Titijaya to launch projects worth RM838 million in FY2019

This article first appeared in City & Country, The Edge Malaysia Weekly, on September 24, 2018 - September 30, 2018.

Riveria City at KL Sentral will be launched in FY2019. Photo by Titijaya Land

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Titijaya Land Bhd plans to launch three projects in the financial year ending June 30, 2019 (FY2019), with a total gross development value of RM838 million.

Riveria City at KL Sentral is a mixed-use development comprising retail, office suites and serviced apartments.

“We are launching Phase 1, which comprises 784 office suites in the heart of the city. The GDV for this development is RM320 million,” says Titijaya Land Bhd executive director Charmaine Lim in an email interview.

“The second project is Phase 2 of 3rdNvenue — 422 serviced apartments with a GDV of RM338 million. This development offers luxury living and a modern, metropolitan lifestyle. It is in a premium location in Embassy Row, Jalan Ampang,” Lim says.

Phase 1 of 3rdNvenue was launched last year and is about 70% taken up.  The freehold development with a total GDV of RM2.1 billion will offer 2,500 serviced apartments, small office/home office units and retail lots in four towers of 42 to 48 storeys.

“Lastly, we are looking to launch a new development in Bukit Subang at Shah Alam called Damaisuria. It comprises serviced apartments, retail lots and shop offices in an urban park environment targeting young, urban folk who appreciate a natural environment and exclusive spaces,” she says.

“The GDV of the first phase of 370 serviced apartments and 20 double-storey shops at Damaisuria is RM180 million,” she says, adding that more details will be revealed soon.

For FY2018, Titijaya Land has achieved a revenue of RM399.03 million.

“It is 4.8% higher than the RM380.75 million achieved in the same period last year,” says Lim. Net profit for FY2018 was RM72.9 million, slightly lower than the RM76.74 million in FY2017.

“Titijaya Land is optimistic about its long-term growth and prospects, based on our strong competitive position and solid demand for the affordable residential properties we offer,” says Lim.

“We are confident of the company’s future performance, given that most of our land bank is located in prime growth areas, which are well developed and [close to] public transport.”

Titijaya Land currently has 208 acres of land worth RM12.1 billion in GDV in the Klang Valley, Penang and Sabah to be developed over the next 10 years.

Titijaya Land was founded in 1997 by group managing director, Tan Sri Lim Soon Peng. Its early projects include 2-storey terraced houses and 3-storey shop offices in Taman Bukit Cheras, Kuala Lumpur, and 2-storey terraced houses, residential lots and low-cost apartments in Klang.

Today, the group’s portfolio includes Casa Tiara, E-Tiara, Tiara Square Business Centre, First Subang, Subang Parkhomes and Subang SOHO in Subang Jaya and Mutiara Bukit Raja in Klang.

“Going forward, Titijaya is determined to continue building innovative, quality properties in the best locations, deliver our projects on time and provide excellent customer service to all of our customers,” says Lim.