annual report 2014 - Perbadanan PR1MA Malaysia

Transcription

WHEN
DREAMS...
ANNUAL REPORT 2014
...BECOME
REALITY
PR1MA’s unprecedented housing programme to build quality
homes in urban areas and make them affordable for the
middle-income group is set to usher the beginning of a better
tomorrow for the vast majority of Malaysians. The middleincome group makes up 60% of Malaysian households.
Empowered to plan, develop, construct and maintain
townships in major cities throughout the country, PR1MA
aims to deliver more than just brick and mortar. PR1MA
homes would be the foundation for strong, integrated and
harmonious communities that would grow into townships
that meet social, environmental and economic sustainability
objectives.
TABLE OF CONTENTS
02
23
36
04
25
38
08
28
39
12
30
40
22
32
41
About
PR1MA
Our
People
Chairman’s
Message
Corporate Social
Responsibility
CEO’s
Report
About this Report
PR1MA Homes
Nationwide
Community
Members of
Corporation
Milestones
Organisation
Structure
Progress
Updates
Our
Brand
Our
Market
Development
Process Flow
Corporate
Highlights
43
Financial
Statements
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PR1MA @ Sandakan, Sabah
ABOUT
PR1MA HOMES
PR1MA homes are designed to suit different household needs, offering homes of various types and sizes within an integrated
community. Affordably priced between RM100,000 to RM400,000, PR1MA aims to deliver the promise of home-ownership
for Malaysia’s middle-income group. Earmarked for development in key strategic urban areas nationwide, PR1MA is open
to all Malaysians over 21 years old with a monthly household income between RM2,500 to RM10,000, and do not own more
than one property. Household income is defined as the combined income of spouses. Children above 21 years old are
encouraged to apply on their own.
PR1MA @ Bandar Layangkasa, Johor
WHO WE ARE
Established on 1 January 2013, Perbadanan PR1MA Malaysia (PR1MA) is a corporation governed by the PR1MA Act 2012. Mandated to build
500,000 affordable homes for middle-income households in key urban centres, PR1MA is the sole authority empowered to plan, develop,
construct and maintain these homes or townships under its programme. The corporation also regulates and enforces standards for these
developments.
2
Perbadanan PR1MA Malaysia Annual Report 2014
PR1MA plays
a primary and
catalytic role in
the planning
and growth
of affordable
housing for the
middle-income
group in
Malaysia. Our
key roles and
responsibilities
include:
•
Developing quality housing and
integrated communities for the middleincome group
•
Undertaking demand analysis to
identify present needs to monitor
and manage the quality, supply and
demand for PR1MA homes
•
Supervising, planning and executing
the design, construction, maintenance
and operations of PR1MA homes and
communities
•
Setting selling prices, allocating
PR1MA homes to eligible buyers and
offering buyer financing assistance
programmes in consultation with the
Government
•
Protecting the brand of PR1MA homes
by setting standards for developments
and undertaking and/or enforcing the
implementation of such standards and
developments
•
Driving public-private partnerships to
accelerate the delivery of the mandate
3
CHAIRMAN’S
MESSAGE
Tan Sri Dr. Ali bin Hamsa
CHAIRMAN OF THE MEMBERS OF CORPORATION OF PR1MA
AND CHIEF SECRETARY TO THE GOVERNMENT OF MALAYSIA
On behalf of the Members of Corporation
(MOC) of Perbadanan PR1MA Malaysia
(PR1MA), I am pleased to present PR1MA’s
annual report for the period from January
2014 to December 2014. This report
provides PR1MA’s financial statements
from January to December 2014, as
well as the organisation’s development
updates up to August 2015.
4
BUILDING
500,000
HOMES FOR MIDDLEINCOME MALAYSIANS
CHAIRMAN’S
MESSAGE
PR1MA @ Bukit Jalil
The period under review has seen PR1MA continuing on
the right path and pace in its journey to fulfil its mandate of
building 500,000 homes for Malaysia’s middle-income earners.
Collectively known as the Middle 60%, or M60, this segment is
often overlooked as their financial status makes them ineligible
to qualify for many of the Government’s aid programmes, which
are targeted at the lower-income group.
While the M60 is not seen as vulnerable, the Government
however understands that daily demands from the cost of living
place a considerable amount of pressure on this group. Coupled
with the current market price of properties in the urban areas
where the M60 mainly reside in, owning their own home has
become increasingly difficult and for some, may be but a dream.
The establishment of PR1MA in 2013 was premised on making
this dream a reality. Two years on, I am proud to report that
PR1MA has achieved steady progress and is on course to deliver
on its mandate of building 500,000 homes for the middle-income
earners in Malaysia.
The past year has seen many PR1MA projects commence
groundwork as well as construction, in addition to the launch of
new projects nationwide.
As testament to the strong momentum we have gained, our
first PR1MA homes will be handed over to their lucky owners by
the end of 2015. A further 48,257 units of homes are already
under construction while 128,639 units are under planning, with
many more to come as the Members of Corporation (MOC) of
Perbadanan PR1MA Malaysia has, by August 2015, approved the
construction of 177,779 units.
Although I have only helmed the MOC for a few months, I
have served PR1MA from 2013 and have thus witnessed for
myself the progress it has charted. I truly believe that PR1MA is
capable of delivering on its mandate for Malaysia, as part of the
Government’s efforts to make home-ownership more attainable
to middle-income Malaysians and ensuring that they have
financial access towards owning a home.
Breaking New Ground
With the first few years of PR1MA’s inception spent on setting
up the building blocks for the implementation of the affordable
homes programme, the period under review was composed of
many groundbreaking efforts.
5
CHAIRMAN’S
MESSAGE
Signing Ceremony for PR1MA @ Kinarut, Sabah
Financial assistance schemes consist of a collaboration with major
financial institutions in Malaysia to provide secure financing of up
to 110% of a PR1MA home’s selling price, and a rent-to-own (RTO)
scheme which is a home-ownership deferment programme.
We developed a
public-private
partnership at
PR1MA to encourage more
private sector participation
BY THE END OF 2015,
WE TARGET TO APPROVE
240,000
UNITS OF PR1MA HOMES
6
Building Communities
Among the most heartening aspects of the PR1MA initiative is
our goal of going beyond the construction of houses to achieve
community-building. Not only does PR1MA give residents a
place to call home, it also aims to provide wealth creation and
socio-economic development. This is as PR1MA home-owners
buy the homes on average of 20% below the market rate. After
a 10-year moratorium, PR1MA home-owners can sell their homes
at market price.
In addition to providing comfort and security, PR1MA homes will be
a place to achieve social cohesion and harmony, while residents’
daily needs will also be considered with the establishment of
childcare centres, Klinik 1Malaysia and Kedai Rakyat 1Malaysia
at selected PR1MA developments. These developments will also
see the set-up of PERMATA Early Childhood Education and Care
Centres.
It is hoped that the addition of these components to PR1MA homes
will further support M60 households in overcoming financial
burdens. Furthermore, facilities such as surau, children’s play
areas, multi-purpose halls, residents’ association centres and
gymnasiums provide the opportunity for holistic living, promoting
well-being and kinship among residents.
CHAIRMAN’S
MESSAGE
Practising Good Governance
While the housing needs of the M60 remain PR1MA’s priority,
we have also worked to put in place appropriate governance
measures to ensure the sustainability of this affordable homes
programme. We remain mindful of ensuring Government funds
are put to good use, especially as PR1MA strives to become a
self-sustaining organisation.
The appointment of our vendors, contractors and developers
therefore undergoes careful due diligence processes and
procedures, with those chosen selected based on their merits.
We also only work with parties accredited by our professional
internal team. The selection of projects is also subject to
proper due diligence. Furthermore, to ensure transparency
and accountability in handling our balloting process, we have
appointed an audit firm which audits the entire balloting process.
Partnering with the Private Sector
Although PR1MA is a Government initiative, we acknowledge that
the private sector plays a pivotal role in helping us to achieve
our goal of providing affordable homes. Under the 11th Malaysia
Plan, the Government will continue to play a strategic role in
creating an enabling environment to promote private sector
participation in this regard.
Private developers possess the land bank capacity as well as
the construction and technology expertise to help enable PR1MA
roll out the 500,000 homes that has been mandated with. As
land bank constraints make up one of the main challenges
confronting PR1MA, we welcome private sector participation in
helping us build more PR1MA homes for middle-income earners.
We have therefore developed a public-private partnership
at PR1MA to encourage more private sector participation in
our programme, and I call on more private sector players to
come forward and join us on this remarkable journey of giving
deserving Malaysians a place of their own to call home.
The Future of PR1MA
It is vital for PR1MA to maintain the momentum it has achieved
in building 500,000 homes for the M60. Having reached
considerable milestones thus far, we aim to progressively
continue attaining our next benchmarks. By the end of 2015,
we target to approve 240,000 units of PR1MA homes as we
work towards arriving at the half-way mark of delivering on our
mandate.
We have also developed financial assistance schemes for
potential buyers to ease the home-ownership process without
causing financial burdens, while also providing an alternative
solution to conventional housing finance mechanisms. These
schemes consist of a collaboration with major financial
institutions in Malaysia to provide secure financing of up to
110% of a PR1MA home’s selling price, and a rent-to-own (RTO)
scheme which is a home-ownership deferment programme. The
RTO scheme is designed to aid home-buyers who have been
rejected for housing loans by our panel bankers, or who have
insufficient funds for a down payment on a home but are able
to make monthly rental payments. A long-term scheme of up
to 10 years, the RTO scheme allows buyers to embark on their
journey of home-ownership through rental and then migrate to
conventional financing at the 5-year or 10-year mark.
While PR1MA has recorded significant progress during its short
time in existence, we remain mindful that there is much to be
done to ensure we achieve our mandate. There is always room
for improvement as we confront a number of challenges in
carrying out our duty. We will therefore continue to seek new
avenues to deliver on and expedite the process, either through
technology or collaborations.
Acknowledgements
I am honoured to have been appointed Chairman of PR1MA
in April 2015, but it was with a heavy heart that I assumed this
position. Allahyarham YB Tan Sri Dr. Ir. Jamaludin bin Jarjis, the
founding Chairman of PR1MA who I succeeded, was a true
champion of the affordable homes programme, expending
much of his energy in ensuring this programme came to fruition.
I would also like to extend our heartfelt sympathy and
condolences to the family of Allahyarham Dato’ Azlin Alias, who
was a Member of the MOC at PR1MA. A dedicated leader in
both the private and public sectors, the late Dato’ Azlin will also
be remembered for his contributions to the MOC and thereby
playing a major role in nation-building.
On behalf of the MOC, I would also like to take this opportunity
to convey our gratitude to the Government, the Prime Minister’s
Department; the Ministry of Finance; Ministry of Urban Wellbeing,
Housing and Local Government; Ministry of Transport; Ministry
of Natural Resources and Environment; Menteris Besar; Chief
Ministers; and the Federal and State development agencies and
authorities for their cooperation and support in implementing the
PR1MA programme.
I would also like to thank my fellow Members of MOC for their
stewardship and esteemed support in guiding PR1MA. My
gratitude also goes to the Management and our employees for
their cooperation and dedication in carrying out their duties.
Our journey of turning Malaysians’ home-ownership dreams into
reality may have just begun, but has already started to bear fruit.
We at PR1MA look forward to delivering on our mandate as we
offer more Malaysians the opportunity to build their lives.
Chairman of the Members of Corporation of PR1MA and Chief
Secretary to the Government of Malaysia
7
CEO’S
REPORT
DATO’ ABDUL MUTALIB BIN ALIAS
CHIEF EXECUTIVE OFFICER
In the period under review, Perbadanan PR1MA
Malaysia (PR1MA) reached significant milestones in
fulfilling its mandate of building 500,000 affordable
homes for Malaysia’s middle-income earners. While
the initial years of PR1MA’s inception were spent
laying the foundation for this initiative, in 2014 PR1MA
arrived at the implementation stage of its efforts.
8
CEO’S
REPORT
Achievements
challenges
- The MOC as at August 2015 approved the construction
of 177,779 units of PR1MA homes nationwide. Of these,
48,257 units are in various stages of construction, from
site clearing to brick-laying, and will be completed in
the next few years.
- The challenge confronting PR1MA is our limited land
bank, with the success of our mandate hinging on the
availability of land on which to build homes.
- 1.03 million individuals have registered for our projects
nationwide, while approximately 50,000 applicants
have applied to the 19 projects opened for application.
As a result, we expect to deliver homes to our first buyers by
the end of 2015. With 48,267 units of homes already under
construction as at August 2015, we are confident that PR1MA
remains on track to meet its mandate of providing 500,000
middle-income Malaysians with a place to call home.
Making Steady Progress
While we have worked to get this project off the ground as
quickly as possible, extensive planning has been required to
allow our activities to proceed smoothly. To this end, we have
spent time to put in place the appropriate procedures, such as
approvals processes and IT infrastructure, to enable us to enter
the brick and mortar stage of our operations.
This has included seeking approval from PR1MA’s MOC for our
housing projects. Following this, the MOC as at August 2015
approved the construction of 177,779 units of PR1MA homes
nationwide. Of these, 48,257 units are in various stages of
construction, from site clearing to brick-laying, and will be
completed in the next few years. While we are working with our
partner developers to expedite construction, we expect highrise properties to take three years to complete while landed
properties will be built in a period of two years.
