By LYDIA NATHAN / Pic By TMR
Titijaya Land Bhd is confident of securing RM600 million in property sales for the current financial year on the back of four recent projects, namely The Shore Kota Kinabalu, Riveria City KL Sentral, 3rd Avenue Kuala Lumpur and the new phasing of Damansara West in Bukit Subang.
Riveria City KL Sentral, consisting of a high-rise office and two blocks of serviced apartments, has a gross development value (GDV) of RM1.45 billion.
The Shore Kota Kinabalu comprises 561 commercial and residential units with a GDV of RM575 million. The other project, 3rd Avenue Kuala Lumpur, will be located at a hot spot and have a New York concept.
Group CFO Edmund Tan said all their mixed-rise launches for 2018 will be under RM600,000 per unit, thus he is confident of achieving the target.
“We will be launching RM1.8 billion worth of projects in 2018, so we hope we are well received by the market,” he told reporters at the company’s EGM in Subang yesterday.
Tan also said the company had hit a higher sales target of more than RM600 million in 2015.
“As an industry, the main challenge will be the household debt levels, (but) Bank Negara Malaysia is trying to manage these so the country’s economy will be in a more resilient shape and indirectly can impact personal and hosing loans,” he said.
Meanwhile, the EGM was held to gain approval for the acquisition of a 100% stake in property company NPO Builders Sdn Bhd.
The group received a 100% approval from all the share-holders and will start phase one of the residential and commercial building of Damansara West costing RM800 million at year-end.
The project, worth RM2.4 billion in GDV, is expected to be completed by 2027 and will be priced between RM300,000 and RM450,000.
Titijaya deputy group MD Lim Poh Yit said the company is always on the lookout to expand. The group currently has 273 acres (110.48ha) of landbank in the Klang Valley and Sabah.