Property
One step at a time
Joseph Wong 
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Each property developer has its own style and strategy. This is especially true of boutique developers which take on projects one at a time.

For Trinity Group Sdn Bhd, it develops small parcels of land into affordable luxury high-rise residential property.

“As a boutique property developer, Trinity prides itself on its modern approach in providing innovative and high-value developments that set it apart from other developers,” says founder and managing director Datuk Neoh Soo Keat.

“Trinity provides the option of ‘affordable luxury’ to the market by offering modern and stylish living at affordable prices as we believe that lifestyle living should not be the privilege of a few,” he says.

Incorporated in 2004, the Puchong-based developer has seven projects prior to its latest launch, Trinity Pentamont, which has a gross development value (GDV) of RM437 mil.

Its other projects are Heron Residency, 19 Residency, The Zest @ Kinrara 9, Latitude @ USJ 19, The Z Residence, Zeva @ Equine South, Aquata @ Sungei Besi and Trinity Lemanja @ Kepong.

Its high-end high-rise residential property projects include the RM374 mil Trinity Aquata, which was built on a 1.5ha plot while the RM344 mil Trinity Lemanja occupies 1.1ha. Trinity Pentamont in comparison also resides on a small plot of 1.2ha.

To date, Trinity Aquata has achieved RM367 mil in sales with a take-up of 98% while Trinity Lemanja enjoyed a similar success.

In the pipeline are five more projects with a combined GDV of nearly RM2.9 bil. These include a retail mall and office project in Ampang, Kuala Lumpur, a serviced apartment in Permas Jaya, Johor Bahru, 717 units of serviced apartments in Bukit Serdang, a factory and commercial project in Subang Jaya and a serviced apartment in Section 16, Petaling Jaya.

“We launched our first industrial product at end-2010. The project, Latitude@USJ 19 which consists of 14 units of semi-detached and 1 unit of detached factories, brings a new outlook to industrial factories.

“Centrally located in USJ 19, a robust and well-established location in Petaling jaya, Latitude’s design is a refreshing breakaway from conventional industrial designs. It incorporates floor-to-ceiling windows for ample natural light, trailer accessible entrances, additional land for business expansion or storage, as well as two upper levels which can be used for operations, office space or even as additional storage space,” says Neoh.

Latitude was completed in 2012 and is now almost 100% tenanted. “Following the success of Latitude, we have plans to introduce a new industrial property in USJ 19 in the first half of 2019,” he adds.

 

Future plans

Neoh also reveals that at some point, Trinity Group will venture into building townships as a natural progression of the company as it continues to expand.

“We are talking to a land owner for a piece of land in the Puchong vicinity for a township development. If all goes well, we should be able to launch the project by end-2019,” says CY Ng, chief marketing officer of Trinity.

Given that the properties that it has developed have been well-received by buyers and investors, Neoh is considering the next phase for the company.

“As we move up the property value chain, we are planning to venture into township developments in view of the market demand for such properties.

“New growth areas would require integrated township developments offering quality and well-planned homes that come with affordable prices,” he tells FocusM.

Trinity Group sees good prospects in this segment and will seek out and explore the opportunities available, he says.

Neoh adds that the group is constantly looking for opportunities to expand its property development business, whether by way of organic or inorganic growth.

“We will seek out opportunities with potential partners to acquire new and strategic land bank.

“To accelerate growth, we will also continue to unlock the value of our existing land bank by launching property products that deliver value to our customers in a timely and strategic manner,” he says.

However, Neoh does not feel that it is time for the company to venture overseas, when commenting on the number of local developers entering the Singapore market.

Given the recovery of the Singaporean property market, several Malaysian property developers like SP Setia Bhd, Selangor Dredging Bhd and Gamuda Land Sdn Bhd have ventured into several residential and mixed development projects on the island- city.

Prices of private homes in Singapore have risen significantly, exceeding earlier estimates and reflecting growing confidence in the property market.

The latest data from the Urban Redevelopment Authority in Singapore suggests the recovery may be broadening to other parts of the real-estate market, such as retail space, although the gains there were far more modest.

Apartments, which form the bulk of Singapore’s housing, saw prices rise 4.4% in 1Q2018 from the corresponding quarter in 2017.

Property prices started recovering in the second half of last year after a near four-year decline caused by a tepid economy and the government’s cooling measures aimed at damping speculation.

“[But for Trinity, there are] no immediate plans to venture into Singapore,” Neoh says.

 

Listing hopes

Moving forward, Neoh does not discount the likelihood of the company going for listing on Bursa Malaysia if everything continues to proceed as planned.

Neoh says the company has grown over the years and has an estimated RM4 bil worth of projects including Trinity Aquata, Trinity Lemanja and Trinity Pentamont to look forward to.

“There is a plan to list Trinity Group when the time is right,” he adds.

 

Latest project

The task at hand is to concentrate on Pentamont, which emphasises on “sumo” size units, with built-ups of 2,057 to 4,115 sq ft and offered at a starting price of RM640 per sq ft, says Ng.

However, of the 330 units, a selected 33 units are of a smaller size at 1,379 sq ft, she says.

“The development philosophy of this project is to create a refined living experience that offers our customers luxurious space with top-of-the-line facilities for them to create meaningful moments with their family members and loved ones.

“We spend the best moments of our lives with our families in our homes. Everything that we do at Trinity Pentamont is meant to enhance the experience,” she says.

“Our potential buyers consist primarily of urbanites, 35-50 years of age, with household incomes of RM150,000 per annum.

“We also target the upper middle-class families who aspire to stay in the upscale Mont’ Kiara address, as well as upgraders who prefer to upgrade into bigger-sized units as their family grows,” adds Neoh.

The project will also appeal to downgraders who wish to move into a high-rise development for improved security and to enjoy a vast range of facilities, he says.

The property has seen a take-up of 35% as of the launch on Sept 27.

Neoh says the projected target for the property is 95% Malaysians and 5% foreigners, although many international buyers are eyeing the 41-storey condominium project.

“A gentleman purchased 15 units on behalf of an international corporate organisation for investment purposes, in view of Trinity Pentamont’s good value proposition as well as potential capital appreciation.

“However, our study reveals that the majority of our buyers are buying for own-stay rather than investment,” he says.

Located in Mont’ Kiara, each unit comes with three to four parking bays, while the penthouse units will have six parking spots. In total, there are 1,034 parking bays.

The units feature fully fitted kitchens which include top and bottom kitchen cabinets and quartz countertop to the wet and dry kitchen, electrical appliances including fridge, hood and hob, microwave oven and washer dryer. The wet kitchen also comes with a food waste disposal system.

The bathrooms are fully equipped with sanitary ware and fittings, and have storage water heater system. Bathrooms also come with full shower screens.

Other fittings include a digital lockset to the main door and air-conditioning to living, dining and all bedrooms.

Its unique features are the “celebrity kitchen” and the “chill & grill” facilities. Both are located in the Moonlight Forest on Level LG2.

The celebrity kitchen offers residents 1,600 sq ft of dining space with a fully-equipped open kitchen where parties, cooking and baking classes or even casual get-togethers can be organised. Residents will have to make a reservation to use this facility.

As for the chill & grill, it is inspired by campfires of the old west, and is an open-air barbecue area where residents and their guests can mingle and cook their skewered food while catching a live sports game at the Starlight Theatre.

Trinity Pentamont is scheduled for completion in 2022, while Trinity Lemanja is slated to be completed in 2021.

The developer is also gearing up for the handing over Trinity Aquata to its buyers by the end of 2018, ahead of its initial mid-2019 target. FocusM




This article first appeared in Focus Malaysia Issue 303.