TAHPS property launches to breach RM200m

By New Straits Times

The developer is repositioning itself from the middle range to mid- to high-end property segments

TAHPS Group Bhd's property launches in fiscal 2008 will breach the RM200 million mark, amid an image makeover to capitalise on untapped market segments.

A real estate foray abroad is also on the cards for TAHPS, developer of the RM3 billion "Bukit Puchong" township on 516ha of freehold land in Puchong, Selangor.

It has, so far this year to March 2008, unveiled within the half-completed township, phase two of its "Nilam Puri" high-rise homes with a gross development value of RM42 million, and the RM46 million "Ametis Terraces".

Upcoming launches include the RM85 milllion first phase of the "Parkville" townhouses which will be launched today and some RM50 million worth of luxury semi-detached units, and bungalows in February 2008.

"We are repositioning ourselves from the middle range, to mid- to high-end property segments," said C.Y. Ng, marketing manager for Bukit Hitam Development Sdn Bhd, a wholly-owned unit of TAHPS.

"Demand for townhouses here (Puchong) is good because it will fill a void in the market place," Ng added.

Bukit Puchong, built on a former plantation land, was initiated in 1994. It is due for completion by 2015 with a planned estimated 10,000 residential and commercial units.

Besides land in Puchong, TAHPS also has some 400ha of potential development sites in the form of yet-to-be-converted plantation tracts in Raub, Pahang.

The combined 916ha is expected to keep the home builder busy for up to the next ten years.

Main board-listed TAHPS, formerly known as The Ayer Hitam Planting Syndicate Bhd, also plans to build and run a hotel and beach resort in Cherating, Pahang, according to its filings to the bourse.

Meanwhile, Bukit Hitam general manager Lim Jee Kong said TAHPS has received overseas real estate job proposals, with potential undertakings in Vietnam and Australia.

"We are studying the proposals," said Lim. Property development constitutes 82 per cent of TAHPS revenue, he added.

Net profit in the first quarter to June 2007 dropped 30 per cent to RM3 million, or 3.96 sen a share, while revenue declined 26 per cent to RM17.9 million.

Shares of TAHPS which were untraded yesterday, last changed hands at RM3.98 onWednesday for a market capitalisation of RM297.2 million.

The stock has gained three per cent this year, underperforming the benchmark index's 27 per cent rise.