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Sunday, July 7, 2013
TAGB lines up new launches
It has three projects with combined GDV of RM2.5bil.
THREE years after being listed as the property arm of the TA group, TA Global Bhd is busy planning the development of the many acquisitions it had made.
“We have good landbank, that’s why when we launch, we need to ensure that we can get the price that we want,” said TA Global director Datin Alicia Tiah.
Since its listing debut in 2009, TA has forked out a whopping RM1.15bil to buy properties locally and abroad.
But its earlier announced ambitious plans had led some to wonder if TA Global could pull off all that it has promised.
For example, Tiah had said that the company would build a flyover in Damansara. However, she assured that the project is still ongoing.
“We are in the midst of seeking approval from the highway authorities,” she said.
It is unclear if some of the overseas acquisitions will bring attractive returns. For example, TA global forked out C$33mil (RM107mil ) in December 2008 to buy the Coast Whistler Hotelin British Columbia.
Not long after, it entered into an agreement to buy The Westin Melbourne in Australia for A$160mil (RM389.12mil).
In total, the company has on-going projects both on the local front and abroad with a collective gross development value (GDV) of RM11bil.
Tiah said the company had no immediate plans to acquire new properties.
“Our hands are full right now and we want to focus on our existing foreign projects and run them well,” she said.
The TA group has a total landbank of 1,214 acres. Tiah said the landbank it has on the local front were purchased via internally-generated funds and not through bank borrowings.
Despite having so many projects to work on, Tiah said TA Global would launch just a handful of them in stages. For this year, she said the company would be launching at least three property projects this year with a combined GDV of about RM2.5bil.
“We’re targeting to launch our Ativo small office flexible office (Sofo) by the third or fourth quarter of this year,” said Tiah.
The project comprises of 970 units of Sofo units and has a GDV of RM390mil. Tiah said the price of the units range from RM300,000 to RM500,000.
The Ativo Sofo is part of the company’s Damansara Avenue development in Bandar Sri Damansara.
The Sofo units will be developed on two towers, comprising 509 units and 461 units.
Apart from the Sofo units, the mixed commercial Damansara Avenue development also has retail and office suites (Ativo Plaza) as well as high and low-rise residences (Azelia Residence).
Tiah said 97% and 90% of the Ativo Plaza and Azelia Residences respectively has been sold. The Damansara Avenue development has a total GDV of RM3.8bil.
Separately, Tiah said TA Global would also be launching the first phase of its The Peninsular mixed residential project in Puchong by either the third or fourth quarter of the year.
“The first phase will comprise 98 units of 2½ and three-storey superlink houses. Prices range from RM900,000 to RM1.1mil per unit.”
The Peninsular has a GDV of RM600mil. The first phase meanwhile will have a GDV of RM107mil.
The Peninsular project is a joint development of Oaxis Sdn Bhd, which sits on 92 acres of freehold land. TA Global, via its TA Properties Sdn Bhd, has a 25% interest in the development and is the exclusive sales and marketing agent for the project.
The Peninsular will comprise high-rise condominiums, low-rise residences, superlinks, semi-detached units, bungalows, commercial lots and a club house.
Additionally, Tiah said theTrump International Hotel & Tower Vancouver condominium project by Canada-based Holborn and the TA Group is expected to be launched in October.
The project is a 63-storey mixed used development comprising a luxury hotel with 147 hotel rooms, 218 high-end residential units, a four-level podium housing the hotel amenities and an eight-level underground parkade, with a projected total GDV of C$496.4mil (RM1.5bil).