Naza TTDI plans RM1.6b launches for 2011

SHAH ALAM: Naza TTDI Sdn Bhd, the property development arm of the Naza Group, plans to launch 18 projects with a total gross development value (GDV) of RM1.6 billion around the Klang Valley this year.

The launches include new developments as well as new phases at its ongoing developments, group managing director SM Faliq SM Nasimuddin said at a briefing yesterday.

Among the upcoming projects include a yet to be named commercial development in Shah Alam with a GDV of RM450 million. The development, tentatively called J5, will feature apartments, offices and retail units on eight acres (3.2ha) of leasehold land. It is slated for completion by 2015.

In the freehold, 208-acre RM1 billion TTDI Alam Impian in Shah Alam, the company will launch 1,609 units of link houses and bungalows with a cumulative GDV of RM310 million. “But if the response is good, we are going to push them sooner,” he said.

Meanwhile, the freehold 113-acre TTDI Grove in Kajang with a GDV of RM327 million, will see the launch of 279 units of link houses and shop-offices. The entire development will comprise 15 phases, of which seven will be launched this year. It is expected to be completed in 2016.

At the RM220 million TTDI Dualis Equine project in Seri Kembangan which spans 8.76 acres of leasehold land, it will launch phase 2 featuring small-medium sized offices in mid-2011. The project is expected to be completed in 2015.

Also to be launched in the middle of the year is Phase 1 of its RM1.2 billion TTDI Dualis Puchong comprising semi-detached shops on over 13 acres of leasehold land with a GDV of RM250 million.

Meanwhile, the new phases in its RM205 million TTDI Adina in Section 13, Shah Alam will feature more serviced apartments with a cumulative GDV of RM116 million and is scheduled for completion in 2015.

On its RM4 billion Platinum Park development in Kuala Lumpur City Centre, Faliq said the Felda Tower is expected to be completed by 2Q12; the 38-storey Lembaga Tabung Haji Tower in 3Q13 while the 50-storey Naza Tower is slated for completion in 4Q13. Sub-structure and super-structure works are progressing according to schedule, he said.

Regarding the mega-development on a 65-acre site along Jalan Duta and the new Matrade centre, he said earthworks are progressing ahead of schedule. In the proposed masterplan of the development known as KL Metropolis is a 100-storey tower.

However Faliq said: “It’s something we would like to explore but if (the proposed 100-storey) Warisan Merdeka takes off, we will have to build something that complements it.

“We have to see if it makes sense to build it... it depends on market conditions, supply and demand”.

As for its RM512 million-Puncak Baru project on the 2.7-acre site of the Sunday market in Kampung Baru, he said the company has submitted plans to Kuala Lumpur City Hall for approval.

The project — which will feature offices, serviced apartments and a retail podium — is right across the proposed mass rapid transit (MRT) station site in Kampung Baru, he noted.

Faliq also said Naza TTDI had recently set up Naza TTDI Construction Sdn Bhd (NTC) to undertake Naza TTDI’s various property endeavours. NTC will build up its experience by initially engaging in the company’s own building, civil engineering and infrastructure projects before competing for other construction projects, he explained.

In terms of its business growth, Naza TTDI has set targets of RM100 million in profit after tax and RM1 billion in turnover this year, representing growth of 22% and 57.5% respectively.

“For the medium term, our target is to achieve a turnover of RM2.22 billion by 2015. We will focus on high-impact projects until 2015,” said chairman SM Nasaruddin SM Nasimuddin.

The company aims to acquire 300 to 500 acres of land in the medium term to add to its current landbank of 400 acres, quickly carry out high-impact projects and engage in joint-ventures agreements, he explained.

“We may also consider acquiring niche companies with strategic assets and landbank to enhance our portfolio and offerings,” he added.

The company is considering purchases of land in matured areas as well as less developed areas, he said. It is also eyeing overseas ventures in Singapore, Indonesia, Vietnam and China.


This article appeared on the Property page, The Edge Financial Daily, March 11, 2011.