QUARTERLY   REPORT
                                                                                                                                                      30 December 1999
SELANGOR   PROPERTIES   BERHAD
(5199-X)
(Incorporated in Malaysia)

Quarterly report on consolidated results for the financial quarter ended 31st October 1999. The figures have not been audited.

CONSOLIDATED INCOME STATEMENT
	INDIVIDUAL	QUARTER	CUMULATIVE	QUARTER	
	CURRENT	PRECEDING YEAR	CURRENT	PRECEDING YEAR	
	YEAR	CORRESPONDING	YEAR	CORRESPONDING	
	QUARTER	QUARTER	TO DATE	PERIOD	
	31/10/1999	31/10/1998	31/10/1999	31/10/1998	
	RM’000	RM’000	RM’000	RM’000	
					
1   (a)  Turnover	134,352		215,122	87,727	
     (b)  Investment income	62,115		89,678	                   -	
     (c)  Other income including interest income	41,302		72,228	25,666	
2   (a)  Operating profit/(loss) before
           interest on borrowings, depreciation and
           amortisation, exceptional items, income tax,
           minority interests and extraordinary items	78,457		153,026	80,894	
     (b)  Interest on borrowings	(5,306)		(10,793)	(5,103)	
     (c)  Depreciation and amortisation	(722)		(3,494)	(3,533)	
     (d)  Exceptional items					
     (e)  Operating profit/(loss) after
           interest on borrowings, depreciation and
           amortisation and exceptional items but
           before income tax, minority interests and
           extraordinary items	72,429		138,739	72,258	
     (f )  Share in the results of associated companies	(2,344)		608	5,830	
     (g)  Profit/(loss) before taxation, minority
           interests and extraordinary items   	70,085		139,347	78,088	
     (h)  Taxation	(4,422)		(4,675)	(9,184)	
     (i)   (i)   Profit/(loss) after taxation
                 before deducting minority interests	65,663		134,672	68,904	
           (ii)  Less minority interests	312		1,338	546	
     (j)   Profit/(loss) after taxation
           attributable to members of the company	65,351		133,334	68,358	
     (k)  (i)   Extraordinary items   					
           (ii)  Less minority interests					
           (iii) Extraordinary items attributable to
                members of the company					
     (l)   Profit/(loss) after taxation and extraordinary
           items attributable to members of the
           company	65,351		133,334	68,358	
3   (a)  Earnings per share based on 2(j) above after
           deducting any provision for preference
           dividends, if any:-					
           (i)  Basic (based on 343,616,761
                ordinary shares) (sen)
           (ii) Fully diluted (based on 343,616,761
                ordinary shares) (sen)	19.02		38.80	19.89	
4   (a)  Dividend per share (sen)
     (b)  Dividend Description	11.00
Final				
AS AT END OF CURRENT QUARTER                  AS AT PRECEDING FINANCIAL YEAR END	
5   Net Tangible Assets per share (RM)	2.73		2.43	

CONSOLIDATED BALANCE SHEET
	AS AT	AS AT	
	END OF	PRECEDING	
	CURRENT	FINANCIAL	
	QUARTER	YEAR END	
	31/10/1999	31/10/1998	
	RM’000	RM’000	
			
1   Fixed Assets	20,563	14,109	
2   Investment in Associated Companies	130,121	191,490	
3   Long Term Investments	411,538	242,526	
4   Intangible Assets	1,115	1,112	
5   Development Properties	260,340	244,172	
6   Long Term Loan	42,000	           -	
	865,677	693,409	
7   Current Assets			
         Stocks	92	112	
         Trade Debtors	106,217	2,962	
         Short Term Investments	259,417	23,454	
         Cash	31,736	4,416	
         Deposits with Financial Institutions	301,458	511,775	
         Mortgage Loans	1,402	1,686	
         Other Debtors	42,345	52,435	
         Due from Associated Companies
         Construction in Progress	50,525
        64,336	39,103
           -	
	857,528	635,943	
			
8   Current Liabilities			
         Short Term Borrowings	16,920	          -	
         Trade Creditors	1,287	863	
         Other Creditors	331,914	278,424	
         Provision for Taxation	3,100	7,922	
         Fees Received in Advance	6,557	6,740	
         Proposed Dividend	30,994	24,740	
         Due to Holding Company	59,909	631	
         Due to a Director 	110	20,159	
	450,791	339,479	
			
9   Net Current Assets	406,737	296,464	
	1,272,414	989,873	
			
10 Shareholders’ Funds			
     Share Capital	343,617	343,617	
     Reserves			
         Share Premium	201,754	201,754	
         Revaluation Reserve	24,120	11,497	
         Capital Reserve	48,195	63,870	
         Retained Profit
         Exchange Fluctuation Reserve	320,464
207	213,763
            -	
	594,740	490,884	
			
11  Minority Interests	3,440	2,102	
12  Long Term Borrowings	318,981	130,130	
13  Deferred Taxation	11,636	7,103	
14  Due to a Related Company	       -	16,037	
	1,272,414	989,873	

15  Net tangible assets per share (RM)	
2.73	
2.43	

NOTES

1.	There has been no change in the accounting policies and methods of computation of this quarterly financial 	statements compared with the most recent annual financial statement.

2.	There is no exceptional item.

3.	There is no extraordinary item.

4.	The tax figures do not contain any deferred tax and/or adjustment for under or over-provisions in respect of prior 	years.

