KUALA LUMPUR (June 26): TA Global Bhd will be launching two projects in Klang Valley in the second half of this year, namely its Dutamas project or ALIX Residences in North Kiara and TA 3 & 4 in KLCC, with a combined gross development value (GDV) of RM2.9 billion.

Its chief executive officer Tiah Joo Kim said ALIX Residences, with an estimated GDV of RM507 million, will be launched in July 12 this year, while the RM2.4 billion GDV TA 3 & 4 will be launched in the fourth quarter of this year.

"For the local [property] market, nothing has really changed. It is still fairly challenging," he told reporters after the company's annual general meeting today.

Despite the still challenging property market, Tiah is still "fairly confident" about TA Global's products as their prices are much lower than the market average.

Tiah also added that the company is still actively looking for potential landbanks in Malaysia and overseas.

Presently, TA Global has 708.88 acres of landbank in Malaysia, with the majority, 597.79 acres, strategically located in the Klang Valley.

A total of 144.5 acres of landbank in Klang Valley and Johor are under planning and development, and the projects under planning are targeted for sales in FY19 and FY20, which has an estimated GDV of RM15.6 billion, said Tiah

TA Global's net profit for the first quarter ended March 31, 2019 (1QFY19) declined 47.12% year-on-year to RM121.71 million from RM230.15 million.

Its quarterly revenue plunged 80.21% to RM193.86 million, from RM979.55 million in 1QFY18.

At 3.04pm, shares of TA Global were down half a sen or 1.85% to 26.5 sen, valuing the company at RM1.41 billion.