Highlight TAHPS Group plans RM10b township in Bukit Puchong

by **Cals** Fri 24 Jul 2015, 00:23

Highlight
TAHPS Group plans RM10b township in Bukit Puchong

KUALA LUMPUR (July 23): TAHPS Group Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), which is engaged in the cultivation of oil palm and rubber and property development, plans to build a township on a 700-acre piece of land in Bukit Puchong, Selangor, which will have a gross development value (GDV) of RM10 billion.
Its group chief executive officer Tan Seng Chye said the township development will keep the group busy for the next decade.
For starters, TAHPS Group will draw up a master plan incorporating future developments in the township, which is expected to be completed by the end of this year.
"The GDV will depend on how we want to develop the land, but it is easily more than RM10 billion," Tan told a press conference after the group's annual general meeting today.
On its land bank, Tan said TAHPS Group will remain focused on acquiring land in Bukit Puchong, but is open to land acquisition opportunities in the Klang Valley.
"Anything within the Klang Valley, we will look at it. But normally we do not really aggressively seek for land, unless we notice something is interesting," he added.
Apart from the proposed township in Bukit Puchong, Tan said the group has three other projects in its pipeline that are waiting to be launched. They comprise shop lots, condominiums and small-office-home-office (SOHO) units, which collectively have a GDV of RM600 million.
However, he said the group will launch these projects in phases, in line with the property market conditions.
"There is currently a slowdown in the property market, particularly in the investment and luxury segments. So, we want to launch according to market demand," Tan said.
As at March 31, 2015 (4QFY15), TAHPS Group has unbilled sales of RM40 million.
However, Tan declined to provide guidance on the group's targeted sales for the financial year ending March 31, 2016 (FY16). For FY15, the group posted a 6.7% decline in net profit to RM43.93 million from RM47.1 million in FY14, while revenue grew 3.9% to RM102.28 million from RM98.45 million.
TAHPS Group (fundamental: 2.7; valuation: 0.5) shares closed 12 sen or 1.6% higher at RM7.60 today, with a market capitalisation of RM559.9 million.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)