Posted by Jimmy Song > 2014-05-22 07:56 | Report Abuse

TITIJAYA CONTINUES TO EXPAND ITS PORTFOLIO WITH NEW PROJECTS WORTH RM3.3B GDV Titijaya delivers a pre-tax profit of RM25.1 million for its Q3FYE2014 PETALING JAYA, 21 MAY 2014 – TITIJAYA LAND BERHAD (“Titijaya” or the “Group”,“帝亿置地”),a newly listed property developer announced its financial results with a revenue of RM62.5 million for thethird quarter of its financial year ending 30 June 2014 (“Q3FYE2014”). The Group delivered a pre-tax profit (“PBT”) of RM25.1 million for the quarter under review, and a net profit (“PAT”) of RM18.4 million representing a quarter-on-quarter bottom-line growth of 18.1% compared to its preceding financial quarter (“Q2FYE2014”). The earnings reported for Q3FYE2014 is largely contributed by the completion and sales from the Group’s property development projects, namely The Galleria, Subang Park homes Phase II and Seri Alam Industrial Park. In light of the financial performance for the financial quarter under review, the Group has achieved cumulative revenue and PAT for the first nine-months of its financial year ending 30 June 2014 (“FYE2014”) of RM201.0 million and RM51.2 million, respectively. There are no comparative figures for the preceding year’s corresponding period as the Group was listed on the Main Market of Bursa Malaysia on the 27 November 2013. “I am pleased that the Group has been performing well financially and operationally since we listed on Bursa Malaysia. We foresee that we will be able to maintain our growth momentum and continue to deliver positive financial performance for the rest of our financial year and the foreseeable future barring any unforeseen circumstances.” Commented Mr. Lim Poh Yit(“林保忆”), COO of Titijaya. EXPLORING AND SECURING NEW DEVELOPMENT PROJECTS PROPOSED ACQUISITION IN PENANG On the 21 May 2014, the Group, via its wholly-owned subsidiary City Meridian Development Sdn Bhd (“CMD”)also announced that it has entered into a conditional sales and purchase agreement (“SPA”) with Titijaya Group Sdn Bhd (“TGSB”) in relation to a proposed acquisition of a 20.4 acre leasehold land in Penang Island for a total purchase consideration of RM126 million. The parcel of land is located within walking distance to the 2nd Penang Bridge, also known as Sultan Abdul Halim Mua’dzam Shah Bridge, which was opened to the public on 1 March 2014. The Group is proposing a mixed development with an estimated GDV of RM2 billion which will be launched approximately in the tail end of 2015. TGSB is a related company to the Group due to common directors and shareholders and is also substantial shareholder of the Group. The said parcel of land is to be acquired by TGSB from its current owner, Lembaga Kemajuan Ikan Malaysia (“LKIM”) for a sum of RM126 million and is expected to be completed by November this year. The SPA between the Group and TGSB will run concurrently. “This marks an exciting new milestone for the Group for our first venture outside of Klang Valley. We are exploring this proposed acquisition in Penang due to its strategic location and development opportunities that is anticipated from its surrounding catchment area. It is also one of the few available locations with water frontage and enjoys an unobstructed view. At the moment, we are in the midst of planning and exploring the right mix of development products that will best fit market demands and trends.” commented by Mr. Lim. BRICKFIELDS On 18 April 2014, the Group has also announced its Joint Venture Agreement (“JVA”) with Bina Puri Construction Sdn Bhd, a wholly owned subsidiary of Bina Puri Holdings Berhad, to develop a mixed development project located on a parcel of land owned by Prasarana in Brickfields, Kuala Lumpur. The project has an estimated GDV of RM1.3 billion. This deal is an opportunity with excellent prospects for the Group’s property development footprint in Kuala Lumpur. The development is strategically located within the vicinity of KL Sentral and is well accessible to the Brickfields monorail station. Additionally, the most recent Nu Sentral Mall is also within the vicinity, which adds value to the proposed development. “We are ecstatic with the two new upcoming projects and they should keep us busy and contribute to our earnings growth as we continue to search for more strategic land bank.” added Mr. Lim For more information about the Group please go to http://www.titijaya.com.my/ *** AboutTitijaya Land Berhad Titijaya Land Berhad was founded in 1997 the Group’s Managing Director Tan Sri Dato’ Lim Soon Peng. The Group’s business is focused in three segments namely residential, commercial and industry property developments. Since it undertook its first property development in 2001 to date, the Group has completed more than 3,000 units of properties totaling a GDV of approximately RM1.14 billion. Recently the Group was successfully listed on the Main Market of Bursa Malaysia