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Monday, January 28, 2008

Project to be 'Mid Valley of Petaling Jaya'

PJCC Development Sdn Bhd has sold RM50 million of properties under the first phase of its Petaling Jaya Commercial City (PJCC) development project.

The first phase, which is only 45 per cent complete, comprises the retail city precinct that offers three-, five- and eight-storey shop-lots.

The book value of the retail city is RM80 million, while the gross development value of the whole project is RM500 million.

PJCC Development sales and marketing manager Vincent Tai said the project will be mostly self-funded.

The overall development, scheduled for completion in 2014, houses four precincts over 13ha and will be developed in three phases.

Tai said that its location between the Mid Valley Megamall in Kuala Lumpur and the Sunway Pyramid in Petaling Jaya, as well as its relatively cheaper pricing, made it an attractive proposition for investors and businessmen.

"We want it to be the Mid Valley of Petaling Jaya," he told Business Times in an interview.

The development will also have serviced apartments, a hotel, an automotive city complex, a lake city complex, a shopping mall, a bazaar retail lot and a full-fledged college campus.

"We are planning to get a college to set up an on-site campus here, extending the college belt in Bandar Sunway and Subang Jaya. I think it will complement the development very well," Tai said.

PJCC Development is the owner and developer of the PJCC project.

The owners of PJCC Development are also shareholders of the Novotel Hotel in Kuala Lumpur and the Pulai Springs Resorts in Johor, which include Mah Siew Chean.

Tai also said that the company has received approval to build an ingress from the New Pantai Expressway (NPE) to the development.

He said the deal was for PJCC Development to maintain the ingress for 30 years for an disclosed sum.

"Accessibility to the development will not be a problem as, once the ingress is completed in a month's time, PJCC will be connected to the NPE as well as two other major highways."

By New Straits Times (by Presenna Nambiar)

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