We have also opened 19 projects for application as at July 2015,
proving that we are committed to delivering on our mandate to
the Malaysian public.
During the same period, 1.03 million individuals registered for
our projects nationwide, while approximately 50,000 applicants
have applied to the 19 projects opened for application. Of
these, 325 have been balloted under a process that allows
for a targeted and equitable allocation for buyers. This allows
each applicant a fair chance of being selected for the purchase
of PR1MA homes, without any possibility of manipulation. We
target to ballot a total of 16,000 units by end of 2015.
- While PR1MA is a project introduced and supported
by the Malaysian Government, we have taken a longterm view of becoming a self-sufficient entity. We have
thus adopted a modus operandi that sees us building
PR1MA homes nationwide while simultaneously
generating strong capital funds to promote the
sustainability of the project.
Serving the M60
It is important to recall that PR1MA was conceived to provide
access to Malaysia’s middle-income earners, who represent
almost 60% of the population (middle 60% or M60), to purchase
homes. Most of these middle-income earners reside in cities
around the country, as Malaysia’s robust economic development
has resulted in rapid urbanisation.
Against this backdrop, it was found that the M60 segment was
underserved in terms of the availability of affordable housing,
while their spending on day-to-day necessities such as food
and transportation left little disposable income for them to put
towards buying their first home. PR1MA has thus stepped in
to offer this segment affordable, quality housing to ease the
pressures arising from this confluence of factors.
In the period under review, the classification of M60 was adjusted
to households in the RM2,500-RM10,000 income bracket from
the RM2,500-RM7,500 income sector previously. It is our hope
that this will provide the public with a wider opportunity to have
a home to call their own.
Breathing New Life into Malaysia’s Property Sector
In addition to filling the existing supply gap in affordable homes,
PR1MA has also striven to contribute to the development of
Malaysia’s property industry by adopting the most innovative
methods in home construction. This has been paramount,
especially given the sizeable task of building the 500,000 homes
that PR1MA has been mandated with.
9
CEO’S
REPORT
Exchange of Documents between PR1MA and Maybank on RM3 billion Bridging Facility
To this end, on top of Industrialised Building System (IBS), we
have evaluated the use of Industrialised Housing Technologies
(IHT), or more commonly known as modular homes or volumetric
construction, in building PR1MA projects. Modular homes or
volumetric construction utilise manufacturing approach (or
off-site fabrication) in construction to offer quality, durability
and speed of delivery for PR1MA projects. This technology
has already been employed in developed countries such as
Australia, Japan, Germany, the U.S. and the U.K. for decades.
We hope that the utilisation of this progressive technology
will allow PR1MA to play a vital role in transforming the home
construction sector in Malaysia. At the same time, we believe
IHT will ensure we deliver our mandated 500,000 homes.
Overcoming Challenges
Our efforts to fulfil PR1MA’s mandate have not been without their
challenges. As I highlighted earlier, while we have endeavoured
to expedite implementation, considerable time must be taken to
put in place appropriate and stringent procedures and processes
to ensure the success of the affordable homes initiative. In
addition, the building of houses itself takes time; sometimes up
to three years. With the safety and quality of homes a priority
in our construction of PR1MA homes, it is therefore important
that we avoid rushing the building process at the expense of the
comfort and security of future home-owners.
10
Another challenge confronting PR1MA is our limited land bank,
with the success of our mandate hinging on the availability of
land on which to build homes. To ensure sufficient land on which
to build the 500,000 homes as required by our mandate, we
have worked tirelessly and closely with external parties such
as landowners and private developers. I urge landowners
and private developers to continue working with us towards
accomplishing the goal of this affordable home initiative.
While PR1MA is a project introduced and supported by the
Malaysian Government, we have taken a long-term view of
becoming a self-sufficient entity. We have thus adopted a modus
operandi that sees us building PR1MA homes nationwide while
simultaneously generating strong capital funds to promote the
sustainability of the project.
I cannot stress enough that the PR1MA programme is not just
a hope for Malaysia’s middle-income earners, but a reality
that we are building together. It is with this in mind that we
will continue to address challenges as they arise as we work
towards achieving this vision.
Moving Forward
Although good progress has already been recorded in the
implementation of the PR1MA initiative, we remain mindful
that there is still much to be done in fulfilling our mandate. In
maintaining the momentum we have already gained since
our inception, we aim to increase the number of PR1MA units
approved to 240,000 by the end of 2015. This is in line with
CEO’S
REPORT
PR1MA Townhall with Developers
budget 2013, 2014 and 2015 announcements for PR1MA’s target
of 80,000 units in each of these years.
We will also open more projects for applications and launch
new projects nationwide as we remain committed to fulfilling
our mandate, which we are confident of achieving based on the
progress that has been recorded thus far.
Acknowledgements
I would like to take this opportunity to highlight the contributions
of our founding Chairman, Allahyarham YB Tan Sri Dr. Ir.
Jamaludin bin Jarjis, who left us unexpectedly in April 2015. The late Tan Sri was instrumental in the establishment and
operationalisation of PR1MA and the driving force behind the
implementation of this programme that speaks right to the heart
of the Malaysian public. His presence will be missed and his
contributions, not only as the Chairman of PR1MA, but also as a
public servant, will be remembered.
Our deepest sympathies are also with the family of our former
MOC member, Allahyarham Dato’ Azlin Alias. A caring and
unpretentious person, we mourn his loss and wish his family
strength and courage at this trying time.
We are grateful that the void left by the late Tan Sri Dr. Ir.
Jamaludin has been filled by the capable stewardship of Tan Sri
Dr. Ali bin Hamsa, who is also Chief Secretary of the Government
of Malaysia. We are pleased to welcome Tan Sri Dr. Ali aboard
as Chairman of the MOC and look forward to his leadership.
On behalf of the Management, I would also like to convey our
deepest gratitude to the MOC for their guidance and support in
steering PR1MA towards achieving its goal.
In the course of our operations, we have been fortunate to
work with Menteris Besar, Chief Ministers and representatives
of the Federal Ministries, Federal and State agencies as well as
other authorities. We are deeply grateful for their support and
cooperation in enabling us to get the PR1MA programme off the
ground. Our thanks also go to our other stakeholders, namely
landowners, bankers and consultants for their efforts in helping
to crystallise the vision of PR1MA.
Finally, I would be remiss if I did not record my sincerest
appreciation to the entire team at PR1MA, who have been
instrumental in getting PR1MA homes into the hands of the
Malaysian public. On behalf of the Management of PR1MA, I
would like to commend you for your efforts and encourage you
to continue to help turn the dream of home-ownership into a
reality.
DATO’ ABDUL MUTALIB BIN ALIAS
CHIEF EXECUTIVE OFFICER
11
MEMBERS OF
CORPORATION
1
2
3
1.Chairman
2. Chief Executive Officer
Dato’ Abdul Mutalib bin
Alias
4.Member
Tan Sri Haji Shukry bin Mohd
Salleh
5Member
Tan Sri Dato’ Seri Abd
Wahab bin Maskan
12
4
5
3.Member
Tan Sri Dr. Mohd Irwan
Serigar bin Abdullah
6
7
8
9
10
11
6.Member
Dato’ Sri Dr. Sharifah Zarah
binti Syed Ahmad
7.Member
Tengku Dato’ Zafrul bin
Tengku Abdul Aziz
8.Member
Tan Sri Datuk Seri Dr. Alies
Anor bin Abdul
9.Member
Dato’ Sri Mohammed
Shazalli bin Ramly
10.Member
Dato’ Ar. Wan Mohammad Khair-il Anuar bin Wan Ahmad
11.Member
Datuk Seri Dr. Rahamat
Bivi binti Yusoff
13
MEMBERS OF
CORPORATION
Dato’ Abdul Mutalib bin Alias
Tan Sri Dr. Ali bin Hamsa was appointed as PR1MA’s Member
and Chairman of Corporation on 12 March 2013 and
9 April 2015 respectively. He is also the 13th Chief Secretary to the
Government of Malaysia, a position he has held since 24 June
2012.
Tasked by the Prime Minister, YAB Dato’ Sri Najib Tun Razak, to
establish PR1MA as part of efforts to address the housing needs
of Malaysia’s middle-income households, Dato’ Abdul Mutalib
has served as Chief Executive Officer of PR1MA since its inception
in 2011. He has spent the first two years in PR1MA building the
organisation’s capacity and capability to undertake its mandate to
provide 500,000 affordable homes to middle-income Malaysians.
Chairman
Tan Sri Dr. Ali also serves as Chairman of the Malaysian Institute of
Integrity (IIM), Chairman of MRT Corp Sdn.Bhd., Chairman of Bintulu
Port Holdings Bhd, co-Chair of the Special Taskforce to Facilitate
Business (PEMUDAH) and Deputy Chairman of Johor Corporation.
On 22 April 2009, he was appointed as Director-General of the
Public-Private Partnership Unit (UKAS) in the Prime Minister’s
Department. UKAS is a central agency tasked to coordinate PublicPrivate Partnerships projects which include Private Financing
Initiatives and disbursement of Facilitation Fund for high-impact
projects.
His previous positions include Assistant Director at the Ministry
of Trade and Industry, Senior Project Manager (Economy and
Public Policy Management) at the National Institute of Public
Administration (INTAN), Public Service Department, and as Deputy
Director-General of the National Transformation and Advancement
Programme in the Economic Planning Unit of the Prime Minister’s
Department.
Tan Sri Dr. Ali obtained a Bachelor of Arts (Honours) from the
University of Malaya before furthering his studies at Oklahoma
State University in the United States, where he received a Masters
in Economics in 1986, followed by a Ph.D in Environmental Sciences
and Economics in 1997.
Chief Executive Officer
In leading the effort for affordable housing, he was instrumental
in drafting the PR1MA Act 2012 which received its Royal Assent on
30 January 2012, following its approval by the Dewan Rakyat and
Dewan Negara in November and December 2011, respectively.
Under his stewardship, PR1MA Berhad was incorporated on 2
February 2012.
He spent the past 10 years in the public service where prior to
joining PR1MA, he was Special Officer to Datuk Shaziman Abu
Mansor, the former Minister of Works, from 2009 to 2011. He
has been posted to the Ministry of Energy, Green Technology
and Water as special officer to the Minister; and the Ministry of
Science, Technology and Innovation where he served as political
secretary to its then-Minister, the late Tan Sri Dr. Ir. Jamaludin Jarjis.
He had previously served under Tan Sri Dr. Ir. Jamaludin during his
tenure as Minister of Finance II. He has also served as political
secretary to the Minister of Domestic Trade and Consumer Affairs
in 2004, as well as political secretary to former Finance Minister
Tun Daim Zainudin from 2000 to 2003.
A graduate of Northern Illinois University in the United States
with a Bachelor of Science in Accountancy, Dato’ Abdul Mutalib
began his career at Chase Manhattan Bank (M) Berhad, where
he served for 15 years. His final position with the bank before his
departure in 2000 was Vice President, Investment Banking.
He also possesses a Masters of Business Administration from
Governors State University in Illinois, United States.
14
MEMBERS OF
CORPORATION
Tan Sri Dr. Mohd Irwan Serigar bin
Abdullah
Tan Sri Haji Shukry bin Mohd Salleh
Tan Sri Dr. Mohd Irwan Serigar bin Abdullah was appointed
as PR1MA’s Member of Corporation on 12 March 2013. He
is the Secretary General of Treasury, Ministry of Finance
Malaysia (MOF) since 24 August 2012.
Tan Sri Haji Shukry bin Mohd Salleh was appointed as
PR1MA’s Member of Corporation on 9 April 2015. He is
the Principal Private Secretary to the Prime Minister since
16 April 2015.
Tan Sri Dr. Mohd Irwan began his career in the public sector
at the Economic Planning Unit (EPU) of the Prime Minister’s
Department in 1984. During his tenure there, he served
in various capacities in the areas of urban development,
energy and privatisation.
Prior to that, he served as the Director General of the
Implementation Coordination Unit in the Prime Minister’s
Office from September 2009 to April 2015. He has over 38
years’ experience in management and public administration,
and over the years has held various positions in the public
sector, including Deputy Director to the State Development
Office of Kelantan, Implementation Coordination Unit,
Prime Minister’s Department (2003 to 2004); General
Manager of KESEDAR (2004 to 2005) and Director of the
State Development Office of Kelantan, Implementation
Coordination Unit, Prime Minister’s Department (2005 to
2009).
Member
Member
He joined the MOF in October 2003, where he has served
as Section Head, Deputy Secretary and Secretary of the
Economic Analysis and International Division (Macro
Economy). Prior to his appointment as the Secretary General
of Treasury, Tan Sri Dr. Mohd Irwan was Deputy Secretary
General (Policy) from December 2010 to August 2012.
He holds a Bachelor of Arts (Honours) degree in
Demography from the University of Malaya; a Masters
of Science in Energy Management and Policy from the
University of Pennsylvania; and a Ph.D in Economics from
the International Islamic University of Malaysia.
Tan Sri Haji Shukry holds a Bachelor of Social Science
(Honours) from Universiti Sains Malaya, Pulau Pinang and
a Masters in Social Policy Studies from the University of Hull,
United Kingdom.
