BOUTIQUE property developer Trinity Group Sdn Bhd, which is celebrating its 10th anniversary this year, is keen to list on Bursa Malaysia in 2016, given its strong performance. The firm, founded in 2004, has been enjoying strong growth of 20 to 25 per cent annually in terms of revenue, its founder and managing director Dato’ Neoh Soo Keat told Business Times in an interview recently.
"We have recorded annual revenues of between RM20 million and RM30 million consistently. Our highest to date was RM45 million achieved last year and we expect an upward momentum until the end of this year," said Neoh.
"We have been approached by bankers to begin our listing process as we definitely qualify for it, but we expect a little slowdown in property sales next year due to the implementation of the Goods and Services Tax (GST)." Neoh said the company is keen to list as early as 2016, but the plan hinges on market conditions. He noted that for the next two years, several markets will be consolidated because of the government's cooling down measures and this is likely to impact house buyers.
"We expect things to slow down next year but pick up again in 2016 once Malaysians get used to the GST. “As a boutique developer, most of our clientele is made up of second house buyers instead of first-time buyers.
"All these measures will limit them from purchasing another home or upgrading. First home buyers will not feel the impact much as they will still qualify for a up to 90 per cent loan," he said. Neoh also shared the company's plans to venture overseas.
"We have already secured a piece of land in London and we expect the contract to be finalised next month. We are also eyeing six pieces of land in Cambodia to do social housing but discussions are ongoing," he said. Discussions for the acquisition of land in London and Cambodia are expected to be finalised in the second half of this year.
On the local front, Trinity Group is looking at expanding beyond the Kiang Valley and has set its sights on Johor and Penang within the short to medium term. "We have already secured a piece of land in Johor, where we are looking at building 2,000 condominium units. We are in the process of negotiating for more."
He added that the group is also looking for opportunities in Penang. After its London expansion, the firm is also looking to branch into Singapore and Indonesia. "Singapore and Indonesia are definitely in the plans, but only after we have been successfully listed on Bursa Malaysia," he said. Trinity Group recently handed over its RM580 million project called the Z Residence @ Bukit Jalil, which saw a 100 per cent take up rate.