The last time City & Country met up with S M Faliq S M Nasimuddin, it was six months after he had taken on his post as managing director of Naza TTDI Sdn Bhd, when the global financial crisis was at its peak.
There have been some interesting developments at Naza TTDI since our last meeting. Faliq has assumed the position of executive vice-chairman at listed construction outfit Kumpulan Jetson Bhd. Faliq and his brother S M Nasarudin S M Nasimuddin, Naza TTDI’s chairman, made headlines in August last year when they took over Kumpulan Jetson. Nasarudin was appointed executive chairman of the board.
Naza TTDI was in the limelight again in November 2009, when it announced that it was undertaking a RM15 billion project on a 65-acre site in Jalan Duta, Kuala Lumpur, under a privatisation deal with the government. The master plan is in the final stage.
The company registered a net profit of about RM70 million on sales of more than RM800 million in 2009. Revenue was about RM500 million in 2008 and the developer is targeting a 10% to 15% increase this year.
While the developer’s numerous projects in the Klang Valley are keeping it busy, the company is also endeavouring to step out of its comfort zone by venturing into Sabah and Sarawak and outside the country, Faliq tells City & Country.
“The Klang Valley remains our core, but it is part of our expansion plan to venture overseas after having been in Malaysia for 37 years. We were developing shop lots in the past and now we are doing mega-projects like Platinum Park in KLCC. But we know that to go overseas, we need stepping stones.
“Getting the right partner is crucial and we are looking at every possibility and opportunity. We came across an opportunity to venture into China and we are looking at partnerships with two companies there but nothing is solid yet. We can’t name them because they are listed companies there. We are also looking at East Malaysia … there are some interesting prospects there,” he explains.
In a recent announcement to Bursa Malaysia, Kumpulan Jetson said it had entered into a joint venture with Chinese construction company China State Construction Engineering (Hong Kong) Ltd to build a 38-storey building with a 10-level podium in Platinum Park. This could be the start of its efforts to make inroads into China.
Launches in 2010
This year, Naza TTDI is launching eight projects in the Klang Valley, valued at a whopping RM1.4 billion. The projects are TTDI Dualis in Equine Park, Seri Kembangan; TTDI Grove in Kajang; TTDI Alam Impian in Shah Alam; TTDI Puchong; developing two plots of land in Section 13, Shah Alam; Jayamas 3 in TTDI Jaya, Shah Alam; and Eminent 213 on Jalan Tun Razak in Kuala Lumpur.
Eminent 213 is a 35-storey office tower on a 0.95-acre freehold tract that is located between Dua Residency condo and Bombay Palace restaurant. The developer is aiming for an en-bloc sale at RM1,100 psf in this RM363 million project. This translates to an estimated gross floor area of 330,000 sq ft.
“We are talking to several investors. We are also looking at green building certification for the project,” Faliq says.
The 8.7-acre TTDI Dualis in Equine Park — a RM219 million project comprising shopoffices, apartments and semi-detached homes — will be soft launched this week.
The 22 shopoffices, with built-ups of 3,545 to 3,987 sq ft, are priced from RM1.3 million to RM2.6 million while the units in the 20 and 21-storey apartment blocks are priced from RM176,000 to RM650,000. The ten 2½-storey semidees, with built-ups of 5,139 to 9,121 sq ft, are going for RM1.3 million to RM3.5 million.
Next month, the developer will launch Plot O in Section 13 and Jayamas 3 in TTDI Jaya, both in Shah Alam. The 3.52-acre Plot O, valued at RM179 million, comprises 2-storey shopoffices, a 19-storey apartment block and a 22-storey office tower. The shopoffices of 3,384 sq ft onwards will be going for RM1.8 million to RM4 million while the office tower will be priced at RM4.4 million onwards per floor (built-ups: 993 to 9,442 sq ft). The 308 apartments, with built-ups of 615 to 1,146 sq ft, will be priced at RM250,000 to RM460,000.
The 1.1-acre Jayamas 3, with a gross development value (GDV) of RM15 million, will feature 2 to 3-storey shopoffices priced from RM1 million to RM2.5 million.
