TRINITY Group Sdn Bhd has started to source for land in the Asian region with the aim of expanding its business overseas.
Although the plans are still preliminary, the boutique property developer is set to look for potential landbank in Cambodia, Sri Lanka, Indonesia, China and Singapore.
We will choose to venture into one out of these five countries, but of course that will take its course depending on our growth and development. Our aim is to focus on one country with suitable landbank that we can acquire to offer us developments with the highest gross development value (GDV)," said Trinity Croup managing director Dato’ Neoh Soo Keat.
He added that the company aspires to exceed an estimated GDV of RM599 million from their future overseas projects, but it would need to re-strategise their business model and critical success factors to acclimatise with the demands of international markets in order for their goals to be realised.
As a developer, we should enhance our presence in other countries that have vast potential for property development, especially in Cambodia, Sri Lanka and Indonesia.
"At the same time, China and Singapore are intensely competitive but we can learn from their advanced business models that are fundamental to the success of their property sectors respectively," said Neoh.
The group hopes its overseas developments will kick off in early 2014. In 2011, the company's market share was 15% in the high-rise condominiums sector.
We intend to capture 30% market share in the same segment this year. It will be in accordance with our priority and commitment to strengthen our market share as well as presence in the local property market," explained Neoh.
Despite its expansion plans, Neoh said the group will not go public in the near future.
The company recorded sales of RM430 million in 2011. For this year, it has a line-up of four local projects with an estimated GDV of RM640 million.
These new developments will be located in the Klang Valley namely in Serdang, USJ 19 in Subang, Ampang and Taman Melawati in Kuala Lumpur this year and 2013.
“The land in Serdang will be a mixed development and we expect to launch it in March, making it the first project out of the four to be revealed to the market this year,” said Neoh. He said that while the property industry worldwide will be affected by the global economic slowdown, he believes that the local property market will continue to grow.
“The property industry is only developing at a rate of 4% annually. But it's expected that Malaysia's healthy growth and encouraging domestic initiatives will continue to spur and sustain demand for high-valued properties,” he said.