Titijaya looking at ways to fund expansion
 12 Sep 2017 17:08
Titijaya’s deputy group managing director Lim Poh Yit.

Property developer Titijaya Land Bhd is mulling both equity funding and bank borrowings to fuel its next phase of growth.

At the moment, the company currently has a total land bank of 110.47 ha, scattered across Klang Valley and also in Sabah. To unlock value of its assets, the company is seeking acquisitions and strategic partnerships.

According to Titijaya’s deputy group managing director Lim Poh Yit, the company will consider forging business alliances with partners to eliminate the holding cost of land purchases and for property development.

Collaboration to develop land assets is not new to Titijaya. Previously, Titijaya inked a joint venture with Bina Puri Holdings Bhd to jointly develop the Riveria City @ KL Sentral. The land is owned by Syarikat Prasarana Negara Bhd and carries a gross development value of RM1.45 bil.

Titijaya still has more upside to leverage on. Its current gearing ratio is just 0.37 times, which is still some distance to reach its self-imposed optimal gearing level of 0.7 times.

Titijaya is hoping that new property launches like 3rdNvenue along Jalan Ampang and Riveria City @ KL Sentral to bring significant contribution to its performance for its FY ended June 30, 2018. It is aiming to hit a sales target of between RM500 mil and RM600 mil for the year.



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