15
MEMBERS OF
CORPORATION
Tan Sri Dato’ Seri Abd Wahab bin
Maskan
Datuk Seri Dr. Rahamat Bivi binti
Yusoff
Tan Sri Dato’ Seri Abd Wahab bin Maskan was appointed
as PR1MA’s Member of Corporation on 12 March 2013. He is
the Group Chief Operating Officer of Sime Darby Berhad and
Managing Director of Sime Darby Property Berhad.
Datuk Seri Dr. Rahamat Bivi binti Yusoff was appointed as a
Member of Corporation of PR1MA on 13 August 2015.
Member
His previous positions include Group Chief Executive Officer
of Kumpulan Guthrie Berhad and Golden Hope Plantations
Berhad.
Tan Sri Dato’ Seri Abd Wahab holds a Bachelor of Science
degree in Estate Management from the University of
Reading, United Kingdom. He is a Fellow of the Royal
Institution of Chartered Surveyors (England and UK), Fellow
of the Institution of Surveyors Malaysia, Fellow of the
Incorporated Society of Planters and Fellow of the Malaysian
Institute of Management.
Member
She has served in the Malaysian Civil Service for over 30
years, starting out as Assistant Secretary (Tax Division) in
the Ministry of Finance (MOF) and steadily moving up to
her present position as Director General of the Economic
Planning Unit (EPU).
Datuk Seri Dr. Rahamat is also a Board Member of agencies
including Perbadanan Insurans Deposit Malaysia (PIDM),
Ekuiti Nasional Berhad (EKUINAS), Unit Peneraju Agenda
Bumiputera (TERAJU), Malaysia-Thailand Joint Authority
(MTJA), Federal Land Development Authority (FELDA) and
Mass Rapid Transit Corporation Sdn Bhd (MRT Corp). She is
also a council member of Malaysia’s four regional economic
development corridor authorities.
A graduate of Universiti Sains Malaysia with a Bachelor
of Social Sciences (Economics) (Hons), she also holds a
Diploma in Public Administration from the National Institute
of Public Administration (INTAN), a Masters in Economics
from Western Michigan University, USA and a Ph.D from the
Australian National University.
16
MEMBERS OF
CORPORATION
Dato’ Ar. Wan Mohammad Khair-il
Anuar bin Wan Ahmad
Tengku Dato’ Zafrul bin Tengku
Abdul Aziz
Dato’ Ar. Wan Mohammad Khair-il Anuar bin Wan Ahmad
was appointed as a Member of Corporation of PR1MA on
17 August 2015.
Tengku Dato’ Zafrul bin Tengku Abdul Aziz was appointed
as PR1MA’s Member of Corporation on 12 March 2013. He is
the Group Chief Executive Officer/Executive Director of CIMB
Group Holdings Berhad (“CIMB Group”), a leading ASEAN
universal bank and a world leader in Islamic finance with
presence in 17 countries worldwide.
Member
He is the Member of Parliament for the constituency of
Kuala Kangsar. He is also Head of the Kuala Kangsar
UMNO Division.
Besides being actively involved in politics, he is the
Chairman of the Malaysian Palm Oil Board. He is also a
Board Member of Damansara Realty Berhad and Perak
Invest. As a successful architect, he has his own architecture
firm, W&W Architects, in Kuala Lumpur.
Dato’ Ar. Wan Mohammad Khair-il Anuar holds an
Architecture BA (Hons) degree and a postgraduate
Architecture degree from Kingston University, London. He
has been inducted into various professional organisations
including Pertubuhan Arkitek Malaysia (PAM), the Royal
Institute of British Architects (RIBA) and Institut Perekabentuk
Dalaman Malaysia (IPDM).
Member
With over 18 years of experience in the financial services
sector, specialising in Investment Banking, Tengku Dato’
Zafrul’s last position was with Maybank Investment Bank
Berhad and Maybank Kim Eng Holdings as Chief Executive
Officer. He also held senior positions in Citigroup Malaysia,
Kenanga Holdings Berhad and Avenue Securities (now
known as ECM Libra).
Tengku Dato’ Zafrul graduated from the University of
Bristol, United Kingdom with a Bachelor of Science (Hons)
Economics and Accounting and obtained a Master of Arts
(MA) in Finance and Management from the University of
Exeter, United Kingdom. He also holds a fellowship with the
Asian Institute of Chartered Bankers.
17
MEMBERS OF
CORPORATION
Tan Sri Datuk Seri Dr. Alies
Anor bin Abdul
Dato’ Sri Mohammed Shazalli
bin Ramly
Tan Sri Datuk Seri Dr. Alies Anor bin Abdul was appointed as
a Member of Corporation PR1MA on 17 August 2015.
Dato’ Sri Mohammed Shazalli bin Ramly was appointed
as a Member of PR1MA Corporation Malaysia on 12 March
2013. He is the Chief Executive Officer and Director of Celcom
Axiata Berhad. Prior to that, he was the CEO of ntv7. Member
He is currently the Chairman of Putra World Trade Centre
and Rakyat Management Services Sdn. Bhd. He is also a
Board Member of Bank Rakyat.
Tan Sri Datuk Seri Dr. Alies Anor was conferred an
Honorary Doctor in Science Education by Tokyo University of
Technology, Japan and Honorable Fellow of OXCEL Award
for Leadership & Exceptional Leadership Qualities, Oxford,
United Kingdom. He holds a Ph.D in Islamic Law by Sultan
Sherif Kassim Islamic University, Riau, Indonesia.
Member
Dato’ Sri Shazalli is currently the director for several
companies which include Celcom Axiata Berhad; Celcom
Retail Sdn Bhd; Celcom Mobile Sdn Bhd and Celcom
Resources Berhad. He is also a board member of the Kuala
Lumpur Business Club, PR1MA Corporation Malaysia and
recently appointed to the Malaysia Airlines Board as a
Non–Executive Director.
Dato’ Sri Shazalli graduated from Universiti Teknologi MARA
(UiTM) Perlis. He then continued his studies at Indiana
University at Bloomington in Indiana, US where he received
a Bachelor of Science (Marketing) before he obtained a
Masters in Business Administration at St. Louis University,
Missouri, United States.
18
MEMBERS OF
CORPORATION
emphasises informal education, indigenous knowledge,
creativity and innovativeness of the grassroots, particularly
the excluded group and those at the bottom of the pyramid.
In order to ensure that the development of Science and
Technology reaches the poor and helps to reduce poverty,
she introduced the pro-poor approach into MOSTI’s
programmes.
Dato’ Sri Dr. Sharifah Zarah binti
Syed Ahmad
Member
Dato’ Sri Dr. Sharifah Zarah binti Syed Ahmad was appointed
as a Member of Corporation of PR1MA on 13 August 2015.
Dato’ Sri Dr. Sharifah Zarah received her Ph.D in Strategic
Social Planning from the School of Politics and International
Relations, University of Leeds, United Kingdom in 1997,
after completing a Masters Degree in Human Resource
Development from the Graduate School of Public and
International Relations, University of Pittsburgh, USA.
Appointed as a Malaysian Diplomatic and Administrative
Officer in 1981, she has been working in various Ministries in
the home sector as well as in the Ministry of Foreign Affairs
(Minister Counselor at Permanent Mission of Malaysia to the
United Nations, New York).
Dato’ Sri Dr. Sharifah Zarah then served as the Deputy
Director-General of Public Service, Malaysia. In the Public
Service Department (JPA), she pioneered and spearheaded
the Transformation Agenda for the Public Service. The
Transformation Framework and its Strategic Measures
are now being vigorously implemented. Dato’ Sri Dr.
Sharifah Zarah continues to blaze the trail in promoting
innovation and women empowerment by contributing
significantly to the establishment of the Women Innovation
Academy Malaysia (MyWIN) in 2014. She is now one of
MyWIN’s Board of Directors. In December 2014, Dato’ Sri
Dr. Sharifah Zarah was promoted as Secretary-General of
the Ministry of Communications and Multimedia, Malaysia.
Currently, she is an Independent Non-Executive Director of
Multimedia Development Corporation (MDeC), Malaysian
Communications And Multimedia Commission (MCMC),
Malaysian Institute of Integrity (IIM), Government Integrated
Telecommunications Network (GITN), Malaysia Network
Information Centre (MYNIC) and National Film Development
Corporation Malaysia (FINAS).
As a social planner and gender expert, Dato’ Sri Dr. Sharifah
Zarah has been actively involved in promoting gender
equality both at national and international levels. She has
played a key role in the strategic planning and programmedesigning to ensure that gender perspectives are integrated
and mainstreamed into Government policies and plans. She
was instrumental in the establishment of the Non-Aligned
Movement (NAM) Institute for the Empowerment of Women
(NIEW) in 2006.
During her five-year tenure in the Ministry of Science,
Technology and Innovation (MOSTI), Dato’ Sri Dr. Sharifah
Zarah played a very significant role in the formulation of the
National Science, Technology and Innovation Policy and its
Plan of Action.
Her short stint in Harvard Kennedy School of Government,
USA had provided her with new knowledge and insights
about the human dimension of innovation i.e. “inclusive
innovation”. With that, she strategically positioned MOSTI as
a Ministry that not only focuses on the formal R&D, but also
19
Al-Fatihah
Allahyarham YB Tan Sri Dr. lr. Jamaludin bin Jarjis
We are deeply saddened by the loss of YB Tan Sri Dr. Ir. Jamaludin bin Jarjis,
who passed away on 4 April 2015.
The founding Chairman of PR1MA, the late Tan Sri was instrumental
in operationalising our organisation and leaves behind him a
legacy that will endure for generations to come. Born in Pekan,
Pahang, on 25 May 1951, Tan Sri Jamaludin made countless
contributions during his illustrious career in both the private and
public sectors.
A diligent student, he first graduated from the University of
Manchester, UK with a First Class Honours Bachelor Science
Degree in Electrical Engineering. He then went on to earn his
Masters in Electrical Engineering from the University of Manitoba,
Canada and in 1980, a Ph.D in Electrical Engineering (Power
Systems) from the University of McGill, Canada.
By this time, he had ventured into politics as a member of the
Kampung Mengkasar UMNO branch in his hometown of Pekan.
Having served as its Youth Chairman, he was quickly elected as
Pekan UMNO Youth Chairman in 1985 before his appointment
as Pahang UMNO Youth Vice-Chairman in 1988. He was also an
UMNO Youth EXCO.
In 1981, he established J&A Associates, an engineering consultancy
specialising in electrical and mechanical engineering, before
acquiring EPE Power Corporation Berhad in 1986, where he also
served as its Executive Chairman.
With his political star on the rise, Tan Sri Jamaludin contested in
his first general election in 1990, successfully securing the post of
Rompin MP, a seat he would go on to occupy for six terms until
his passing in 2015. He was also an UMNO Supreme Council
member from 2008-2011.
20
While fulfilling his duties to serve the public, the late Tan Sri, who
was known for his hands-on approach, continued to serve EPE
Power Corporation until stepping down in August 2000, when
he was appointed Deputy Chairman of Tenaga Nasional Berhad
before taking on the duties of Chairman in September that same
year. He then left the national utility following his appointment
as Second Finance Minister during Tun Dr. Mahathir Mohamad’s
administration and in 2004, was appointed Minister of Domestic
Trade and Consumer Affairs under Tun Abdullah Ahmad Badawi’s
tenure as Prime Minister.
Later, serving as Minister of Science, Technology and Innovation,
he was tasked with leading the country’s effort to send the first
Malaysian to space in 2007 under the Angkasawan programme.
In 2009, he was appointed Malaysian Ambassador to the US and
is credited with taking bilateral relations between the two countries
to new heights. He remained a strong advocate of Malaysian-US
partnership even after completing his term as Ambassador, and
was appointed special envoy to the US shortly after his return to
Malaysia. He also played a major role in securing US President
Barack Obama’s visit to Malaysia in 2014, the first by a sitting US
President since 1966.
During his time with us at PR1MA, the late Tan Sri was known as
a vibrant leader who could motivate and mobilise employees
and resources, taking PR1MA to where it is today. He possessed
boundless energy, much of which was spent serving our nation
and the rakyat. His presence is deeply missed, and we pray for
Allah s.w.t. to grant blessings on his soul, and shelter his wife Puan
Sri Dr. Kalsom Ismail and their children in this trying time.
Al-Fatihah
Allahyarham Dato’ Azlin bin Alias
It is with profound grief that we at PR1MA marked the passing of not one, but two of
our leaders this past year. Allahyarham Dato’ Azlin bin Alias, who was a Member of
MOC at PR1MA, returned to Allah s.w.t. on 4 April 2015.
Known as a man who shied away from the limelight, the late Dato’
Azlin nonetheless rose to prominence in the corporate sector and
the Government, where he last served as Chief Private Secretary to
the Prime Minister YAB Datuk Seri Najib Razak. The Prime Minister
himself described Dato’ Azlin as one who worked with dedication
and trust and was friendly with everyone.
He began his career with Tenaga Nasional Berhad following
his graduation in 1989 from the University of New South Wales
in Sydney, Australia with a Bachelor of Commerce (Accounting).
