GSB Properties

In Bandar Utama · completed 2011

A subsidiary of Kerjaya Prospek Property Berhad

Also known as GSB Properties Sdn Bhd

What we found

The parent, GSB Group Bhd, lost money for six years in a row: its net loss went from RM1.81 million in FY14 to RM2.21 million in FY19, and it expected to return to profit in FY20.

The evidence

Corporate continuity

Negative

Bursa Malaysia's media centre records a change of name from GSB Group Berhad to Kerjaya Prospek Property Berhad, meaning the listed parent of GSB Properties Sdn Bhd no longer trades under the GSB name.

2 more findings

In March 2019, Datuk Tee Eng Ho, Kerjaya Prospek's largest shareholder, was reported to be pursuing a reverse takeover of GSB Group Bhd after an earlier buyout offer failed, proposing to inject a RM1.2 billion mixed-use development on Jalan Kelang Lama in exchange for shares.
In March 2019, GSB Group Bhd, the listed parent, was reported to have narrowed its net loss to RM2.22 million for the six months to 30 September 2018 and carried RM18.2 million of short-term debt against RM4.5 million of cash, while holding land for property development valued at RM74.45 million.

Their buildings

Laman Ara Utama: a low-rise block seen from the street

Laman Ara UtamaBandar Utama · 2011Very low-density (45 units) leasehold condo praised for a peaceful, countryside-like setting and ground-floor private gardens; sold out within months of launch. Sits on the Kampung Kayu Ara fringe, which some buyers view as less polished.7.6Good