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Titijaya Land sees signs of recovery with stronger booking orders

KUALA LUMPUR (July 7): Property developer Titijaya Land Bhd is seeing signs of recovery in the property market with stronger booking orders.

"Recently, we see stronger bookings compared to the past two years. It looks like there is a sign of recovery," said its deputy group managing director Lim Poh Yit after the company's extraordinary general meeting today.

"For Titijaya, we have been prudent for the last two years. Some of our planned launches have been deferred. For 2018, we think it's the right time for us to launch new projects in the market," said Lim.

He added that there are also recent signs of better housing loan approval rate in the country.

Furthermore, Lim said the company is optimistic of reaching its sale target of RM300 million for the financial year ended June 30, 2017 (FY17).

"We're optimistic [of fulfilling] our sales target in 2017. Based on the nine-month results, the sales target is very in line with what we expected. So in full year, we won't foresee any huge discrepancies from what we guided," said Lim.

For the nine months ended March 31, 2017, the company has achieved RM180 million sales.

Going forward, for FY18, Lim said the company will be focusing on its four upcoming projects, with three to be launched in Klang Valley and one in Kota Kinabalu. He added that close to 70% of the new launches will be priced below RM600 million, while the remaining will be above RM700 million.

The Kota Kinabalu project — The Shore — is expected to contribute from 2019 onwards with an incremental profit of about 15%, said Lim.

When asked if Titijaya will be eyeing more projects around Kota Kinabalu, Lim said the company is still "evaluating" the opportunities given there, but nothing concrete at the moment.

"Our main focus remains in Klang Valley and Malaysia," Lim added.

Currently, Titijaya has unbilled sales of RM471 million.

Shares in Titijaya closed unchanged at RM1.58 for a market capitalisation of RM643.7 million. — theedgemarkets.com

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