A Certified Practicing Accountant (Australia) and Chartered
Accountant (Malaysia), he served the national utility for five years,
where he held various management positions including Head
of Investor Relations. He then moved into equity research and
became an award-winning equity analyst. During this time, when
he was also involved in dealings and corporate advisory work,
he served Phileo Allied Securities (1995-1996), Caspian Research
(1996-1998) and Nomura Advisory Services (1998-2004).
A selfless man, Dato’ Azlin left his successful career in the
corporate sector to serve the Government and the country. He first
served under the YAB Prime Minister in 2008 and was eventually
tasked with assessing all economic matters as Director of the
Prime Minister’s Department’s Economics Division.
As a people person, the affable Dato’ Azlin worked well with
others and cared for the well-being of his subordinates. He
earned respect for his ability to work calmly under pressure. He
was also a firm believer in community-building, as evidenced not
only by his work at PR1MA, but even in the active role he played in
the residents’ community of the housing area where he resided.
We deeply regret his loss but take comfort that he is in the safe
hands of the Almighty. It is with the utmost sorrow that we convey
our condolences to his wife, Datin Azlina Mahmad and their three
children, and pray that Allah s.w.t. will bless Allahyarham Dato’
Azlin’s soul and grant his loved ones strength and patience.
His rise up the corporate ladder saw him appointed as Deputy
Managing Director of Avenue Assets Berhad, then a company
under the Ministry of Finance. He was later appointed CEO/
Executive Director of Malaysian Technology Development
Corporation Sdn Bhd, a venture capital firm under Khazanah
Nasional Berhad.
21
ORGANISATION
STRUCTURE
Nomination &
Remuneration Committee
Members of Corporation
Audit & Risk Management
Committee
Chief Executive Officer (CEO)
Internal Audit
Investment, Development
& Tender Committee
Dato’ Ar. Aminuddin Abdul Manaf
Chief Operating Officer
Hasleen Isnin
Chief Financial Officer
Dato’ Ar. Aminuddin was appointed as the Chief
Operating Officer of PR1MA on 1 March 2012. An
architect and interior design consultant by profession,
he has built his reputation in the industry since 1988.
Hasleen was appointed as the Chief Financial Officer
of Perbadanan PR1MA Malaysia on 16 July 2012. He
has over 20 years of work experience in the banking
and commercial sectors.
With his experience in architecture and interior design
spanning over 20 years, he has been tapped to
provide consultancy services to both the private sector
and the Government. He was also an architecture
guest lecturer at the Faculty of Built Environment, University Malaya, teaching design
studio for five years.
Prior to joining PR1MA, he served in various financial
institutions and multinational corporations, holding
managerial positions at Citibank Berhad and Head of
Capital Markets/Business Development at Malaysian
International Merchant Bankers. He also served in the President’s Office during
his tenure in Malaysian Resources Corporation Berhad. He was also previously
appointed to the Board of New Straits Times Press, AMI Insurance, Business Day Co.
Ltd (Thailand) and several other companies.
He began his career in the United States at architecture company Carl Safe Design
Consultants (1988 - 1989) before returning to Malaysia. In 1993, he became a
registered professional architect with the Board of Architects Malaysia, and a partner
with Alizar Architect, an award-winning local architecture firm which he co-founded.
He holds a Bachelor of Arts in Economics and a Masters in Finance from Washington
University, St. Louis, United States.
Dato’ Ar. Aminuddin holds a Bachelor of Arts (Architecture) from Iowa State University,
US. He has also earned a Masters of Architecture from Washington University in St.
Louis, United States. He is a member of the Malaysian Institute of Interior Designers
and the Malaysian Institute of Architects. He also served as Council Member,
Honorary Treasurer and Honorary Secretary for Institut Pereka Bentuk Dalaman
Malaysia for four years.
CEO’s Office
Governance
Finance
Corporate
Services
Strategic
Procurement
Human
Resources &
Administration
Sourcing &
Category
Management
Development
1 & 2*
Real Estate
Information &
Communication
Technology (ICT)
Vendor
Management
Land
Management
Asset
Management
Supply Base
Management
Planning &
Development
Facilities
Management
Procurement
Operational
Support
Contract
Management
Project Business
Development
Project
Management
Market
Intelligence
Corporate
Strategy &
Planning
Governance
& Compliance
Financial Control
& Accounts
Cost Strategy
Risk
Management
Corporate
Finance
Stakeholder
Management
Legal
Project
Accounting
Company
Secretary
Quality, Health,
Safety &
Environment
(QHSE)
Corporate
Communications
Credit
Management
Operations
Marketing
Department
22
* Development 1: MEBPA
(Master En-Bloc Purchase Agreement)
* Development 2: PD & JVA
(PR1MA Development & Joint Venture Agreement)
Event
Creative
Research &
Development
Division
Product
Marketing
Advertising &
Promotion
Customer
Experience
Management
OUR
PEOPLE
Human Capital Development
We recognise that we shoulder a tremendous responsibility
in providing 500,000 affordable homes to Malaysia’s middleincome earners. Our people therefore play a vital role in enabling
us to fulfil our mandate, especially in expediting the launch and
delivery of our projects. From a headcount of just three at our
inception, our staff strength has since grown to 222 as at 31
July 2015, demonstrating our commitment to building PR1MA’s
capacity to implement its initiatives.
Conscious of our need to develop our workforce, PR1MA has
adopted a philosophy of attracting, recruiting and retaining highcalibre talent with the potential to grow with the Company. It is
for this reason that we work with our employees to develop their
career and capabilities within our organisation. We have also put
in place appropriate processes and procedures to nurture a highperformance culture among our employees.
Talent Development
PR1MA promotes accelerated growth within the organisation in
recognition of deserving employees who strive to deliver above
and beyond what is required of them. As a growing organisation,
we also offer ample opportunities for career development.
We identify critical positions and high-potential employees on a
yearly basis to ascertain their readiness in assuming these critical
positions. In doing so, the selected individuals will be groomed
and developed to ensure they possess the right skill sets to
undertake their roles effectively.
OUR STAFF
STRENGTH HAS SINCE GROWN
222
TO
AS AT 31 JULY 2015
Staff Training Programmes
In the period under review, we provided a number of training
programmes to support our employees in enhancing their
expertise and capabilities. Training and development through
a wide variety of programmes were implemented to address
existing human capital development needs across various levels
of employees:
A. COMMON FOR ALL STAFF LEVELS
Programmes which focus on Culture Building & Branding as
well as Communication and the Personal Mastery mainly for
self-improvement and development.
23
OUR
PEOPLE
B. LEADERSHIP PROGRAMMES
(i) CEO, COO & CFO
To accelerate the development growth of this group
of individuals, programme such as the Advance
Management Development conducted by leading
international Business Schools such as Harvard,
INSEAD and Wharton’s have been identified for the
Top Management to gain international exposure and
expand business networking.
(ii) SENIOR VICE-PRESIDENTS & VICE-PRESIDENTS
To enable the individuals to fulfil their potential as the
leader they were meant to be, leadership development
programme conducted by Leaderonomics, namely
Leadership of the 21st Century will be organised for the
Senior Vice Presidents and Vice Presidents.
Additionally, an international franchise programme
referred to as Celemi Decision Base will also be
organised where its business simulation exercise will
enable participants to gain deeper understanding
of how their everyday decisions affect the rest of the
organisation.
(iii) ASSISTANT VICE PRESIDENTS
The programme designed especially for the Assistant
Vice Presidents, namely, Managing Across Generations
will be conducted by Anas Zubedy, the founder of
Zubedy Sdn Bhd. The programme provides a roadmap
to becoming an effective manager who gets things done
and makes things happen.
(iv) SENIOR ASSOCIATES & ASSOCIATES
Basic Management Skills – Building skills in planning,
managing subordinates, guide and motivate staff.
Quality, Healthy, Safety and Environment (QHSE)
PR1MA’s QHSE Department has implemented regular scheduled
audits, training and campaigns for all developers and contractors
of PR1MA Homes. The programmes are aimed at ensuring the
following objectives are met by our developers and contractors:
•
•
•
QLASSIC score >60%
ZERO Fatality/LTI (lost time injury) Accident
ZERO Environmental Disaster
The results/scores of the audits are compiled and published on
a regular basis to indicate and monitor the performance of our
developers and contractors.
Ethical Conduct
PR1MA engenders a culture of uncompromising ethical conduct
throughout the organisation, promoting good behaviour among
our employees as well as in our employees’ dealings with all
other stakeholders.
24
To this end, we have specified a Code of Conduct in our
Employee Handbook, which governs the employees’ behaviours
and decisions in carrying out their duties and responsibilities.
Compliance with the Code of Conduct is achieved through
frequent monitoring, while non-compliance is penalised through
disciplinary action.
The Code of Conduct sets the minimum standards of professional
behaviour that is expected of all employees and form part of the
terms and conditions of employment with PR1MA. All employees
are required to strictly observe the Code in the performance of
their duties throughout the term of their employment with PR1MA.
Each employee has an obligation to know and understand
not only the guidelines contained in the Code but also has an
obligation to comply with the Code.
Human Resources Management System
We recognise that integrated human resources (HR) processes
play an integral role in enhancing organisational performance.
PR1MA is thus currently developing its Human Resource
Information Management System (HRIMS) to automate key HR
processes in support of effective delivery of our services, which
will also reduce redundancies and increase efficiency.
In line with the development of HRIMS, the existing HR policies and
procedures will be reviewed to enhance its Standard Operating
Procedures, which will address current operational needs and
issues.
Employee Well-being
The well-being of our employees is important to us, as we believe
that engaged employees make for a productive workforce.
In nurturing this culture, and in our efforts to make PR1MA an
employer of choice, the organisation fosters a culture of open
communication between superiors and subordinates, encourages
two-way communication and strong working relationships. This is
reinforced by regular town hall sessions which not only provide
updates on the Company, but also allow employees to air their
views and address any concerns.
In addition, the Human Resources plays an enabling role in
strengthening employee engagement, advocating for the
treatment of all employees as equals, peers and friends. From
taking an hour out of every day to talk directly to the managers
and employees, Human Resources creates an environment
where our people feel supported, appreciated, listened to and
respected.
PR1MA has also introduced a flexible work environment, including
flexible working hours and instituting a business-casual dress
code on Fridays. Further to our efforts in promoting the welfare
of our employees and enhancing unity at the workplace, PR1MA
recently organised its inaugural tennis tournament, i.e. the CEO’s
Trophy, as well as conducts annual Hari Raya potluck.
CORPORATE
SOCIAL RESPONSIBILITY
PR1MA Cares - Phase 2
As an organisation mandated to uplift the quality of life of middle-income Malaysians, corporate social responsibility (CSR) forms an
integral component of PR1MA’s identity. While we believe that building affordable housing is a function of CSR, we have also undertaken
efforts to go beyond our day-to-day activities to support and enrich the communities we serve.
In the year under review, we organised a number of events for our various stakeholders in our role as a responsible corporate citizen.
Some of these CSR efforts are undertaken through our CSR initiative known as PR1MA Cares.
In January 2015, we undertook a concerted effort to provide aid to victims of the flooding which struck the northern states in late 2014.
The effort comprised two phases, with PR1MA staff raising donations in the form of goods sent to flood victims in several areas in
Pahang under Phase 1. In Phase 2 of this relief programme, PR1MA staff assisted in the clean-up in the aftermath of the floods at schools
in Pahang. This was followed by PR1MA’s back-to-school effort, in which our staff purchased 120 pairs of school shoes and socks for
school children.
PR1MA Cares also worked with Universiti Malaya’s (UM) Faculty of Built Environment to help rebuild and repair homes for 10 families
in Kampung Pak Jah in Tumpat, Kelantan who were affected by the flooding. As part of this effort, PR1MA Cares distributed RM50,000
worth of building materials collected from PR1MA’s developers and other stakeholders. The items included paint, cement and bricks. 80
volunteers from UM, comprising students and university staff, participated in this initiative, working together for six days to undertake
repairs on houses damaged by the flooding.
25
CORPORATE
1
TAZKIRAH
WITH Habib Ali Zainal Abidin
11 November 2014
2
PR1MA CARES POST-FLOOD ASSISTANCE
IN KUANTAN, PAHANG
10 & 11 January 2015
3
PR1MA & UNIVERSITI MALAYA’S FACULTY OF
BUILT ENVIRONMENT POST-FLOOD REPAIRS
IN TUMPAT, KELANTAN
4 February 2015
26
CORPORATE
4
TAHLIL For Allahyarham Tan Sri Dr. IR.
Jamaludin Jarjis in Rompin
25 April 2015
5
MAJLIS BERBUKA PUASA WITH ANAK YATIM
IN KOTA KINABALU, SABAH
26 & 27 June 2015
6
MAJLIS QHATAM AL-QURAN
2 July 2015
7
MAJLIS BERBUKA PUASA PR1MA 2015
WITH ANAK YATIM IN KUALA LUMPUR
13 July 2015
27
COMMUNITY
hool programm
After-sc
es
Clinic
Ch
ildcare
the
eld
er
l y/
di
led
b
sa
Aid
f
or
Schools
Residents
PR1MA Homes aim to enhance
a lifestyle which nurtures an
inclusive and caring society.
n
Tra
cil
un
co
al
Loc
PR1MA Homes are built with the community in mind. Each
township is thus developed to meet the needs of residents
beyond just the four walls of their PR1MA home. Where today’s
fast-paced world has left many neighbourly traditions in
neglect, PR1MA projects focus on re-building community values
to strengthen kinship among residents and contribute towards
nation-building.
