Trinity to settle all debts in 2012

Boutique property developer Trinity Group Bhd hopes to pay off all its debts to the Selangor state government and other lenders next year by selling over RM676 million worth of properties. 

“This is the largest amongst several disposals undertaken in the last few years with a view to reduce (the) gearing level of the group,” it said. 

Currently, the group has partially settled its debts to Menteri Besar Selangor (Incorporated).

For Q2 ending 31 October 2011, Trinity reported a revenue of RM37.01 million, lower than the previous quarter’s RM50 million, with lower progress billings from development projects.

Trinity said 95 percent of the uncompleted homes has been “physically completed”, with five percent still pending infrastructure works and the approval of certain authorities. 

“The group will launch new development projects once approvals are obtained from the relevant authorities. Besides current development projects, the group will venture into joint venture projects with certain reputable corporations,” it said.

“As reported in the previous financial year, the group had disposed of certain properties below cost and this may continue in the near future. Hence, the board foresees a challenging financial year ahead for the group.”