TAHPS: RM600m projects to be launched in the pipeline

KUALA LUMPUR: TAHPS Group Bhd has three projects in the pipeline with a gross development value (GDV) of RM600 million in Bukit Puchong that will be launched in phases.
In total the group has 700 acres of landbank in Bukit Puchong worth some RM10 billion in GDV that can last the group for over 10 years.

Its group CEO Tan Seng Chye said the three projects consist of shoplots (RM130 million GDV), 250 units of condominium cum villas (RM170 million GDV) and small office and home office units (RM300 million GDV), adding that one of the launches could happen this year.
"But whether we will launch (these projects) or not depends on what we still have available. The timing of the launch will depend on the market condition and our inventory level," he told reporters after the group's AGM here yesterday.
Its ongoing projects include the Epic Suites serviced apartment, which are 70% sold, luxury semi-detached linked bungalows and bungalows, as well as ready-built shophouses with just a few unsold units remaining.
He said the group, which derives about 90% of its revenue from property development and the remaining from plantation, plans to develop commercial and residential properties on its landbank in Bukit Puchong.
"We're in the process of developing a new masterplan for Bukit Puchong," Tan said, adding that the masterplan will be revealed in November or December.
"Our development at the moment only centres around Bukit Puchong. We only have one location at this point in time. We're in the Klang Valley, and if there's any opportunity within the Klang Valley, we will look at it," he said.
The group's unbilled sales stood at RM40 million as of March 31.
Tan opined that the slowdown in the property sector affects more of the investment and luxury markets, adding that the affordable range of properties are still doing well.
"We've all three (products), which are shops for the investors' market, luxury semi-detached and linked bungalows, as well as affordable serviced apartments priced RM600,000.
"We'll respond according to the changes in the market. We've to be versatile and agile and adapt to market conditions as it goes," said Tan.
TAHPS' cash position stood at RM132 million, earmarked for plantation and property development activities.