Trinity Group eyes listing

Developer ready to go into bigger market

Boutique property developer Trinity Group Sdn Bhd is mulling a listing on the Main Market of Bursa Malaysia to beef up its financial muscles and market prowess, and may initiate the listing process later this year or early next year.

Founded by Datuk Neoh Soo Keat, a town planner turned developer and entrepreneur, the Klang Valley-based developer has a paid-up capital and shareholders’ fund of RM85mil as of financial year 2014.

The company’s assets are worth RM260mil.

According to chief executive officer Datuk Andy Khoo Poh Chye, Trinity has met the necessary requirements to go for a listing, and is waiting for the right time to start the process.

“We feel it is time to grow the company and the management team to scale greater heights,” Khoo tells StarBizWeek.

In the past decade, the Klang Valley-based developer has completed a number of projects – The Heron Residency worth a gross development value (GDV) of RM50mil was completed in 2008, 19 Residency in 2010 (RM25mil), The Zest @ Kinrara 9 in 2012 (RM250mil) and Latitude @ USJ 19 in 2013 (RM68mil).

Khoo says Trinity has the capability to complete and deliver projects ahead of schedule without compromising on quality and workmanship.

The Heron Residency was completed eight months ahead of schedule, 19 Residency was 10 months earlier than the contract period, The Zest was three months early, and Latitude @ USJ 19 was 11 months early.

“Trinity is constantly evolving and aims to be on the cutting edge of modern trends and innovative designs to enhance the lives of our customers and the community we serve, in line with the company’s mission of ‘Building Communities and Enriching Lives’. It prides itself on its modern approach in providing integrated strategic and high-value added construction and development-related services,” he says.

The developer focuses largely on pocket-sized developments in the Klang Valley. It currently has a landbank of 70.4 acres worth a potential GDV of RM4.28bil.

To gear up for the changes ahead, Khoo, formerly an executive director at Tropicana Corp Bhd and and also a member of Tropicana’s executive committee, was appointed as Trinity CEO in August last year.

Khoo, aged 47, has over 25 years of experience in the property industry including seven years in Pengurusan Danaharta Nasional Bhd as the deputy general manager of its property division.

He has held several key management positions including as managing director of GLM REIT Management Sdn Bhd (a wholly-owned subsidiary of Guocoland Malaysia Bhd), manager of Tower Real Estate Investment Trust, executive director of Guocoland Malaysia Bhd, and executive director of Sunway Mas Sdn Bhd, the property division of Sunway Holdings Bhd.

Seeing himself as complementing Neoh’s astute leadership as Trinity managing director, Khoo says the Neoh-Khoo team is a “value add” partnership that will steer Trinity to its next level of success.

For now the team wants to ensure the successful launch and take-up for its upcoming two projects in Sungei Besi and Mont’Kiara.

“We are focusing on our current projects in the Klang Valley. Trinity’s project currently under way is Zeva @ Equine South comprising 446 service apartments, 320 studio apartments and 12 shops and retail boutique units. Located on 3.7 acres in Seri Kembangan, the project has a GDV of RM282mil and is expected to be completed in June.”

The project up for launch next month will be Trinity Aquata in Sungei Besi comprising 492 condominiums of between 800 sq ft to 1,400 sq ft. Located on 3.6 acres, the project with GDV of RM270mil is scheduled for completion in 2018.

Trinity has another three projects lined up for launch this year on three acres in Mont’Kiara with an estimated project GDV of RM390mil, 8.7 acres in Ampang worth a GDV of around RM1bil, and five acres in Bukit Serdang worth RM350.5mil.

In 2016, a nine acre-plot in Permas Jaya will have potential development value of RM605.7mil and a three acre site in USJ 19 will churn out some RM229.5mil.

Trinity’s landbank profile also include 1.5 acres besides Zeva @ Equine South in Seri Kembangan which has potential GDV of RM72.96mil, 1.1 acre in Glenmarie with a GDV of RM57.5mil, 5.5 acres in Hulu Langat (RM21mil), and four acres in Kuala Langat (RM26.4mil).

Khoo says that in the future Trinity is looking to invest in joint-venture projects with other reputable developers overseas such as in China and London.

He says talks are under way for a joint venture in China as well as a project in London. However the plans are still preliminary and it is not ready to disclose anything yet about either of the projects.

On its unique sales proposition, Khoo says Trinity offers good value properties with high capital appreciation potential.

“This is achieved by keeping prices within the affordable range while offering premium facilities. Although they are mid–range category projects, these good sized affordable products with premium features in strategic locations actually offer good value creation,” he explains.

The project location also plays a big part, and he says being a far-sighted developer, Trinity develops in locations that have the potential to be a busy township in the future, such as near upcoming light rail transit or mass rail transit stations, highways, malls, and other public amenities.

Trinity also provides value–added infrastructure and innovative features for the ease of residents that include ramps at The Zest and The Z, floating gardens at The Z, and sky deck at Zeva.

“We believe that Z Residence will continue to grow due to its prime location which is next to mature markets such as Puchong, Bukit Jalil, Serdang and Sri Kembangan as well as the other upcoming projects in the vicinity.

“As for Zeva, the nearby infrastructure – MRT 2 in Taman Serdang and the LRT station (Ampang line), and the nearby amenities such as hypermarkets, malls, schools as well as a spectrum of F&B tenants and recreational amenities, add up to its value creation potential,” he explains.

Acknowledging that the property market is in a consolidation phase, Khoo says people will still buy property especially those near key infrastructures of roads, LRT stations, schools and colleges.

“Our Trinity Aquata project is just five minutes away from the Salak Integrated Terminal. While big developments such as townships are moving away from the city centre, the smaller projects such as condominiums will still be within the city limit as long as there are still pockets of land for such projects,” he says. - By The Star