Guided by the principles of harmonious living, safety and
convenience, the PR1MA community programme is set to provide
its future residents with a positive experience throughout.
To this end, PR1MA projects will offer the following elements:
Serenity
Uncompromised security ensures the safety of all PR1MA
residents in a peaceful environment. PR1MA Homes are
gated and safeguarded by security personnel or closed circuit
television to ensure safety around the clock.
28
Pla
ygrounds
ps
Sho
s
PR1MA’s goal is to provide
physical facilities and amenities,
which allow residents to unlock
the intangible benefits of a
community.
sportation
Reside
nt committees
Harmony
Malaysia’s multi-racial society is a cornerstone of our nation.
PR1MA developments envision a truly Malaysian lifestyle where
residents of all races can come together socially through
recreational spaces, amenities and facilities that encourage
community engagement.
Liveability
PR1MA townships feature verdant gardens for physical activities
such as walking, jogging or cycling; playgrounds for the young
and wide open spaces for games or a day out with loved ones.
Surau and day-care centres will also be standard features of
our townships.
COMMUNITY
Co
m
m
a
ity
un
ammes
rogr
re p
ce of worsh
ip
tu
cul
g ri
m
un
ity
G
ath
erin
gs
Houses
om
Pla
C
Serenity
Harmony
Comfort
A PR1MA home offers comfort
and security, providing residents
with a haven for their wellbeing.
Designed
to
accommodate
the demands of everyday life
as well as special occasions,
PR1MA townships provide not
only a place to call home for
residents, but also a welcoming
environment for their loved ones
and friends.
Capturing the Essence of the
Community
The demands of daily life make it
easy to forget the importance of
the community in shaping quality
of life. While today’s urbanites
have grown accustomed to living
in isolation, PR1MA Homes aim to
enhance this lifestyle to nurture
an inclusive and caring society.
Community-building also helps
to foster trust among residents,
giving them someone to rely on
in times of need. In addition to
promoting positive social values, a tight-knit community also
allows residents to converge to address shortcomings as a
cohesive unit, helping to avoid negative incidents within the
community and providing residents with peace-of-mind.
It is therefore PR1MA’s goal to provide the physical facilities and
amenities, such as community halls, surau, daycare centres
and playgrounds to allow residents to unlock the intangible
benefits of a community.
It is this focus on the community that also sets PR1MA Homes
apart from other townships. This has guided us in planning
the development of PR1MA projects, which includes going on
the ground to visit neighbouring developments to visualise
how our townships can contribute and integrate with existing
communities.
Liveability
Comfort
PR1MA Workshop with Stakeholders
On 11 August 2015, PR1MA conducted a two-day workshop
with its user groups and relevant public sector bodies to better
understand residents’ needs and the elements required to
create a structure that is conducive to community living.
Dr. Nicholas Morris, an economist and researcher from the
University of Oxford, acted as facilitator during the workshop,
sharing his insights on global best practices in community living.
The workshop was attended by several NGOs including the
Congress of Unions of Employees in the Public and Civil Services
(CUEPACS). Among topics discussed were infrastructure and
social structure development as well as community development
planning, which covered community members, facilities and
community activities.
The workshop provided PR1MA with a platform to engage with
its user groups on their community aspirations and receive
feedback on improving PR1MA’s home-buying experience. This
will allow the organisation to put in place a more conducive
social structure for PR1MA’s community nationwide in the future.
Following the success of the workshop, PR1MA will continue to
conduct public engagements in a similar setting.
Collaboration with PERMATA
PR1MA is also in the planning stages of a collaboration with
PERMATA, the Early Childcare and Education programme
spearheaded by YAB Datin Seri Rosmah Mansor. Under this
collaboration, PR1MA will work with PERMATA to establish
PERMATA PR1MA Childcares and PERMATA Perkasa @ Remaja
Community Centres at all high-rise (500 units and above) PR1MA
developments.
The PERMATA PR1MA Childcare Centres will be made available
for children aged 1-4 years, with PR1MA providing the space for
the centres which PERMATA will operate. The PERMATA Perkasa
@ Remaja Community Centres, meanwhile, are targeted to
youth between 15 and 25 years. The centres will offer community
programmes such as vocal and music clubs, cake baking and
decorating as well as manicure and pedicure classes.
29
MILESTONES
Planning Phase
2011
2012
4 July 2011
Prime Minister YAB Dato’ Sri Mohd Najib
bin Tun Abdul Razak announced the
PR1MA initiative to assist middle-income
households own homes
30 January 2012
PR1MA Act 2012 received by Royal Assent
29 November 2011
PR1MA Bill approved by Dewan Rakyat
8 December 2012
PR1MA Online Registration System was
launched
2 February 2012
PR1MA Berhad was incorporated
23 December 2011
PR1MA Bill approved by Dewan Negara
PR1MA @ Skudai
30
MILESTONES
Implementation Phase
2013
2014
1 January 2013
PR1MA Act 2012 comes into effect.
This also signifies the start of operations
for Perbadanan PR1MA Malaysia
24 January 2014
PR1MA announced partnership with
Perbadanan Kemajuan Negeri Kedah
to develop PR1MA Homes at suitable
locations in Kedah
12 February 2013
- MoU with Johor-based developers
- Balloting of Nusantara Prima, Johor
23 February 2013
Groundbreaking ceremony of LEKAS and
route to PR1MA @ Seremban Utara
24 February 2013
PR1MA @ Seremban Sentral was launched
10 March 2013
PR1MA @ Alam Damai at Bandar Tun
Razak, Cheras, Kuala Lumpur was
launched
12 March 2013
Members of Corporation were appointed
16 April 2013
First Members of Corporation Meeting
28 August 2013
PR1MA announced the approval of first
15 development projects to build PR1MA
homes in Klang Valley, Johor, Penang,
Sabah and Sarawak
17 October 2013
MoU with PR1MA and Sekisui Chemical Co.,
Ltd.
1 March 2014
PR1MA Homes in Kedah was launched
8 May 2014
Document exchange with Perbadanan
Kemajuan Negeri Perak to develop PR1MA
homes in Perak
14 June 2014
PR1MA signed Heads of Agreement with
Perbadanan Kemajuan Negeri Perak and
MOCCIS to develop PR1MA Homes in Teluk
Intan
9 September 2014
Launched the start of construction of
PR1MA @ Seremban Sentral
11 September 2014
PR1MA signed a Master En-Bloc Purchase
Agreement (MEBPA) with Darulaman Realty
Sdn Bhd to build landed PR1MA homes in
Kuala Ketil, Kedah
2015
15 January 2015
Opened for Application Q1 – 7 projects
7 March 2015
PR1MA @ Putrajaya Precint 11 homeowners
received keys to their homes
15 June 2015
Opened for Application Q2 – 13 projects
27 June 2015
Signing of Master En-Bloc Purchase
Agreement (MEBPA) between PR1MA,
Lembaga Pembangunan Perumahan dan
Bandar (LPPB) and developer Visaland Sdn
Bhd – for PR1MA @ Kinarut, Sabah
11 July 2015
Balloting of PR1MA @ Cyberjaya 1
21 August 2015
Exchange of Document between PR1MA
and Maybank on the RM3 billion Bridging
Facility
21 August 2015
Launch of PR1MA Homebuyer Assistance
Programme
14 September 2014
MoU with Langkawi Development
Authority (LADA) to build landed homes
and apartments in Langkawi
21 October 2013
PR1MA announced the approval of
another 15 development projects to build
PR1MA homes in Selangor, Johor, Perak,
Pahang and Sabah
PR1MA @ Alam Damai
31
PROGRESS
UPDATES
Number of APPROVED
UNITS as at
21 august 2015
177,779
Number of UNITS
UNDER CONSTRUCTION
as at
21 august 2015
Number of UNITS
in PLANNING stage
as at
21 august 2015
48,257
128,639
projects open for application in q1 2015
7,116
PR1MA @ Melaka Tengah 1
UNITS
PR1MA @ Tebrau
• PR1MA @ BANDAR MERU RAYA, IPOH, PERAK • PR1MA @ KUALA KETIL, KEDAH • PR1MA @ TEBRAU, JOHOR BAHRU, JOHOR • PR1MA @ ALAM DAMAI, KUALA LUMPUR
32
PR1MA @ Sungai Petani 1
• PR1MA @ SUNGAI PETANI 1, KEDAH
• PR1MA @ BANDAR LAYANGKASA, JOHOR
• PR1MA @ MELAKA TENGAH 1
PROGRESS
UPDATES
projects open for application in q2 2015
PR1MA @ Jalan Jubilee, Bukit Bintang
9,342
PR1MA @ Kampung Paloh
UNITS
PR1MA @ Cyberjaya 1
• PR1MA @ TEBRAU, JOHOR BAHRU, JOHOR
• PR1MA @ MERU RAYA, IPOH, PERAK • PR1MA @ TAIPING, PERAK • PR1MA @ JALAN JUBILEE, BUKIT BINTANG, KUALA LUMPUR
• PR1MA @ BUKIT JALIL, KUALA LUMPUR • PR1MA @ BRICKFIELDS, KUALA LUMPUR • PR1MA @ PADANG MEHA, KEDAH
• PR1MA @ SUNGAI PETANI 2, KEDAH
• PR1MA @ KAMPUNG PALOH, PERAK
• PR1MA @ MELAKA TENGAH 2, MELAKA
• PR1MA @ KOTA MARUDU, SABAH
• PR1MA @ SANDAKAN 2, SABAH
• PR1MA @ CYBERJAYA 1, SELANGOR
33
PROGRESS
UPDATES
Johor
PR1MA @ Bandar Layangkasa (Phase 1)
PR1MA @ Tebrau, Mukim Plentong
kedah
melaka
PR1MA @ Sungai Petani 1
PR1MA @ Junjong, Kulim
PR1MA @ Padang Meha, Kulim
PR1MA @ Melaka Tengah 2
perak
PR1MA @ Bandar Meru Raya, Ipoh
34
PR1MA @ Kampung Paloh, Ipoh
PR1MA @ Taiping
PROGRESS
UPDATES
WP KUALA LUMPUR
PR1MA @ Bukit Bintang
PR1MA @ Alam Damai, Cheras
SELANGOR
PR1MA @ Cyberjaya 2, Sepang
PR1MA @ Cyberjaya 2, Sepang
perlis
PR1MA @ Padang Siding
35
PR1MA HOMES
NATIONWIDE
kedah 18,516 UNITS
perlis 4,876 UNITS
Kangar • Padang Besar • Padang Siding • Putra Heights,
Arau • Mukim Sena, Kangar • Ngulang, Mata Ayer • Titi
Tinggi, Padang Besar • Kampung Teritip, Kuala Perlis
penang 24,923 UNITS
Bayan Lepas • Teluk Kumbar • Batu Ferringhi • Bukit Gelugor
Bandar Gelugor • Bertam, Kepala Batas • Sungai Pinang,
Balik Pulau • Mukim 4, Permatang Pauh
perak 17,333 UNITS
Tapah • Bidor • Bidor 2 • Kinta 1 • Kinta 2 • Kampar • Gopeng • Taiping
Slim River • Teluk Intan • Sungai Pari • Bagan Serai • Chemor, Kinta
Simpang Pulai • Hulu Kinta, Ipoh • Pengkalan Aor • Mukim Lumut, Manjung
Simpang Pulai, Kinta • Kampung Paloh, Ipoh • Bandar Meru Raya, Ipoh
Sungai Siput, Kuala Kangsar • Bidor, Batang Padang • Bandar Seri Iskandar,
Perak Tengah
selangor 15,668 UNITS
Kajang • Cheras • Dengkil • Dengkil 2 • Cempaka • Sg.
