SITTING on land worth over RM600mil, Mitrajaya Holdings Bhd
’s market capitalisation appears small at slightly over RM300mil. But that is the problem that almost all companies with property held for development face – the market does not attach a premium for property that has yet to be developed.
In the case of Mitrajaya, it also has RM1.2bil worth of construction contracts to date and the company plans to more than double the order book this year. As for its property division, Mitrajaya plans to launch projects amounting to RM2bil in gross development value (GDV) to realise its value.
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