KUALA LUMPUR: Property developer SHL Consolidated Bhd could ride through the softening property market with its build-then-sell (BTS) business model, said executive director Datuk Yap Chong Lee. Speaking to reporters after the company's AGM yesterday, he noted that the BTS model gives more flexibility to the company in planning its property development projects. "With BTS, you can plan your scale and small parcel, but for conventional projects, you will over launch as you need cash flow, you may be launching something that yet to finish. "Our case is very clear, if the product doesn't work, then we've to modify the product, so we're able to create flexibility," he explained, adding that the BTS model could deter speculation and meet its targeted completion date. Yap also said SHL will continue to focus on affordable housing projects as demand for this segment is still high, but noted that demand for landed properties will "slow down a bit". "We've done well in affordable housing, we'll continue in this direction…We're not so interested for high-margin high-rise projects," he noted. For the financial year ended March 31, 2016 (FY16), SHL is targeting to achieve a sales target of RM250 million versus FY15's property revenue of RM215.02 million. The company will be launching landed properties known as "Tecoma" within the Goodview Heights project in Sungai Long this year, with a gross development value (GDV) of RM150 million. The GDV for the entire Goodview Heights project is RM1.5 billion. Yap said the company will not focus on landbanking activity at the moment as existing land, particular in Sungai Long, will keep it busy until 2020. It still has undeveloped landbank of over 200 acres with a potential GDV of RM2 billion. "The land is not cheap, all land is over priced… It's better value add our existing landbank rather than holding landbank," he added. The company is adopting a prudent management strategy in its business operations by reserving more cash to prepare for difficult times as well as to meet its dividend payout ratio of at least 70%. "Even it's good time, what happen if we cannot sell, we end up holding it," he said. By maintaining a cash level of about RM240 million, Yap assured that the company won't "over-run or under-run" in terms of its cash budget. On the potential redevelopment of 160-acre golf course land in Sungai Long, he said the company has no plans to pursue any development as yet. SHL had hinted its interest of redeveloping and monetising the golf course one day, according to PublicInvest Research. Based on the market value of RM130 per square foot, the land was said to be worth at least RM900 million given the matured township status in Sungai Long. For the first quarter ended June 30, 2015, SHL's net profit went up 8.8% to RM18.70 million against RM17.19 million in the previous corresponding period.