NAZA TTDI Sdn Bhd, the property development arm of Naza Group, plans to launch 18 new projects this year with a combined gross development value (GDV) of RM1.6 billion.
Naza TTDI chairman SM Nasarudin SM Nasimuddin said the launches are part of its long-term plan to become one of Malaysia's top 10 property companies in the next three years.
"We also plan to launch our projects outside of the Klang Valley and make our maiden venture overseas such as in Singapore, Vietnam, Indonesia and China," Nasarudin said at a briefing on its financial performance in 2010 and outlook this year in Shah Alam, Selangor, yesterday.
Group managing director SM Faliq SM Nasimuddin said the new projects are expected to increase Naza TTDI's net profit in 2011 by 22 per cent to RM100 million from RM82 million in 2010.
Group turnover this year is targeted to hit RM1 billion, up 57.5 per cent from RM635 million in 2010.
Faliq added that the company hopes to rake in a net profit of RM267 million and a turnover of RM2.2 billion by 2015.
"In future, we hope to form joint ventures or embark on merger and acquisition plans with companies that have strategic assets and landbanks as part of our expansion plan at home and abroad," said Nasarudin.
He said the company aims to boost its landbank to over 200ha in the next two years from 161ha currently.
The project launches this year will comprise both residential and commercial developments such as TTDI Grove in Kajang, TTDI Alam Impian in Shah Alam, TTDI Dualis in Puchong, as well as a 35-storey tower in Jalan Tun Razak, Kuala Lumpur.
The company has also formed an associate construction company, Naza TTDI Construction, as it feels it is the right time to start diversifying and entering the construction business.
Naza TTDI Construction will complement Naza TTDI's business, offering complete construction services in the fields of building, civil engineering and infrastructure works.
On its RM650 million Matrade International Exhibition Centre, Nasarudin said piling works are ongoing and it will call the media for an update in June.
He added the company has no plans to go for a listing yet but may do so in the future, should the need to raise funds arise, coupled with right stock market conditions.
Established 37 years ago, the Naza Group, which also has operations in automotive, hotels and food, has completed more than 14,000 residential and commercial units, including in Taman Tun Dr Ismail, Petaling Jaya, Section 13 Shah Alam and the Platinum Park in Kuala Lumpur City Centre.
By Business Times
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