begins its transformation plans into a Digital Landlord.
CHHB has recorded total revenue of RM99.98 million and a net profit of RM3.1 million in 2021 compared to losses of RM35.85 million and Rm39,34 million for the previous years in FYE 2020 and FYE 2019, mainly due to the contribution from the Healthcare and Property divisions.
“While we managed to record a modest profit this financial year, this is significant as it signals the beginning of our turnaround from the pandemic.”
Managing Director, Datuk Jared Lim said, “Going forward, we plan to launch our CHHB Sales Program having identified RM300m of our completed properties to contribute to our profitability. This will complement our transformation into a Digital Landlord as we leverage our assets to enter the e-commerce space via the collaboration with JD.com, one of the largest e-commerce technology players in China.
Country Heights property sales
The RM300m property sales program comprises various plots of land and ready bungalow units in numerous locations including the prime property of The Mines Bungalow Residents; Country Heights Kajang; 40 business and commercial units of newly rebrand Cloud Life at Mines Wellness City; Sawtelle Suites, a luxury duplex condominium in Cyberjaya; and low-cost apartments in Selangor.
The sales program also includes the properties outside of the Klang Valley properties namely the 57 units of double-storey residential of Belleza Garden Homes (phase 3) in Kolej Heights Utara, Kedah; and in the Negeri Sembilan, bungalows and land at College Heights Estate located in the district of Pajam.
In the hospitality division, the 5-star award-winning hotel, Palace of the Golden Horses is planning to open on the Q3 2022 third quarter as the market opens up with an estimated of RM3 million worth of bookings in hand already.
In the healthcare and wellness division, Its GHHS wellness brand recorded a profit of RM4.12 million on a turnover of RM26.76 million. 2022 will see the expansion into a new wellness building with a TCM hospital targeted to launch in mid-year and a confinement centre by the fourth quarter of 2022.
The anchor of CHHB’s transformation program into a Digital Landlord is the licensing and collaboration with JD.com to launch an Omnichannel model to be called JDMines.
The first physical store will be on the ground floor of MIECC spanning 100,000 sf which will provide the branding for the launch of the JDMines online e-commerce platform.
CHHB is planning for five mega-stores across Malaysia within 5 years. JDMines is targeted to be launched in 4Q 2022.
This initiative will also provide the foundation for CHHB to explore opportunities in the logistics space as well as data centres and crypto mining.