Merab • Pandan Jaya • Pandan Indah • Bukit Serdang
Templer’s Park • Semenyih, Kajang • Cyberjaya, Sepang
Sg. Merab 2, Dengkil • Bandar Bukit Mahkota • Cyberjaya 2,
Sepang • Semenyih, Hulu Langat
putrajaya 560 UNITS
kuala lumpur 6,172 UNITS
Brickfields • Sungai Besi • Alam Damai, Cheras
Bukit Jalil • Setapak
negeri sembilan 9,594 UNITS
Seremban Utara • Seremban Sentral • Port Dickson • Rantau
Pedas, Rembau • Senawang • Rahang, Seremban
melaka 20,172 UNITS
Tanjung Kling • Tanjung Kling 2 • Ayer Keroh • Alor Gajah • Bukit Katil,
Ayer Keroh • Ayer Panas, Jasin • A’Famosa, Alor Gajah • Pulau Sebang,
Alor Gajah • Klebang, Melaka Tengah • Bachang, Melaka Tengah
Klebang 2, Melaka Tengah • Parit Melaka, Alor Gajah • Bukit Beruang,
Melaka Tengah • Durian Tunggal, Alor Gajah • Krubong, Melaka Tengah
Bukit Baru, Melaka Tengah • Padang Temu, Melaka Tengah • Taman Pokok
Mangga, Melaka Tengah • Taman Rumpun Bahagia, Melaka Tengah
36
Langkawi • Gurun • Jerlun • Pendang • Alor Setar • Sungai
Ular • Jungong, Kulim • Sungai Petani • Sungai Petani 2
Padang Meha, Kulim • Kuala Ketil (Phase 1) • Changlun, Kubang
Pasu • Changlun, Kubang Pasu • Kulim Hi-Tech, Kulim • Sintok,
Kubang Pasu • Pengkalan Kundor, Kota Setar • Durian Burung,
Kubang Pasu • Pengkalan Kundor 2, Kota Setar • College
Heights Utara, Kubang Pasu
PR1MA HOMES
NATIONWIDE
No. of units approved by
MOC as at 21 August 2015
kelantan 3,309 UNITS
Pasih Puteh • Pasir Mas • Tok Bali, Pasir Puteh • Pengkalan,
Pasir Puteh
terengganu 2,516 UNITS
KP Perdana, Kuala Terengganu • Hulu Nerus, Setiu • Batu Rakit,
Kuala Terengganu • Bukit Payung, Marang • Pulau Wan Man,
Kuala Terengganu
sabah 18,896 UNITS
Kota Marudu • Ranggu, Tawau • Papar, Silau • Kota
Murudu 2 • Tinagat, Tawau • Telipuk, Tuaran • Beaufort
Jaya, Beaufort • Inanam, Kota Kinabalu • Kabatangan,
Tuaran • Sepanggar, Menggatal • Jalan Buli Sim Sim,
Sandakan • Jalan Buli Sim Sim 2, Sandakan • Kinarut
South, Papar
pahang 10,115 UNITS
Gambang, Kuantan • Gambang 2, Kuantan • Gambang 3,
Kuantan • D’Marina, Kuantan • Bandar Damansara, Kuantan
Muadzam Shah, Pekan
Sarawak 10,651 UNITS
Vista Tunku, Kuching • Vista, Miri • Miri • Sibu Baru
Petrajaya, Kuching • Matang, Kuching • Semenggoh,
Padawan
johor 14,478 UNITS
Bandar Nusajaya • Skudai, Pulai • Labis, Segamat • Johor Bahru
Simpang Renggam • Kota Tinggi • Larkin, Johor Bahru • Tebrau,
Mukim Plentong • Taman Pelangi Indah, Tebrau • Masai, Johor
Bahru • Bandar Layangkasa (Phase 1) • Bandar Layangkasa (Phase 2)
Lebuh EDL, Plentong, Johor Bahru
TOTAL
177,779
UNITS
37
OUR
BRAND
38
PROPOSITION
BRAND ESSENCE
DESIRED CUSTOMER
TAKE-OUT
Home ownership
Liberation
PR1MA liberates me from
the shackles of renting
and enables me to
become a proud house
owner.
PROPOSITION
BRAND ESSENCE
DESIRED CUSTOMER
TAKE-OUT
Registration drive centre
Potential
PR1MA is set up to meet
the housing needs of
trapped middle-income
earners like me.
PROPOSITION
BRAND ESSENCE
DESIRED CUSTOMER
TAKE-OUT
Aids to ownership
Realise
PR1MA is with me all
the way with attractive
and special financing
packages.
PROPOSITION
BRAND ESSENCE
DESIRED CUSTOMER
TAKE-OUT
Community
privilege card
More
PR1MA thoughtfully
allows me to have
more just by registering
my interest in their
houses.
OUR
MARKET
Malaysian citizen
Priced between
RM100,000 - RM400,000
Single or
married
aged
21
and
above
Individual or
combined monthly
household income
between
PR1MA @ Bagan Serai
RM2,500 - RM10,000
39
DEVELOPMENT
PROCESS FLOW
PR1MA receives proposal
- Due diligence
- Feasibility studies
- Site visits
-Negotiations
1-2
months
MOC’s Approval
Development Order
Approved
3-12 months
(depends on
local authority)
Building Plan
Approved
Up to
6 months
(depends on
local authority)
Construction begins
24 months
for landed homes
PR1MA Homes
Delivered
40
36
months
for high-rise homes
CORPORATE
HIGHLIGHTS
National Housing Council Meeting on 16 December 2014
Media site visit in Johor Bahru on 26 January 2015
PR1MA BIM (Building Information Modelling) Townhall
on 27 January 2015
PR1MA’s working visit to the Chief Minister of Sarawak, YAB
Tan Sri (Dr) Adenan Bin Haji Satem on 9 February 2015
PR1MA @ Putrajaya Precint 11 homeowners received keys to
their homes on 7 March 2015
Media site visit in Sg. Petani on 15 March 2015
41
CORPORATE
HIGHLIGHTS
PR1MA launches registration programme at PDRM on
20 April 2015
Signing Ceremony between PR1MA, LPPB and Visaland for
PR1MA@ Kinarut, Sabah on 27 June 2015
PR1MA @ Cyberjaya 1 Balloting on 11 July 2015
PR1MA Hari Raya Staff Potluck on 31 July 2015
PR1MA Townhall with Developers on 13 August 2015
PR1MA organises Workshop with Stakeholders on
10 and 11 August 2015
Dialogue: National Housing Agenda (aired on Astro Awani
on 15 August 2015)
42
FINANCIAL
STATEMENTS
44
Auditor General’s Certiicate
46
Declaration by the Officer Primarily Responsible for the Financial
Management of Perbadanan PR1MA Malaysia
47
Statement by Chairman and a Member of Corporation
48
Statements of Financial Position
49
Statements of Profit or Loss and Other Comprehensive Income
50
Statements of Changes in Equity
51
Statements of Cash Flows
52
Note to the Financial Statements
43
Statements of financial
position
as at 31 December 2014
Note
Non-Current Assets
Plant and Equipment
Land held for Property Development
Investment in Subsidiaries
Total Non-Current Assets
Current Asstes
Other Receivables
Deposit with Financial Institutions
Cash and Bank Balance
Property Development Cost
Total Current Assets
TOTAL ASSETS
Equity
Development Fund
PFI Fund
Accumulated Surplus
Total Equity
Current Liability
Other Payable and Accruals
Provision for Taxation
Total Liability
TOTAL EQUITY AND LIABILITY
2013
RM
Corporation
2014
RM
2013
RM
3
4
5
5,245,281
236,962,726
242,208,007
411,656
411,656
5,245,281
236,962,726
6
242,208,013
411,656
4
411,660
6
7
2,928,636
404,181,658
12,350,998
339,340,623
758,801,914
1,001,009,921
580,806
536,060,510
3,668,544
31,795,800
572,105,660
572,517,316
2,961,343
404,181,658
12,301,033
339,340,618
758,784,652
1,000,992,665
586,078
536,060,510
3,668,544
31,795,800
572,110,932
572,522,592
9
9
654,999,971
300,000,000
34,804,470
989,804,441
359,999,982
150,000,000
57,097,209
567,097,191
654,999,971
300,000,000
34,884,515
989,884,486
359,999,982
150,000,000
57,112,481
567,112,463
10
11,205,480
11,205,480
1,001,009,921
3,596,055
1,824,070
5,420,125
572,517,316
11,108,179
11,108,179
1,000,992,665
3,586,059
1,824,070
5,410,129
572,522,592
8
Attached notes are to be read as part of this financial statement.
48
Group
2014
RM
Statements of profit or loss and
other comprehensive income
for the year ended 31 December 2014
Note
Revenue:
Operating Fund-PR1MA Bhd
Operating Fund
Development Fund
Finance Income
Expenditure:
Employment Expenses
Administrative Expenses
Travelling Expenses
Professional Fees
Utilities and Communications
Rental Charges
Media & Advertisement
Office Supplies
Surplus/(Deficit) Before Tax
Tax Expenses Year 2014
Tax Exemption for Year 2014
Surplus/(Deficit) for the year
11
12
13
14
15
Surplus/(Deficit) Income attributable to:
Corporation
Subsidiary
Group
2014
RM
2013
RM
Corporation
2014
RM
2013
RM
8,150,679
18,000,000
11
14,310,487
40,461,177
70,000,000
18
7,317,641
77,317,659
8,150,679
18,000,000
11
14,310,487
40,461,177
70,000,000
18
7,317,641
77,317,659
29,030,012
11,044,603
2,954,291
6,915,259
1,193,221
3,469,555
8,265,637
1,701,348
64,573,925
10,969,117
595,109
387,977
3,118,554
321,689
1,291,585
1,507,590
204,759
18,396,380
29,030,012
11,002,558
2,954,291
6,896,781
1,193,221
3,469,555
8,265,637
1,701,158
64,513,213
10,969,117
595,109
387,977
3,103,282
321,689
1,291,585
1,507,590
204,759
18,381,108
(24,112,748)
(1,824,070)
(22,288,679)
58,921,279
1,824,070
57,097,210
(24,052,036)
(1,824,070)
(22,227,966)
58,936,551
1,824,070
57,112,482
(22,227,966)
(60,713)
(22,288,678)
57,112,482
(15,272)
57,097,210
(22,227,966)
(22,227,966)
57,112,482
57,112,482
49
Statements of changes in equity
Operating
Fund
RM
Development
Fund
RM
PFI
Fund
RM
Total
RM
Deferred Income
At 19.12.2012 (date of incorporation)
Received in Year 2013
Total Expenses in Year 2013
At 31.12.2013/01.01.2014
360,000,000
(18)
359,999,982
150,000,000
150,000,000
510,000,000
(18)
509,999,982
Received during Current Year
Total Comprehensive Expenses for the period
At 31.12.2014
295,000,000
(11)
654,999,971
150,000,000
300,000,000
445,000,000
(11)
954,999,971
51,179,847
51,179,847
4,182,109
4,182,109
1,735,253
1,735,253
57,097,209
57,097,209
(35,431,069)
15,748,777
9,054,872
13,236,981
4,083,458
5,818,711
(22,292,739)
34,804,470
Deferred Income
At 19.12.2012 (date of incorporation)
Received in Year 2013
Total Expenses in Year 2013
At 31.12.2013/01.01.2014
360,000,000
(18)
359,999,982
150,000,000
150,000,000
510,000,000
(18)
509,999,982
Received during Current Year
Total Comprehensive Expenses for the period
At 31.12.2014
295,000,000
(11)
654,999,971
150,000,000
300,000,000
445,000,000
(11)
954,999,971
51,195,119
51,195,119
4,182,109
4,182,109
1,735,253
1,735,253
57,112,481
57,112,481
(35,366,926)
15,828,823
9,054,872
13,236,981
4,083,458
5,818,711
(22,227,966)
34,884,515
Group
Accumulated surplus
At 31.12.2013/01.01.2014
Surplus/(Deficit) for current year
At 31.12.2014
Corporation
Accumulated surplus
At 31.12.2013/01.01.2014
Surplus/(Deficit) for current year
At 31.12.2014
50
Statements of cash flows
Note
Cash flows from operating activities
Surplus/(Deficit) before tax
Adjustments for:
Interest income
Depreciation of plant and equipment
Grant amortisation
Deficit before changes in working capital
Changes in working capital:
Work in progress
Deposit and prepayment – Operating
Deposit and prepayment – Development
Other payables and accruals
Net cash used in operating activities
Group
2014
RM
2013
RM
Corporation
2014
RM
2013
RM
(22,288,679)
58,921,279
(22,227,966)
58,936,551
(14,108,344)
347,330
(26,150,690)
(62,200,382)
(7,296,554)
34,524
(70,000,018)
(18,340,769)
(14,108,344)
347,330
(26,150,690)
(62,139,669)
(7,296,554)
34,524
(70,000,018)
(18,325,497)
(236,990,008)
(2,347,830)
(70,558,875)
5,785,356
(366,311,739)
(262,587)
(580,806)
(31,533,213)
3,596,055
(47,121,320)
(236,985,943)
(2,375,265)
(70,558,875)
5,698,050
(366,361,701)
(262,587)
(586,078)
(31,533,213)
3,586,059
(47,121,316)
(5,180,956)
(236,962,726)
14,108,344
(228,035,340)
(446,180)
7,296,554
6,850,374
(5,180,956)
(236,962,726)
(2)
14,108,344
(228,035,340)
(446,180)
(4)
7,296,554
6,850,370
Cash flows from financing activitiy
Proceeds from government grant
Transfer of government grant (PR1MA Bhd)
Net cash generated from financing activity
463,000,000
8,150,679
471,150,679
580,000,000
580,000,000
463,000,000
8,150,679
471,150,679
580,000,000
580,000,000
Net increase in cash and cash equivalents
Cash and cash equivalent as at 01.01.2014
Cash and cash Equivalent as at 31.12.2014
(123,196,398)
539,729,054
416,532,656
539,729,054
539,729,054
(123,246,362)
539,729,054
416,482,692
539,729,054
539,729,054
Cash flows from investing activities
Acquisition of plant and equipment
Acquisition land held for property development
Investment in subsidiaries
Interest from short-term deposits
Net cash used in investing activities
3
3
Cash and Cash Equivalents
Cash and cash equivalents included in the statements of cash flows comprise the following statement of financial position amounts:
Group
Corporation
2014
2013
2014
2013
RM
RM
RM
RM
Short-term deposits with licensed bank
Cash and bank balance
404,181,658
12,350,998
416,532,656
536,060,510
3,668,544
539,729,054
404,181,658
12,301,033
416,482,692
536,060,510
3,668,544
539,729,054
51
Notes to the
financial statements
1. General Information
Perbadanan PR1MA Malaysia was gazetted as a corporation on 19 December 2012 and started operations on 12 March 2013.