5.	There is pre-acquisition profits of RM10,758,677 with the completion of the acquisition of the remaining 50% of the shares of Damansara Development Sdn. Bhd.

6.	The profits from sale of investment for the current financial year to date totalled RM89,677,633      .                                   

7.	Particulars of Purchase or Disposal of Quoted Securities
      (a)     Summary of Dealings In Quoted Securities:        	RM’000	
                Total Purchases	728,164	
                Total Disposals      	773,783	
                Total Profit on Disposal	  45,619	

       (b)     Investments in Quoted Securities:	RM’000	
                Total investments at cost	273,351	
                Total investments at carrying value/book value 
                (after provision for diminution in value)	259,417
	
                Total investment at market value at end of reporting period	283,154	

8.	Damansara Development Sdn. Bhd., became a wholly owned subsidiary of the company on 18th October 1999 with the completion of the acquisition by Chong Chook Yew Sdn. Bhd. There are no other changes in the composition of the company for the current financial year to date including business combinations, acquisition or disposal of subsidiaries and long term investments, restructuring and discontinuing operations.

9.	Status of Corporate Proposals
(a)	Acquisition of remaining 50% equity interest in Damansara Developments Sdn. Bhd. for RM85.6 million from and sale of Ukay Heights apartments and other properties for RM72.1 million to E & O Berhad’s subsidiaries: Completed.
(b)	Acquisition of landed properties for RM88.7 million from Chong Khoon Lin Sdn. Bhd.: Completed.
(c)	Employees’ Share Option Scheme(‘ESOS’): Shareholders’ authorisation for the Board of Directors to establish and administer the ESOS received on 26th November 1999 and only the Securities Commission and Kuala Lumpur Stock Exchange approvals remain outstanding.

10.	The company’s properties and investments are affected by economic cycles but judicious and early industrial and geographical diversifications enabled the company to manage their negative impacts and continue investing in the more promising activities and areas to enhance long-term profitability. 	

11.	There were no issuance and repayment of debt and equity securities, share buy-backs, share cancellations, shares 	held as treasury shares and resale of treasury shares for the current financial year to date.

12. 	Group Borrowings and Debt Securities as at the end of the reporting period:-
Security	Currency	Short Term	Long Term	Total	
Secured	JPY	RM  16,919,985 	-	RM  16,919,985	
Unsecured	AUD	-	RM  71,108,000	RM  71,108,000	
Secured	AUD	            -	RM247,873,263	RM247,873,263	
Total 	AUD	RM  16,919,985	RM318,981,263	RM335,901,248	

13.	Contingent Liabilities: Corporate guarantee given in support of a AUD29,000,000 (RM71,108,000) credit facility granted to the bare trustee of a wholly owned subsidiary.

14.	Off Balance Sheet Financial Instruments:
Contract Date	28/5/99	25/9/98	Total	
Currency	AUD	AUD	AUD	
Notional Cover	RM49,040,000	RM12,260,000	RM61,300,000	
Cover Dates	16/7/98-16/7/01	19/10/98-19/10/00		
Cap Rate	6.00%	5.00%		
Floor Rate	4.75%			
Settlement Dates	Quarterly	Quarterly		
	The contracts are with the banks granting the company credit facilities to hedge our exposure to possible increase of 	Australian interest rates. The credit risks are that of our lenders and the market risk is the cost of the cash premiums 	and/or the higher floor interest rates that we are committed to pay if Australian interest rates decline.

15.	There is no pending material litigation.

16.	Segmental Reporting:
      By industries:	Turnover	Profit/(Loss) before Taxation	Tangible Assets Employed	
	RM	RM	RM	
      Property and other investment holding	174,026,898	132,103,467	1,710,989,550	
      Hotel and catering	5,358,787	(1,338,977)	21,257,852	
      Education	33,265,899	8,497,645	45,047,041	
      Others	1,522,843	(522,777)	368,397	
	214,174,427	138,739,358	1,777,662,840	
      Group’s share of associated companies results	947,144	607,879		
	215,121,571	139,347,237		
				
17.	The recognition of profits from the sale of Ukay Heights apartments and other properties as well as from investments account for most of this quarter’s increase in the profit before taxation.

18. The profits from the sale of properties to Ambangan Puri Sdn. Bhd., the partial recognition of our share of the profits in the joint venture developing the 112 luxury holiday apartments and retail component in Noosa, Queensland and the continuation of the general turnaround in the other activities of the company have contributed to the results of the period reported. The market volatility and economic cycles create opportunities for acquisitions and disposals to  optimize the company’s return and long-term profitability. However, the long gestation period makes them more difficult to predict their short-term contribution to profits. The improving market conditions to date together with the number of development projects commenced make the outlook more promising than this time last year. 

19. The company’s results for the current year will depend on market conditions continuing to improve. 

20. Not applicable.

21. Dividend:
(a)	a final ordinary dividend has been recommended;
(b)	(i)   amount per share: 11.0 sen(less 28% tax);
(ii)	previous corresponding period: 10.0 sen(less 28% tax);
(iii)	total dividend for the current financial year: 11.0 sen per share(less 28% tax)
(c)	The directors will decide on the entitlement and payment dates for the above dividend and announce to the Kuala Lumpur Stock Exchange at a later date.

22. The company is now fully Year 2000 compliant.