KUALA LUMPUR (Sept 9): Developer Titijaya Land Bhd is targeting a sales of RM400 million for the financial year ending June 30, 2016 (FY16), 20% lower from the RM500 million it achieved in FY15, amid the generally weaker market sentiments.

"We will scale back our launches. We are cautious about the market next year, as there are a lot of uncertainties," Titijaya's deputy group managing director Lim Poh Yit told reporters during a media briefing today.

Lim further revealed that there will be three launches in FY16, which will have a collective gross development value (GDV) of RM400 million.

These launches are: two residential projects — one each in Ara Damansara and Cheras — and a commercial project in Shah Alam.

Lim also said Titijaya is changing its land banking strategy by embarking on developments through partnerships to share risks and preserve cash flow.

As at FY16, the group has a total land bank of 432 acres, valued at RM8.6 billion.

Just before the noon-market break, Titijaya was trading unchanged at RM1.70 for a market capitalisation of RM611.96 million.