TAHPS Group plans a 700-acre township project in Bukit Puchong

PETALING JAYA (July 24): Plantation based and property development company TAHPS Group Bhd, plans to develop a 700-acre (283.28ha) township project in Bukit Puchong, Selangor, which will have an estimated gross development value (GDV) of RM10 billion, as reported by The Edge Financial Daily today.

“The GDV will depend on how we want to develop the land, but it is easily more than RM10 billion,” said group CEO Tan Seng Chye during a press conference yesterday.

Tan said the master plan of the township development should be completed by year-end. The project will keep the company busy for the next decade.

Besides the Bukit Puchong township development, the company also plans to roll-out three other projects including shop lots, condominiums and small-office-home-office units, which will collectively have a GDV of RM600 million.

Tan said these projects will be launched in phases, in line with market conditions. “There is currently a slowdown in the property market, particularly in the investment and luxury segments. So, we want to launch [the projects] according to market demand,” he explained.

As at March 31, 2015, TAHPS had unbilled sales of RM40 million. For FY2015, the group posted a 6.7% decline in net profit to RM43.93 million from RM47.1 million for FY2014, while revenue increased 3.9% to RM102.28 million.