Titijaya Land to roll out more affordable properties

Affordable properties priced at under RM600,000. This is the focus of Titijaya Land Berhad in its plan to launch RM1.8 billion worth of projects this financial year.

The property developer plans to launch two high-rise mixed developments in the third quarter of 2017, namely 3rdNvenue at Jalan Ampang and Riveria City at KL Sentral.

The company has also set its sales target around RM500 million for the 2018 financial year (FY18), after passing the RM300 million mark in FY17.

"We've been slowing down the last two years, but this year, we plan to place most of our products at below RM600,000," the company’s deputy managing director Lim Poh Yit told Astro AWANI's The Marketplace.

"Based on the registrations that we've collected on the products, coupled with the signs of recovery of the property market, we are confident that our product launches will be well-received," he said.

Lim said the company has done extensive market research before embarking on new projects and it also works close with local authorities to ensure that the projects comply with planning guidelines.

He also discounted the notion that Titijaya's new developments will contribute to the current property glut in Malaysia.

"For Titijaya, that is this year why we focus on building affordable properties which cost RM600,000 and below. We believe this will meet the market demand," he said.

With a current land bank of 432 acres, much of Titijaya's developments had been centred in the Klang Valley. But now, they are looking at venturing into other states.

"Since early this year, we’re been looking at Kota Kinabalu, Sabah and last year, we did land banking in Penang Island. We are actively pursuing these two locations at the moment," said Lim.

He said at the same time, Titijaya is also actively pursuing some of the affordable housing schemes that the government is rolling out.

"Some of it will be coming very soon," said Lim. "This is our role as a developer, to give back and work with the government to provide affordable housing to the people."