KUALA LUMPUR, May 26 — Property developer Titijaya Land Bhd will continue to pursue strategic partnership and opportunistic land banking activities, given the challenging market condition.
In a statement, the group said it was on the right trajectory to achieve the RM300 million sales target for the financial year ending June 2017.
Group Managing Director Tan Sri Lim Soon Peng said with the group’s ongoing and upcoming projects, continuous and existing project progress recognition, the group expected to have a positive impact on the performance, thus achieving a higher result for the financial year 2017.
The group was also optimistic it would perform satisfactory, backed by the strong outstanding unbilled sales of RM471 million and encouraging response on projects that are well performing due to the nature of the product, concept, location and marketing strategies.
Titijaya has in the pipeline a slew of projects with a total gross development value (GDV) of RM1.8 billion to be launched in 2018.
“Based on our latest preview, it appears that the outlook for the property market in Malaysia is turning positive and is regaining some buoyancy, especially in the affordable low unit price segment. For instance, our 3rdNvenue Embassy Row Project in Jalan Ampang here received staggering reception during a private preview session held earlier,” said Lim.
Meanwhile, the property developer registered a net profit of RM19.2 million for the third quarter ended June 30, 2017 compared with RM15.2 million recorded in its previous corresponding period. The increase was mainly attributed to better cost management and higher profit recognition from its property development projects, namely H20 and 3Elements.