SBC
What we found
The first phase of Jesselton Quay Central, part of SBC's Jesselton Quay joint venture with Suria Capital, was delayed in physical works by the MCO phases of the pandemic, was 99.5% complete on 31 December 2021, and received its certificate of occupancy on 19 January 2022.
The evidence
Delivery
PositiveSBC Corp's two Kuala Lumpur projects, DEX Suites Kiara East and Cantonment Exchange on Jalan Ipoh, were completed. Its Jesselton Quay project in Kota Kinabalu was delayed: approvals took much longer than expected after the 2013 JV, and sales could only open once the master title was subdivided in September 2016, more than three years later.
One more finding
By November 2022, every component of SBC's Jesselton Quay Phase 1 except the hotel had been completed, and SBC planned to launch Phase 2 of Jesselton Quay and Phase 2 of Kiara East in 2023.
Corporate continuity
SBC Corp made a net loss of RM3.04 million in FY2017 as revenue more than halved, and returned to a RM2.1 million net profit in FY2018 on RM52 million revenue. The weak record was linked to gaps between starting and completing projects.
One more finding
SBC's subsidiary Kiara East Property completed the sale of a 2.2-acre plot in Kuala Lumpur to MEGX.
