TRINITY Group Sdn Bhd is marching on with its plan to launch 330 units of condominiums in Mont Kiara, Kuala Lumpur, by the third quarter of this year (3Q18) despite the slower market that has caused some property developers to defer their launches to 2019.
Trinity MD Datuk Neoh Soo Keat said with its gross development value (GDV) of RM437 million, Trinity Pentamont is expected to achieve a 100% take-up rate within six months after the launch.
"The latest condominium launch in Mont Kiara was in 2016 and all of the units had already been taken up. So, there is a high demand in the area, especially from the domestic market.
"We are selling the units from RM600 per sq ft, while the market price for condominiums in Mont Kiara is about RM800 to RM900 per sq ft. So, our early buyers will definitely have a better margin once the development is fully completed," Neoh told The Malaysian Reserve in an interview. The 1.17ha project's soft launch is expected to be in early August, while its completion date is in 2022.
Neoh said the company's other projects include Trinity Aquata, which is expected to be completed in 3Q18.
He said Trinity Aquata is now left with a few odd units, while the latest launched Trinity Lemanja has achieved an 85% take-up rate to date.
He added that Trinity has seen a steady revenue growth of almost 100% in the past two years due to the company's success in rolling out new product ideas that keep the Trinity brand ahead of the competition.
"Being a small and nimble company has its advantages. This means that we are agile and able to move faster than some of the bigger boys in the marketplace.
"Feedback and insights from our customers can quickly be turned into opportunities for the company to create innovative offerings that deliver affordable luxury for our customers," Neoh said.
Meanwhile, Trinity chief marketing officer CY Ng said the company has seen an increase in customer visits to the sales gallery following the zero-rated Goods and Services Tax implementation.
"Right after the appointment of the new government, we have seen a lot of customer walk-ins to our sales gallery. But then again, there is uncertainty in terms of infrastructure, so a lot of buyers are adapting a wait-and-see attitude.
"Surely and slowly the buyers' confidence will improve, especially for the mid-income segment — for example, our Trinity Lemanja in Kepong.
"It will become better when there is certainty because there is a lot of pent-up demand," she added.