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Sunday, February 10, 2008

PJ Development to expand overseas

PJ DEVELOPMENT Holdings Bhd (PJD) plans to build sizeable properties in Vietnam and Thailand with reputable local partners to further expand its real-estate operations.

"We have a few plans to grow but we will do it carefully to seize the best opportunities. This will be the first time we are going overseas to build properties," chief operating officer Lim Lian Seng told Business Times in an interview.

PJD will also launch new properties in Kuala Lumpur and Johor in the first half of the year, worth RM810 million, Lim said.

The first project it is planning is Swiss-Garden Residences along Jalan Galloway in Kuala Lumpur.

The project, to be launched in April, comprises two blocks of serviced apartments with 478 units.

The units, with built-up areas of 550 to 2,700 sq ft each, have yet to be priced.

Another project to be launched in April is Duta Kingsbury @Sri Hartamas, which consists of 64 units of super-link homes and 203 units of condominiums.

The built-up area for the super-link homes ranges from 3,482 to 7,806 sq ft, packaged in different designs.

In Pulai, Johor, PJD will launch Mont' Callista in May, a gated and guarded community on a (13ha site.

It will include 192 units of three-storey semi-detached houses with built-up area of 3,009 to 4,035 sq ft.

"We expect sales to be encouraging based on previous records, when more than half of the properties at our existing developments were snapped up within a few months of its launch," Lim said.

Last year, PJD launched Putri Hartamas, a new component at its current township in Johor, dubbed Taman Putri Kulai, that is being developed for RM1 billion.

Putri Hartamas comprises 210 units of terrace, bungalow and semi-detached homes. Some 30 per cent of the homes were snapped up within the first two months of its launch in November.

Another project, Impian Meridian in Subang Jaya, comprising three blocks of residential and commercial towers with 569 units launched in early 2007, is 80 per cent sold.

"We are scouting for more land in Kuala Lumpur, Kuantan, Johor Baru and Penang for future launches. This is despite having 1,500 acres (608ha) of undeveloped land in these areas, and in Damai Laut," Lim said.

The property division contributes 50 to 60 per cent to PJD's revenue.

For the 12 months to June 2007, PJD posted a net profit of RM42.4 million and revenue of RM549.4 million.

By New Straits Times (by Sharen Kaur)

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