Diversifying to stay ahead (Amended)

IN 2010, the then 30-year-old Top Global Limited (TGL) found itself at a crossroads. From covering property development, facility management, childcare, and construction, it was streamlining its focus to build the company into a premier lifestyle property group.

This followed the announcement that Sukmawati Widjaja, vice-chairman of the Indonesian Sinar Mas conglomerate, was purchasing a significant stake in TGL. It dropped its construction and childcare subsidiaries soon after as part of its strategy to discontinue non-core businesses.

But the firm had not expected cooling measures being planned for the real estate sector. The measures began in 2009 with the removal of the interest absorption scheme and interest-only housing loans, before moving on to the introduction of the seller's stamp duty in 2010 and the additional buyer's stamp duty in 2011.