The Corporation is incorporated and domiciled in Malaysia. The address of principle place of business and regitered office of the
Corporation is as follows:
Principal place of business and registered office:
7th Floor, Block F
No. 2, Jalan PJU 1A/7A
Oasis Square, Ara Damansara
47301 Petaling Jaya
Selangor Darul Ehsan
Perbadanan PR1MA Malaysia (PR1MA) was established under PR1MA Act 2012 to plan, develop, construct and maintain high-quality
housing with lifestyle concepts for middle-income households in key urban areas. For the financial year ended 31 December 2014,
subsidiaries of PR1MA were inactive.
The Corporation is administered by Members of Corporation. The Financial Statements were tabled and approved during the
Members of Corporation meeting held on 21 August 2015.
The consolidated financial statements of the Corporation as at and for the financial period ended 31 December 2014 comprise of the
Corporation and its subsidiaries (together referred to as “Group” and separately as “Group entity”).
2. Significant Accounting Policies
The accounting policies set out below have been applied consistently to the periods presented in these financial statements.
(a) Statement of compliance
The financial statements of the Corporation have been prepared in accordance with Malaysian Financial Reporting Standards
(“MFRS”), International Financial Reporting Standards and PR1MA Act, 2012 in Malaysia.
The following are accounting standards, amendments and interpretations of the MFRS framework that have been issued by the
Malaysian Accounting Standards Board (MASB) but have not been adopted by the Corporation:
MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 July 2014:
• Amendments to MFRS 1, First-time Adoption of Financial Reporting Standards (Annual Improvements 2011-2013 Cycle)
• Amendments to MFRS 2, Share-based Payment (Annual Improvements 2010-2012 Cycle)
• Amendments to MFRS 3, Business Combinations (Annual Improvements 2010-2012 Cycle and 2011-2013 Cycle)
• Amendments to MFRS 8, Operating Segments (Annual Improvements 2010-2012 Cycle)
• Amendments to MFRS 13, Fair Value Measurement (Annual Improvements 2010-2012 Cycle and 2011-2013 Cycle)
• Amendments to MFRS 116, Property, Plant and Equipment (Annual Improvements 2010-2012 Cycle)
• Amendments to MFRS 119, Employee Benefits – Defined Benefit Plans: Employee Contributions
• Amendments to MFRS 124, Related Party Disclosures (Annual Improvements 2010-2012 Cycle)
• Amendments to MFRS 138, Intangible Assets (Annual Improvements 2010-2012 Cycle)
• Amendments to MFRS 140, Investment Property (Annual Improvements 2011-2013 Cycle)
52
Notes to the
2. Significant Accounting Policies (continued)
(a) Statement of compliance (continued)
MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2016:
• Amendments to MFRS 5, Non-current Assets Held for Sale and Discontinued Operations (Annual Improvements 2012-2014
Cycle)
• Amendments to MFRS 7, Financial Instruments: Disclosures (Annual Improvements 2012-2014 Cycle)
• Amendments to MFRS 10, Consolidated Financial Statements and MFRS 128, Investments in Associates and Joint Ventures
- Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
• Amendments to MFRS 10, Consolidated Financial Statements, MFRS 12, Disclosure of Interests in Other Entities and MFRS
128, Investments in Associates and Joint Ventures – Investment Entities: Applying the Consolidation Exception
• Amendments to MFRS 11, Joint Arrangements – Accounting for Acquisitions of Interests in Joint Operations
• Amendments to MFRS 101, Presentation of Financial Statements – Disclosure Initiative
• Amendments to MFRS 116, Property, Plant and Equipment and MFRS 138, Intangible Assets – Clarification of Acceptable
Methods of Depreciation and Amortisation
• Amendments to MFRS 119, Employee Benefits (Annual Improvements 2012-2014 Cycle)
• Amendments to MFRS 127, Separate Financial Statements – Equity Method in Separate Financial Statements
• Amendments to MFRS 134, Interim Financial Reporting (Annual Improvements 2012-2014 Cycle)
The Group and Corporation plans to apply the abovementioned accounting standards, amendments and interpretations:
• from the annual period beginning on 1 January 2015 for those accounting standards, amendments or interpretations that
are effective for annual periods beginning on or after 1 July 2014,
• from the annual period beginning on 1 January 2016 for those accounting standards, amendments or interpretations that
are effective for annual periods beginning on or after 1 January 2016.
The initial application of the accounting standards, amendments and interpretations are not expected to have any material
financial impacts to the current period and prior period financial statements of the Group and the Corporation.
The Group and the Corporation falls within the scope of IC Interpretation 15, Agreements for the Construction of Real Estate.
Therefore, the Group and the Corporation is currently exempted from adopting the Malaysian Financial Reporting Standards
(“MFRS”) and is referred to as a “Transitioning Entity”.
(b) Basis of Preparation
The financial statements was prepared in accordance with historical costs and approved accounting standards.
(c)Basis of Consolidation
(i)Subsidiaries
Subsidiaries are entities, including unincorporated entities, controlled by the Corporation. The financial statements of
subsidiaries are included in the consolidated financial statements from the date that control commences until the date
control ceases.
Control exists when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the
ability to affect those returns through its power over the entity. Potential voting rights are considered when assessing control
only when such rights are substantive.
53
Notes to the
(c) Basis of Consolidation (continued)
(i) Subsidiaries (continued)
The Group considers it has de facto power over an investee when, despite not having the majority of voting rights, it has the
current ability to direct the activities of the investee that significantly affect the investee’s return.
Investment in subsidiaries is measured in Corporation’s statement of financial position at cost less any impairment losses.
The cost of investment includes transaction costs.
(ii) Business Combinations
Business combinations are accounted for using the acquisition method from the acquisition date, which is the date on
which control is transferred to the Group.
Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection
with a business combination are expensed as incurred.
(iii) Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions,
are eliminated in preparing the consolidated financial statements.
(iv) Joint arrangements
A joint arrangements is an agreements and arrangements in which the Group has joint control, as stipulated in the contract
that require unanimous consent regarding activities that will affects the distribution of profits.
Joint ventures are classified and accounted for as follows:
• Joint arrangements classified as “joint operations” when the Group or the Corporation has rights to the assets and
obligations for the liabilities might be in the agreement. The Group and the Corporation consider and report on any
part of the assets, liabilities and transactions, including the portion that is held or is shared by other investors, in
relation to joint operations.
• Joint arrangements classified as “joint ventures” when the Group and the Corporation has the right only to approximate
the net assets. Group account and report its interest in the joint venture using the equity method. Investments in joint
ventures are measured through the Corporation’s statement of financial position at cost after impairment losses,
unless the investment is classified as held for sale or distribution. The investment cost including transaction costs.
(d)Financial Instruments
(i) Initial recognition and measurement
A financial asset or a financial liability is recognised in the statement of financial position when, and only when, the Group
or the Corporation becomes a party to the contractual provisions of the instrument.
A financial instrument is recognised initially, at its fair value plus, in the case of a financial instrument not at fair value
through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial instrument.
54
Notes to the
(d)Financial Instruments (continued)
(ii)Financial instrument categories and subsequent measurement
The Group and the Corporation categorise financial instruments as follows:
Financial Assets
Loans and receivables
Loans and receivables category comprises debt instruments that are not quoted in an active market, deposits and cash
and cash equivalents.
Financial assets categorised as loans and receivables are subsequently measured at amortised cost using the effective
interest method.
All financial assets are subject to review for impairment (see Note 2(i)).
Financial Liabilities
All financial liabilities are subsequently measured at amortised cost. (iii)Derecognition
A financial asset or part of it is derecognised when, and only when the contractual rights to the cash flows from the financial
asset expire or the financial asset is transferred to another party without retaining control or substantially all risks and
rewards of the asset.
On derecognition of a financial asset, the difference between the carrying amount and the sum of the consideration
received (including any new asset obtained less any new liability assumed) and any cumulative gain or loss that had been
recognised in equity is recognised in profit or loss.
A financial liability or a part of it is derecognised when, and only when, the obligation specified in the contract is discharged
or cancelled or expires. On derecognition of a financial liability, the difference between the carrying amount of the financial
liability extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred
or liabilities assumed, is recognised in profit or loss.
(iv)Financial risk management objectives and policies
The Group and Corporation has exposure to the following risks from its use of financial instruments:
• Credit risks
• Liquidity risks
55
Notes to the
(d)Financial Instruments (continued)
(v) Credit risk
Loans and receivables
Risk management objectives, policies and processes for managing the risk
The Group and Corporation’s primary exposure to credit risk arises through its receivables. The management has an
informal credit policy in place and the exposure to credit risk is monitored on an ongoing basis.
Exposure to credit risks
The maximum exposure to credit risk for the Group and Corporation is represented by the carrying amount of the receivables
presented in the statement of financial position. As at end of the reporting period, there was no indication that loans and
receivables are not recoverable.
(vi) Liquidity risks
Liquidity risk is the risk that the Group and the Corporation will not be able to meet its financial obligations as they fall due.
The Group and the Corporation’s exposure to liquidity risk arises principally from its payables.
The Corporation monitors and maintains a level of cash and cash equivalents deemed adequate by management to
ensure, as far as possible, that it will have sufficient liquidity to meet its liability when they fall due. The Corporation’s
financial liabilities as at the end of the reporting period is expected to be settled in less than one year.
(vii)Fair value of financial instruments
The carrying amount of cash and cash equivalents, deposits and other payables and accruals approximate their fair value
due to the relatively short-term nature of these financial instruments.
(e)Plant and equipment
(i) Recognition and measurement
Items of plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment
losses.
Cost includes expenditures that are directly attributable to the acquisition of the asset and any other costs directly attributable
to bringing the asset to working condition for its intended use, and the costs of dismantling and removing the items and
restoring the site on which they are located. The cost of self-constructed assets also includes the cost of materials and direct
labour.
56
Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.
When significant parts of an item of plant and equipment have different useful lives, they are accounted for as separate
items (major components) of plant and equipment.
Notes to the
(e)Plant and equipment (continued)
(i) Recognition and measurement (continued)
The gain or loss on disposal of an item of plant and equipment is determined by comparing the proceeds from disposal
with the carrying amount of plant and equipment and is recognised net within “other income” and “other expenses”
respectively in profit or loss.
(ii) Subsequent costs
The cost of replacing a component of an item of plant and equipment is recognised in the carrying amount of the item if
it is probable that the future economic benefits embodied within the component will flow to the Group or the Corporation,
and its cost can be measured reliably. The carrying amount of the replaced component is derecognised to profit or loss.
The costs of the day-to-day servicing of plant and equipment are recognised in profit or loss as incurred.
(iii)Depreciation
Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are
assessed, and if a component has a useful life that is different from the remainder of that asset, then that component is
depreciated separately.
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an
item of plant and equipment.
The estimated useful lives for the current periods are as follows:
• Computer equipment • Furniture and fixtures • Motor Vehicle
3 years
10 years
5 years
Depreciation methods, useful lives and residual values are reviewed at the end of the reporting period and adjusted as
appropriate.
(f) Land held for property development
Land held for property development consists of land costs where no development activities are carried out or where development
activities are not expected to be completed within the normal operating cycle. Such land costs are carried at cost less any
accumulated impairment losses.
Costs associated with the acquisition of land include the purchase price of the land, professional fees, stamp duties,
commissions, conversion fees and other relevant levies. Pre-acquisition costs are charged to profit or loss as incurred unless
such costs are directly identifiable to the consequent property development activity.
Land held for property development costs are transferred to current asset when development activities have commenced and
where it can be demonstrated that the development activities can be completed within the normal operating cycle.
57
Notes to the
(g) Property development Cost
Current property development costs comprise all costs that are directly attributable to development activities or that can be
allocated on a reasonable basis to such activities.
Where development activity can be reliably estimated, revenue and expense from Property Development is recognized in the
income statement using percentage of completion method. The percentage of completion is derived by using the property
development costs incurred for work done during the period over the estimated total property development costs.
When development activity cannot be estimated on a reasonable basis, revenue from property development is recognized only
to the extent where property development costs incurred is recoverable and where property development costs on property
sold are recognized as an expense in the period in which it incurred. Any expected loss on a development project, including
costs to be incurred over the defects liability period will be expensed off immediately.
Current property development costs not recognised as an expense are recognised as an asset.
The excess of revenue recognised in the income statement over accrued billings to purchasers is classified as accrued billings
within trade receivables and the excess if billings to purchasers over revenue recognised in the income statement is classified
as progress billings within trade payables.
(h) Cash and cash equivalents
Cash and cash equivalents consist of cash on hand, balances and deposits with banks which have an insignificant risk of
changes in fair value.
Cash and cash equivalents are categorised and measured as loans and receivables in accordance with policy Note 2(d)(ii).
(i) Value impairment
(i)Financial assets
58
All financial assets are assessed at each reporting date whether there is any objective evidence of impairment as a result
of one or more events having an impact on the estimated future cash flows of the asset. Losses expected as a result of
future events, no matter how likely, are not recognised. For an investment in an equity instrument, a significant or prolonged
decline in the fair value below its cost is an objective evidence of impairment.
