PETALING JAYA, Sept 9 — Titijaya Land Bhd targets property sales of RM400 million for financial year ending June 30, 2016 (FY2016) compared with RM500 million achieved in FY2015.
Deputy Group Managing Director, Lim Poh Yit, said the group was adopting a cautious and conservative stance following the weak market sentiment as well as the current economic uncertainties.
“We planned more aggressive launches earlier but had scaled down a bit following the uncertainties.
“Some of the contributions for next financial year would be from the unbilled sales of FY2015 launches,” he said at a media briefing on FY2015 financial results here today.
The group planned to launch three projects for the current financial year, namely H2O, Block B project in Ara Damansara, Emporio Office in Shah Alam and Cheras residential, said Lim.
“The group, despite the lower sales target, is still confident of maintaining its profit, supported by unbilled sales of RM732 million for last financial year, which could last for two to three years,” he said.
He said the group currently has an undeveloped landbank of 175 hectares with an estimated gross development value of RM8.6 billion.
“The land are mostly in the commercial areas in Klang Valley and Penang island. This will give us an added advantage against competitors,” he said.
On the current economic development, Group Managing Director, Tan Sri Lim Soon Peng, said the weaker ringgit was not all bad for Malaysia as it had boosted foreign interests in the local property market and attracted more tourists to the country.
The ringgit depreciation also did not impact the group’s construction costs as almost 90 per cent of the materials were sourced locally, he said.