HAVING achieved a turnaround in its FY2021, property developer Country Heights Holdings Bhd (CHHB) has rolled out concrete plans to sustain its diversified business portfolio in health and wellness, lifestyle, event and convention, resort and hospitality by commencing its transformation into a digital landlord.
CHHB posted a net profit of RM2.65 mil (FY2020: net loss of RM33.88 mil; FY2019: net loss of RM34.6 mil) on the back of a revenue of RM99.98 mil (FY2020: RM36.58 mil) mainly due to contribution from its 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.” CHHB’s managing director Datuk Jared Lim pointed out.
“Going forward, we plan to launch our CHHB sales programme having identified RM300 mil 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 collaboration with JD.com, one of China’s largest e-commerce technology players.”
CHHB’s RM300 mil property sales programme 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 rebranded Cloud Life at Mines Wellness City; Sawtelle Suites, a luxury duplex condominium in Cyberjaya; and low-cost apartments in Selangor.
Outside the Klang Valley, the sales programme encompasses 57 units of double-storey Belleza Garden Homes (Phase 3) in Kolej Heights Utara (Kedah); and bungalows and land at College Heights Estate in Pajam (Negeri Sembilan).
In the hospitality division, CHHB’s five-star award-winning Palace of the Golden Horses hotel is planning to re-open on 3Q 2022 with an estimated RM3 mil worth of bookings already in hand.
In the healthcare and wellness division, the Golden Horses Health Sanctuary (GHHS) wellness brand recorded a profit of RM4.12 mil on a revenue of RM26.76 mil. 2022 will see GHHS’ expansion into a new wellness building with a traditional Chinese medicine (TCM) hospital targeted to launch in mid-2022 and a confinement centre by 4Q 2022.
The anchor of CHHB’s transformation programme 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 the MINES International Exhibition & Convention Centre (MIECC) spanning 100,000 sq ft which will provide the branding for the launch of the JDMines online e-commerce platform.
CHHB is planning for five such mega-stores across Malaysia within five 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,” added Lim.
At the close of today’s mid-day trading, CHHB was unchanged at RM2.50 with 4.59 million shares traded, thus valuing the company at RM729 mil. – Feb 28, 2022
