KUALA LUMPUR: Amid the softer and challenging property market, TA Global Bhd is delaying its Dutamas as well as TA 3 & 4 projects to next year as it uses the time to “retool, reprogramme and redesign” the schemes.

“The market is challenging and soft. So, we are very prudent and we don’t want to launch all projects or launch them at the same time because that will take up a lot of manpower, resources and also [from the] financing standpoint as well,” chief executive officer Tiah Joo Kim told reporters after the company’s annual general meeting yesterday.

As the company could not get the development permit in time for its Dutamas project, which has an estimated gross development value (GDV) of RM450 million, Tiah said TA Global would only launch it in the first quarter of next year.

TA 3 & 4, which have a combined GDV of RM2.6 billion, are expected to be launched in the third quarter of 2019, and to be completed in about four years.

TA Global will also launch the first phase of its Kluang project of 142 units of two-storey terrace houses in the second quarter of 2019. The estimated GDV of the township project is RM450 million.

Market conditions would determine if its Bandar Sri Damansara Ativo Annexe, which has a GDV of RM 2.5 billion, would be launched at the end of the year. Tiah said Ativo Suites is already 60% sold, and the target is to reach 100% by the end of the year.

Looking ahead, the company is “hopeful” of achieving a better performance this year on the back of improved first quarter 2018 earnings, and sales recognition from the Little Bay Cove project in Australia which has an estimated GDV of A$162 million (RM482.11 million), as well as sales from its Ativo Suites project.

Although the company will remain focused on its current projects in the pipeline, Tiah said it is open to opportunities overseas.

He observed that a developer’s reputation is built on its track record and execution over the years. In the past, he said, TA Global was not consistent in launching projects regularly or ensuring a more prominent presence locally, but would now be doing more to develop its brand.

According to TA Global’s 2017 annual report, 162 acres (65.56ha) out of 720 acres, are in planning and development stage, with a total GDV of RM14.2 billion.

For the first quarter ended March 31, 2018, TA Global’s net profit more than tripled to RM230.15 million, from RM57.56 million a year ago, mainly due to the gain on disposal of a development property in Little Bay, Australia, and the compulsory acquisition by the Malaysian government of a piece of undeveloped land in Petaling Jaya.

Its revenue rose by more than fourfold to RM973.61 million from RM186.5 million.

TA Global closed a sen or 3.28% higher to 31.5 sen with a market capitalisation of RM1.68 billion.