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Friday, November 23, 2007

RM1 billion projects in hand for PJ Development

Property development will remain PJ Development Holdings Bhd’s core business with ongoing and future projects for the next two to three years amounting to over RM1 billion, said its managing director, Wong Ah Chiew (pix).

One of its “exciting” projects is the 27-storey office tower along Jalan Tun Razak, he said after the group’s 42nd annual general meeting yesterday, Wong said the group had completed the purchase of the project, which was abandoned by its previous owner earlier this year. Plans have been modified and it will be a modern contemporary tower with a gross retail and office space of 550,000 sq ft and a projected gross development value of RM200 million.

“We are in talks with local and foreign investors who are keen on purchasing en bloc. We expect to finalise the deal within a few months,” he added.

Artist's impression of PJ Development's fl agship project, Duta Kingsbury

PJ Development’s flagship project of Duta Kingsbury is scheduled to be unveiled early next year. The RM300 million gated and guarded project is on a 10.17-acre freehold tract in Sri Hartamas, Kuala Lumpur. It will have 64 units of 3-storey superlink homes and 210 condo units with prices from RM600 psf.

In January next year, the developer will launch the RM250 million Swiss- Garden Residences in Jalan Galloway, KL. This development comprises two 36- storey towers with 413 designer service suites. The project is adjacent to the group’s Swiss-Garden Hotel.

Other upcoming launches are the RM150 million Mont Callista in Taman Universiti, Johor; the third phase of Bukit Istana in Kuantan, Pahang; Sea View Tower in Harbour Place, Butterworth; and the group’s first build-thensell project at the high-end Siarah Oakleaf in Bukit Antarabangsa, KL.

Meanwhile, Block A of the RM158 million Impian Meridian in USJ, Subang Jaya, has been 90% sold since its April launch. Block B, which was recently put on the market, has registered sales of 20%. The project comprises of 596 units of residence suites, office suites and commercial shops.

On foreign ventures, Wong said efforts are continuing to break into the Vietnam market. The group is also in talks with landowners for joint-venture development of a medium-range project in Bangkok, Thailand.

The group has a landbank of over 1,600 acres in the Klang Valley, Penang, Pahang and Johor.

For the financial year ended June 2007, the group registered a 12.6% rise in turnover to RM549.4 million from 2006’s RM487.8 million.

By theSun (by Allison Lee)

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