Page 35 - V3 TOGA_CX Presentation

8. SAFE BET
I bought from TOGA because they have a good reputation from having a strong portfolio, designing units that are modern and high quality; and this is validated by my friends and family.
Since buying off-the-plan is uncertain, I need assurance that the developer I entrust my finances with is reliable, has integrity and will deliver on what they promise, making them a safe bet.
“I think we feel like we're part of a family almost and its just, you feel sort of safe in knowing that you're dealing with someone who's honest, they said they're going to finish certain things and they do. And the tenants happy and we're happy, so everyone is rewarded, good people, you get good finishes, good customers and returning customers, I think that's the biggest thing for us. The fact that we were so happy with Hurstville, it made the next decision not that difficult and not scary.”
“That was my initial concern, but my wife “...” spoke to one, the head of that section of the partner and she said tell me about TOGA and she was told that they are a good developer. That they're known for completing on time. They're known for quality. They're not known for ripping people off and that gave her a lot more confidence. Because I've never heard of them and neither had she. I'd seen them advertised on a Porsche race car at Eastern Creek. That was my exposure but I didn't even know who they were.”
“I have friends in property development and the only, I suppose due-diligence we did was I asked my friend and he said they have very good reputation. They used high quality fittings and so we were reasonably convinced it was going to work. And also we came into the development late so we could see it wasn't buying totally off the plan. We could see bricks and motor and things were going on so.”
“I researched the developers. I spoke to some people I know in building and the developers. Everybody warned me, "Be careful. You've got to be careful about the plan. The developers and people go broke." But I researched TOGA and spoke to a few people, so I felt confident that it was all legit.”
“ There's a lot of shitty developments around Sydney. I worked in property consulting for a year, and so we walked in, you could tell pretty much right away that the quality of the build was there.”
“I knew Toga had a good name 'cause a friend of mine works for another developer and yeah, he said they've got a good name. And his wife, one of her friends actually used to work for Toga for years. Yeah, I was confident with Toga 'cause I'd had a very bad experience before with another big developer.”
Well, our investment strategy is always property. We don't see it as share market. We also are investors in some other private businesses but if TOGA do a good job and we're really, really happy with that, then they'd obviously be a developer that we would continue to be interested in. We would like to acquire at least three more properties on top of the three that we have. TOGA said that they will continue to develop and who knows why not got with them again. Better than Dyldam or Meriton or some of these other mass produced boxes. Rather go with someone that's got a little bit more of a design element, which is important and a really good customer service element and a delivery of promise. That's very important. So I guess, yeah, we'll see where it ends up.
Commercial in confidence
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