Thriven Global: More launches in the pipeline

KUALA LUMPUR: Thriven Global Bhd, which is optimistic of a better performance in the current financial year ending Dec 31, 2016 (FY16), hopes to see increment in revenue contributed by the Lumi Tropicana and Desa Aman projects this year.
Group managing director Ghazie Yeoh Abdullah said it will be launching property projects with a total gross development value (GDV) in excess of RM500 million in the remaining months this year.
These include 62 units of SOHO and two serviced residence towers in Lumi Tropicana, Petaling Jaya, 250 units of the Kepong Rumah Mampu Milik project in Kuala Lumpur, the Desa Aman Business Park and 66 units of single storey terrace houses and 70 units of semi-detached houses in Desa Aman, Kedah.
Ghazie said the group has secured 60% sales in the current launch of the Lumi Collections while its affordable homes in Desa Aman is fully sold.
Thriven Global, formerly known as Mulpha Land Bhd, now focuses on developing properties in the affordable segment (Enesta Series) below RM200,000 and affordable luxury segment (Lumi Collections) that averaged RM850,000.
“We’re balancing our portfolio of affordable and luxury segment to ensure that any one time, we’re targeting both markets. We see that whatever clientele we secure in the affordable segment will grow to the luxury segment in a long term period. Hence the balance is important,” Ghazie told reporters after its AGM here yesterday.
Thriven Global focuses on development in the central and northern regions in high growth and high traffic locations.
“We strongly feel that the central and northern regions will give us better results, mainly because at this juncture, demand is stronger with high level of economical movements and population growth.”
Having secured its short term land bank that will last the group for the next five years, Ghazie said it is now looking at growing its medium term land bank for the following five to 10 years.
“We’re looking at mid size township development to ensure we have recurring revenues generated. This will be done via joint ventures, privatisation or direct acquisitions,” he said.
In five years, Ghazie said the group aims to see property development make up 70% of its revenue in five years, with the remaining 30% coming from facility management and hospitality. Currently its revenue is mainly derived from property development.
“This is to balance our recurring income against one-off income, which is vital,” he said.