KUALA LUMPUR (Aug 22): The economic climate has turned harsh and the signs of a slowdown in the domestic market are emerging — it is rather obvious that Datuk Wira Azhar Abdul Hamid has been entrusted by tycoon Tan Sri Syed Mokhtar Albulkhary, the sole shareholder of Tradewinds Corp Bhd, with the job to ensure the group pulls through the tough times, according to the latest edition of the DigitalEdge weekly.

The DigitalEdge’s Vasantha Ganesan wrote that when Azhar took the helm in April, many in the real estate industry were curious to know how the 54-year-old group managing director would execute the several mega projects that had been planned earlier, given that the property boom was over.

The magazine said among the slew of real estate projects are Tradewinds Square in Jalan Sultan Ismail, Kuala Lumpur; Menara Tun Razak in Jalan Raja Laut, KL; and Perdana Quay in Langkawi.

It said should Tradewinds Corp proceed with all the proposed projects, the group will have to fork out a whopping RM30 billion.

“In a meeting with digitaledge Weekly, Azhar is frank about Tradewinds Corp having to scrap some of its proposed developments because the current operating environment is not conducive for them, particularly office towers.

“Holding onto a down-to-earth strategy and building the tallest or largest structures are certainly not what Azhar has in mind, at least in the current soft market,” said the magazine.

However, it said that Azhar was quick to point out that the development on a prime tract in Belfield, near Kampung Attap, KL, would be a launch pad for the group to establish its footing in the property development industry.

It said Tradewinds Corp was planning to start work on the Belfield residential cum retail project, which has a gross development value of RM3.8 billion, early next year (see the separate article “Belfield to price high-end units at an affordable price”).

The DigitalEdge weekly said Azhar stressed that Tradewinds Corp’s priority now was to grow its operating income to ensure there are steady recurring earnings. To do that, the group will have to either make its assets generate as much returns as possible or sell those that are not performing.

Also, it said Azhar was looking at building a third core business for the group, to supplement its earnings from property development and hotels.

For the full story on the plans going forward for Tradewinds, read the DigitalEdge weekly for the week of Aug 24 – Aug 30.