In July, Naza TTDI will start developing its 113-acre TTDI Grove — a new township in Kajang with a GDV of RM327 million. A total of 279 terraced homes will be launched in phases this year.
Phase 1 will consist of 160 units of 2-storey link houses priced from RM290,000 to RM450,000. The remaining units will be sold for RM350,000 onwards.
Another two township projects are coming up in August — the RM1 billion TTDI Alam Impian in Shah Alam and TTDI Puchong. The 208-acre TTDI Alam Impian will release at least 248 units of 2-storey link houses, priced from RM350,000, this year.
The 53-acre TTDI Puchong, with a GDV of RM900 million, will feature a hotel, office and retail space as well as serviced apartments. The RM251 million Phase 1 will have 68 semidee cluster shops with a built-up of 8,587 sq ft and priced from RM4 million.
The final launch of the year will be Plot J5 in Section 13, Shah Alam, an eight-acre project comprising apartments, shopoffices and an office tower worth some RM313 million. The apartments will be priced from RM230,000 while the shopoffices will go for RM1.2 million to RM1.3 million. The office tower will be priced at RM6.5 million per floor.
In its Puncak Baru project in Kampung Baru, the Malay settlement in the heart KL city, Naza TTDI has proposed a mixed development of office and residential towers and plans to launch these by 3Q2011. The development on the 3.7-acre site of the current Sunday market in Kampung Baru is estimated to cost RM500 million.
“Kampung Baru has been Naza’s headquarters for years and we feel it would be good for us to give something back. We are preparing a master plan for Puncak Baru for submission. We are probably the first developer to redevelop Kampung Baru. We might go for mid-range apartments, to complement the KLCC area, and they will be something iconic,” Faliq says.
The Cabinet recently approved a redevelopment plan for Kampung Baru.
The project in Jalan Duta is expected to include a 100-storey tower — probably the tallest building in the country. The project will also comprise residential and commercial components, a hotel, a mall as well as the Matrade Centre.
The developer hopes to build the Matrade Centre, the country’s largest exhibition and convention centre, by 3Q2010. “We are still in the planning stage for the remaining components. It will be a very exciting project and we are looking to announce the master plan by 3Q2010 or the end of this year,” Faliq says.
The 13.1-acre Matrade Centre site will be linked to the existing Menara Matrade. It will have three floors to house 12 exhibition halls for large-space exhibitions, such as those for heavy industries and advanced technology.
It will also house a 1,230-seat auditorium, a multi-purpose hall, meeting rooms and display areas.
With projects that can sustain the developer for the next 15 years, Faliq’s vision is to make Naza TTDI one of the top developers in Malaysia.
“So far we are on the right track and hopefully in the future, we will be more exciting. Going forward, things will be more competitive. We would need to be more creative and innovative to develop what people need and want,” he says.
Ongoing projects include The Valley TTDI Ampang, comprising 66 link villas, 56 bungalows and 12 exclusive bungalows on a 35.5-acre leasehold tract. This will be completed in July. About 90% of the project has been taken up.
Another ongoing project is the 9.1-acre Platinum Park in KLCC. A 50-storey office tower was sold to the Federal Land Development Authority (Felda) for RM640.7 million in January 2008. It is scheduled for completion by 2Q2012. The second block, a 30-storey office building, was sold to a government-linked company. Lembaga Tabung Haji is believed to be the buyer.
“We are looking to secure MSC status for all offices in Platinum Park. We have also appointed Foster & Partners to design the buildings in the remaining phases of Platinum Park. We will be coming up with plans for the residential component, retail component and possibly hotel component soon.
“We may launch one of the apartment blocks, offering small units by the end of this year. The gap in launching each subsequent development is a year,” Faliq says.
The whole project is scheduled for completion in 2016.
Naza TTDI also hopes to develop another township modelled after its very successful Taman Tun Dr Ismail (TTDI) township. And it is looking for more land to add to its current 436-acre landbank located in the KLCC area, Kajang, Shah Alam and Puchong.
This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 807, May 24-30, 2010.
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