Cambodia Investment Review
CSX-listed condominium developer JS Land Plc. (CSX:JSL) shareholders have unanimously voted in three additional board members and an additional independent board member at a company Extraordinary General Meeting (EGM) held virtually on Thursday 6 October 2022.
The EGM hosted 10 shareholders with total shares balance of 23,148,749 adhering to the quorums 51% of shareholders required for the voting and appointment board members and company resolution to expand the board.
The additional board members unanimously voted in were:
– Yap Maow Jun
– Yap Teng Wui
– Tang Chat Tong
– Dato Tan Teck Zin (independent board member)
The second motion for the passing of the resolution on the adjustment of the memorandum and articles incorporation also passed unanimously.
Welcoming new board members
Speaking to shareholders after the successful vote Dato’ Jack Yap, the CEO of JS land Plc commented that he would like to say thank all the shareholders who attend the EGM and most importantly welcome its new board members.
“I hope that with you on board JS Land bringing your years of experience we can continue to push JS Land to new heights,” he said.
JS Land is Cambodia Securities Exchanges Growth Board’s second-only listing and the 15th company to list either bonds or shares on the exchange since its inception in 2014.
The IPO listed 8,281,000 shares (32.21% of total shares) at KHR 1,900 or $0.467 per share raising $2.12 million and putting the company’s market capitalization at $12 million. The stock is now trading at KHR 3,790 a share.
To read more about JS Lànd initial public offering click here.
Garden Residency 2
The majority of funds raised after the listing was directed towards the developer’s The Garden Residency 2, 31-storey condominium in Phnom Penh’s Sen Sok District – with a one-bedroom and two-bedroom unit at $39,000 with buyers can get a home with a $299 monthly payment with no interest nor down payment.
The project most recently completed the topping of their flagship project in Phnom Penh’s Sen Sok district hosting a celebratory event with both company and industry stakeholders.
In building terms, topping is held when the last beam (or its equivalent) is placed atop a structure during its construction.
The project located in Phnom Penh’s Sen Sok district consists of 31 floors, an automated car park, gym facilities, two swimming pools, and a rooftop sky garden with its very first sky cinema.
According to market experts, demand in the affordable condominium market [under $70,000] should remain strong – while the higher-end market may begin to drop over the next few years due to oversupply concerns.
To read more about Cambodia’s affordable housing sector click here.
JS Land expects to generate revenue and net profit of $23.47 million and $10.09 million respectively in 2023 from the sales of the Garden Residency 2 upon completion and handover of the project.