An impairment loss in respect of loans and receivables is recognised in profit or loss and is measured as the difference
between the asset’s carrying amount and the present value of estimated future cash flows discounted at the asset’s original
effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account.
If, in a subsequent period, the fair value of a debt instrument increases and the increase can be objectively related to an
event occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed, to the extent that
the asset’s carrying amount does not exceed what the carrying amount would have been had the impairment not been
recognised at the date the impairment is reversed. The amount of the reversal is recognised in profit or loss.
Notes to the
(i) Value impairment (continued)
(ii) Other assets
The carrying amounts of other assets are reviewed at the end of each reporting period to determine whether there is any
indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated.
For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash
inflows from continuing use that are largely independent of the cash inflows of other assets or cash-generating units.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs of
disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cashgenerating unit.
An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its estimated
recoverable amount.
Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units
are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit (group of cashgenerating units) and then to reduce the carrying amounts of the other assets in the cash-generating unit (groups of cashgenerating units) on a pro rata basis.
In respect of other assets, impairment losses recognised in prior periods are assessed at the end of each reporting period
for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a
change in the estimates used to determine the recoverable amount since the last impairment loss was recognised. An
impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that
would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Reversals
of impairment losses are credited to profit or loss in the financial year in which the reversals are recognised.
(j) Other income
Government grants
Goverment grants received by the Corporation are as follows:
a) Operating Fund
b)Development Fund
c)Private Funding Initiative (PFI) Fund
Operating Fund is to be used to fund and ensure the survival of the Corporation’s programmes and support activities. Grant for
operating is recognised in statement of income as other incomes in same year of receipt.
59
Notes to the
(j) Other income (continued)
Development and PFI Funds are fund received from the Government for the development and construction of PR1MA homes.
The Development and PFI Funds were at first recognised as deferred incomes. They will be systematically recognised as other
incomes in statement of income at fair value during same period when expenses are recognised. Likewise, grant related to
compensation for capital expenditure incurred are recognised in profit or loss as other incomes on a systematic basis over the
useful life of assets i.e. depreciation and amortisation of assets.
Interest income
Interest income is recognised as it accrues using the effective interest method in profit or loss.
(k) Employee Benefit
Short-term employee benefit obligations in respect of salaries, annual bonuses, paid annual leave and sick leave are measured
on an undiscounted basis and are expensed as the related service is provided.
A liability is recognised for the amount expected to be paid under short-term cash bonus if the Corporation has a present legal
or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be
estimated reliably.
The Corporation’s contribution to statutory pension funds is charged to profit or loss in the period to which they relate. Once the
contributions have been paid, the Corporation has no further payment obligations.
(l) Income tax
60
Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except to
the extent that it relates to a business combination or items recognised directly in equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted
or substantively enacted by the end of the reporting period. Deferred tax is recognised using the liability method, providing
for temporary differences between the carrying amounts of assets and liabilities in the statement of financial position and
their tax bases. Deferred tax is not recognised for the initial recognition of assets or liabilities in a transaction that is not a
business combination and that affects neither accounting nor taxable profit or loss. Deferred tax is measured at the tax rates
that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or
substantively enacted by the end of the reporting period.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and
they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they
intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the
temporary difference can be utilised. Deferred tax assets are reviewed at the end of each reporting period and are reduced to
the extent that it is no longer probable that the related tax benefit will be realised.
Notes to the
3. Plant and equipment
Computer
equipment
RM
Cost
At 19.12.2012
Addition
At 31.12.2013/01.01.2014
Addition
Transferred
At 31.12.2014
Accumulated depreciation
At 19.12.2012
Charge for the period
At 31.12.2013/01.01.2014
Charge for the period
At 31.12.2014
Carrying amount
At 31.12.2014
Group and Corporation
Furniture
Motor
and fittings
vehicle
RM
RM
Total
RM
287,299
287,299
1,101,541
158,881
158,881
1,387,143
366,398
446,180
446,180
2,855,082
880,739
2,269,579
750,985
2,297,009
694,149
1,060,547
2,325,874
5,627,136
29,393
29,393
239,851
269,244
5,131
5,131
40,950
46,081
66,529
66,529
34,524
34,524
347,330
381,854
2,000,335
2,250,928
994,018
5,245,281
4. Land held for property development
2014
2013
RM
RM
At 01 January:
Freehold Land
Leasehold land
Additional :
Freehold Land
Leasehold land
Total Cost/Brought forward amount as at 31 December
-
-
236,962,726
236,962,726
-
61
Notes to the
5. Investment in subsidiaries
Corporation
2014
RM
Investment in subsidiaries, at cost
6
Details of the subsidiaries incorporated in Malaysia are as follows:
Effective ownership
and voting rights
Companies incorporated in Malaysia
PR1MA Asset Management Sdn. Bhd.
formerly known as Paramount Villa Sdn. Bhd.
2013
100%
PR1MA Development Sdn. Bhd.
formerly known as Paramount Hub Sdn. Bhd.
100%
2014
100%
PR1MA Communications Sdn. Bhd.
Principal Activities
To manage completed PR1MA
homes and commercial complexes.
To develop and construct PR1MA
homes and commercial complexes.
To provide telecommunication
services and information
technology for the development
of PR1MA homes and PR1MA
commercial complexes.
6. Other receivables
Group
2014
RM
Other receivables
Amount due from subsidiaries
Prepayments
Deposit
Accrued Interest on Short-term Deposit
62
85,491
1,107,423
880,643
855,079
2,928,636
2013
RM
195,473
136,388
248,945
580,806
The amounts due from subsidiaries are unsecured, interest free and repayable on demand.
Corporation
2014
RM
65,491
52,707
1,107,423
880,643
855,079
2,961,343
2013
RM
195,473
5,272
136,388
248,945
586,078
Notes to the
7. Deposit with Financial Institutions
Short-term deposit:
i) Bank Kerjasama Rakyat Malaysia Bhd
ii) Malaysia Building Society Bhd
iii) Malayan Banking Bhd
Operation
Fund
RM
Development
and PFI Fund
RM
13,693,638
13,693,638
156,166,183
130,617,282
103,704,556
390,488,021
Although the amount of deposit in financial institutions is high for period ended 31 December 2014, most of the sum have been
allocated for purchase of land for approved projects in year 2013 and 2014. Payment for the said purchase of land was only made
during the first quarter of 2015 at estimated amount of RM250 million.
8.Property Development Cost
2014
2013
RM
RM
At 01 January:
Land
Freehold Land
Leasehold Land
Development Cost
Additional:
Land
Freehold Land
Leasehold Land
Development Cost
Property Development Cost as at 31 December
4,600,213
26,933,000
262,587
31,795,800
-
83,776,676
52,540,930
171,227,211
339,340,618
4,600,213
26,933,000
262,587
31,795,800
63
Notes to the
9.Equity
At 01 January 2014
Grants received
Amortisation of grant related to development expenditure
Balance as at 31 December 2014
Development
Fund
2014
RM
PFI Fund
2014
RM
Total
2014
RM
359,999,982
295,000,000
(11)
654,999,971
150,000,000
150,000,000
300,000,000
509,999,982
445,000,000
(11)
954,999,971
The Government Grant received by the Corporation during the financial year was utilised for development expenditures incurred by
the Corporation. There were no specific terms and conditions attached to the grants. During the period, RM11 was recognised as
other income in statement of profit or loss.
10. Other payables and accruals
Group
2014
RM
Other payables
Amounts due to subsidiaries
11,205,480
11,205,480
2013
RM
3,596,055
3,596,055
Corporation
2014
RM
11,108,179
6
11,108,185
2013
RM
3,596,055
4
3,596,059
The amounts due to subsidiaries are unsecured, interest free and repayable on demand.
11. Employment Expenses
Group
2014
RM
Salary
Bonus
Housing Allowance
Car and Petrol Allowance
Cost of Living Allowance
Overtime
Other Allowance
EPF (Employer)
SOCSO (Employer)
Pension Funds
Members of Corporation Fees
Contract and Temporary Staff
64
15,936,704
8,155,429
108,000
1,194,544
252,637
181,210
19,149
2,454,459
80,888
37,878
463,500
145,614
29,030,012
2013
RM
6,211,216
2,526,662
63,000
479,545
82,072
88,075
1,070,821
30,581
4,996
367,750
44,399
10,969,117
Corporation
2014
RM
15,936,704
8,155,429
108,000
1,194,544
252,637
181,210
19,149
2,454,459
80,888
37,878
463,500
145,614
29,030,012
2013
RM
6,211,216
2,526,662
63,000
479,545
82,072
88,075
1,070,821
30,581
4,996
367,750
44,399
10,969,117
Notes to the
12. Professional Fees
Group
2014
RM
Research and development
Legal fees
Consultancy fees
Human resources and payroll services
Audit and tax fees
Tender and registration fees
Secretarial fees
Land and surveyor fees
252,620
2,083,779
4,205,153
76,736
59,471
24,016
228,484
6,915,259
2013
RM
1,291,035
1,400,514
359,490
32,506
27,173
7,680
155
3,118,553
Corporation
2014
RM
252,620
2,083,779
4,205,153
76,736
25,993
24,016
228,484
6,896,781
2013
RM
1,291,035
1,400,514
359,490
32,506
17,173
2,408
155
3,103,281
13. Rental Charges
Group
2014
RM
Office rental
Office services and administration fees
Other rental
Office security and safety
Storage or warehouse rental
Printer rental
2,450,940
755,604
54,737
119,019
41,700
47,555
3,469,555
2013
RM
956,483
276,335
28,997
16,700
13,070
1,291,585
Corporation
2014
RM
2,450,940
755,604
54,737
119,019
41,700
47,555
3,469,555
2013
RM
956,483
276,335
28,997
16,700
13,070
1,291,585
14. Media and Advertisement
Group
2014
RM
MEDIA - Creative Cost and Fee
MEDIA - Printings
MEDIA - Electronics
MEDIA - News and Social
MEDIA - Collaterals
MEDIA - Production Costs
Public Relation and Communication
Event and Exhibition Booth
Advertisement
Photography and Video
1,274,954
1,222,206
1,044,789
662,048
519,438
835,619
831,159
1,617,592
236,831
21,000
8,265,637
2013
RM
742,000
70,214
125,820
65,631
48,678
223,500
220,274
9,673
1,800
1,507,590
Corporation
2014
RM
1,274,954
1,222,206
1,044,789
662,048
519,438
835,619
831,159
1,617,592
236,831
21,000
8,265,637
2013
RM
742,000
70,214
125,820
65,631
48,678
223,500
220,274
9,673
1,800
1,507,590
65
Notes to the
15. Tax Exemption
Taxation at the statutory tax rate Malaysia by 25%
Return on tax-exempt
Tax expense
Group
RM
Corporation
RM
1,824,070
(1,824,070)
-
1,824,070
(1,824,070)
-
According to section 127 (3A) of the Income Tax Act 1967, the Ministry of Finance has granted to the Corporation tax exemption on
statutory income for all sources of income for a period of ten years from the year of assessment 2013 until 2022.
16. Capital Management
The Group and the Corporation’s capital is represented by its total equity in the statement of financial position. The Directors monitor
the adequacy of capital on an ongoing basis. There is no external capital requirement imposed on the Group and the Corporation.
There was no change in the Corporation’s approach to capital management during the financial period.
17. Capital and Other Commitments
Capital expenditure commitments
Property development costs allowed
Group and
Corporation
2014
RM
Group and
Corporation
2013
RM
18,277,705,566
11,425,708,991
18. Related Parties
For the purposes of these financial statements, parties are considered to be related to the Group if the Group or the Corporation has
the ability, directly or indirectly, to control or jointly control the party or exercise significant influence over the party in making financial
and operating decisions, or vice versa, or where the Group or the Corporation and the party are subject to common control. Related
parties may be individuals or other entities.
Related parties also include key management personnel defined as those persons having authority and responsibility for planning,
directing and controlling the activities of the Group either directly or indirectly. Key management personnel includes all the Directors
of the Group, and certain members of senior management of the Group.
The Group and the Corporation have related party relationships with its key management personnel and subsidiaries as disclosed
in Note 5, Note 6 and Note 10.
66
Notes to the
19. Significant Event in 2014
PR1MA Berhad is an entity established to set-up PR1MA Corporation Malaysia. PR1MA Berhad and PR1MA Corporation Malaysia
are two separate entities.
On 16 April 2013, the Board of Directors of PR1MA Berhad passed a resolution to transfer (migrate) from PR1MA Berhad to
Corporation. All contracts, agreements and understandings under PR1MA Berhad were transferred to the Corporation. In
November and December 2014, the transfer of account balances under PR1MA Berhad to Corporation were made as follows:
RM
Non-Current Asset
Current Asset
Cash in Hand and Bank Balance
Total Asset
8,035,047.64
453,134.00
74,688.89
8,562,870.53
Current Liabilities
Deferred Income
Total Equity and Liability
412,192.02
8,150,678.51
8,562,870.53
All these transfers were recorded in detail in the book of the Corporation for the financial year 2014.
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annual report 2014 - Perbadanan PR1MA Malaysia

Transcription

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