Property developer TTDI Development Sdn Bhd expects annual revenue to surpass the RM500 million mark next year as it chalks up more sales from existing projects and unveils new offerings.
“There will be a spillover from existing projects, sale of some inventories and seven new launches next year,” TTDI group managing director Datuk Johan Ariffin told Business Times in Shah Alam, Selangor.
The new launches include bungalows and semi-detached houses in the Klang Valley.
Revenue for the current fiscal year ending December 31 2007 is forecast to exceed RM200 million, with net profit to more than double to RM63 million.
Diversified Naza Group of Companies wholly owns TTDI, which plans to list on Bursa Malaysia’s main board next year.
Existing projects by TTDI, the developer of Kuala Lumpur’s RM1.35 billion Taman Tun Dr Ismail, include the “Laman Seri” landed homes and “Jayamas 1” shopoffices in Shah Alam.
Citing examples, Johan said that more than three-quarters of the three-phase Laman Seri’s 122 landed houses have been sold.
He told Business Times in April this year that TTDI has RM2.8 billion worth of projects, which are expected to sustain the company for eight years.
Johan said money raised from the developer ’s planned initial public offering will be used to reduce its debts and expand its landbank.
TTDI, with a landbank of some 188ha in Malaysia, has been profitable for the past six consecutive years.
Naza, founded by automotive tycoon Tan Sri SM Nasimuddin SM Amin, is also involved in cars, hotels, and food and beverage, according to its website.
By New Straits Times (by Chong Jin Hun)
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