CSX-listed condominium developer JSLand (CSX:JLS) has announced an after tax profit of $24,816 down 39% from $49,844 in 2020 as real-estate sales increased 76% to $1.34 million from $758,477 over the same period.
JSLand Executive Chairman Okhna Koy Le San said in the annual report released to the market this week the company has meet objectives with determination and persistence from shareholders and partners.
“Our company is definitely on the right track with the right products, and it’s with this very same reason that drives us to take the next big leap going forward by deciding to go public as we know we have the experience and market knowledge and are now ready to expand our company to the next level,” he said.
“When the pandemic was getting more serious and the whole world was working from home, we were making the best use of this slow down period to overcome the biggest challenge to date which was getting JS Land PLC to be publicly listed,” he added.
Affordable homes for Cambodia
JSL Chief Executive Officer Dato Jack Yap said since starting in 2014 JLS has always positioned and focused itself on building affordable homes that meet the needs of Cambodians.
To read more about Cambodia affordable housing sector click here.
“The Garden Residency is at the heart of this strategic location, growing along with the advancing development of the district. With the correct affordable payment plans & price, The Garden Residency was successfully sold out and handed over in 2019,” he said.
“Despite the challenges of the global pandemic that affected the world’s economy in these 2 years, we still managed to achieve a good number of sales to date as a result of our location & affordable prices. Currently, we have sold more than 70% of The Garden Residency 2,” he added.
JSL share price rises 160%
JSL is the Cambodia Securities Exchanges Growth Board’s second only listing after DBD Engineering last year and the 15th company to list either bonds or shares on the exchange since its inception in 2011.
The IPO listed 8,281,000 shares (32.21% of total shares) at KHR 1,900 a share raising $2.12 million and putting the company’s market capitalization at $12 million. The share price is currently trading 160% up from IPO at KHR 4,950 a share today.
To read more about JSL initial public offering click here.
Cambodia adopted a national housing policy in 2014 to promote the development of more affordable housing projects. The definition of affordable housing is currently valued at approximately $30,000.
It is predicted Cambodia will need an additional 50,000 homes a year until 2030, to properly accommodate a city population that is expected to be between 4 and 7 million, a large increase from around 2 to 3 million today.