By THE STAR
SENAI: Trive Property Group Bhd (Trive), formerly ETI Tech Corp Bhd, is still optimistic about the Malaysian property market as home ownership in the country is still low.
Executive director Kua Khai Shyuan (pic) said the demand for residential and commercial properties would continue to grow in tandem with the population growth in the country.
He said the property market was big enough for all developers as each of them was targeting different market segments.
“We don’t see our late entry a setback. In the property industry, there is no such thing as a late-comer or an early-bird,” Kua told StarBiz after the company’s EGM yesterday.
At the EGM, shareholders approved the proposed reduction of the existing issued and paid-up share capital of Trive, involving the cancellation of RM0.75 from the par value of every existing ordinary share of RM0.10 in the company.
“We are aggressively looking for land in the sub-urban and semi-rural areas in the peninsula for future property development projects,” he said
Kua said land in the sub-urban and semi-rural rural areas were reasonably priced compared with Kuala Lumpur, Johor Baru and Georgetown.
Instead of going for a township project which required a big plot of land, it would focus on a niche development of landed properties in secondary towns.
Malaysians still preferred landed properties as opposed to high-rise apartments or condominiums units as landed properties normally fetched good prices, he said.
“Iskandar Malaysia is not on our radar as there are already too many cash-rich developers from China, there is no way local developers can compete with them,” he added.
ETI Tech Corp, which diversified into property development in mid-2014, changed its name to Trive in June.
– Malaysia Property News