TA Global to explore opportunities in China

KUALA LUMPUR: TA Global Bhd is looking to explore development opportunities in China, its chief executive Datin Alicia Tiah said on Wednesday, June 23.

Quoting its chairman Datuk Tony Tiah during the annual general meeting (AGM) earlier, Alicia added that the developer is looking to expand to overseas, and that China is "a country that cannot be ignored".

It plans to set up a team there to look into the prospects of the country.

The developer, however, does not have a timeframe as of when it would assemble the team.

"We have to be careful as the property prices there (in China) are not cheap. We don't want to end up going there at peak prices," Alicia noted.

The US is also another country the developer is looking as "it has many distressed assets now", she added.

Tony had in the AGM earlier said that the developer sees more projects abroad, and it is planning to expand the property development business to overseas.

TA Global executive director Kimmy Khoo said the move will augur well for the group that it can balance the group's revenue contribution.

"We are also spreading the risk (by diversifying to other countries). The risk will be mitigated," she added.

TA Group made its presence in Canada since 1996 when it acquired Terasen Centre in Vancouver.

Alicia foresees the developer would be more active in Canada, and that the property industry there will continue to buoyant due to the influx of the immigrant population.

TA Global is currently developing its first project in Canada, called The Garden. It had on November last year entered into a joint-venture agreement with a local developer Townline Gardens Inc. to develop a mixed-use multi-family housing and commercial development on a 22-acre land in Richmond, Vancouver.

The development will be done over six phases in seven years. It is expected to have about 470 units of residential apartments and 70,000 sq ft of retail or office space.

The developer currently has an unbilled sales of RM123 million.

Back to home in Malaysia, it is looking to launch projects worth RM4.5 billion, including TA3 and TA4, Nova Square, U-Thant, Dutamas and Damansara Avenue.

TA Global will launch two phases - one commercial and another residential -  in the new Damansara Avenue in Bandar Sri Damansara this year. It plans to keep the two-level retail component in its Phase 1G for lease.

The two levels of retail component will have 43 units and the developer plans to keep it to control the tenant mix. However, the rental rates have yet to be finalised.

The project is due to be launched at the end of August.
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