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Friday, May 16, 2008

PJ Dev finalising deal to sell office tower

DEVELOPER PJ Development Holdings Bhd (PJD) is finalising a deal to sell a 26-storey office tower in Jalan Tun Razak, Kuala Lumpur, for some RM300 million.

The yet-to-be-named tower, which is under construction, will have 120 office suites and retail lots on a 0.6ha freehold site when completed by mid-2009.

PJD expects net profit and revenue to increase by more than 10 per cent in the year to June 30 2009 due to new launches and better sales.

In fiscal 2007, it posted a net profit of RM42.4 million and revenue of RM549.4 million.

"Our performance for the current year will also improve, led by projects that we have launched in the last 12 months," chairman Mohamed Zain Mohamed Yusoff said.

Mohamed Zain: Performance for the current year will improve, led by projects launched in the past 12 months.

He was speaking after witnessing the signing of a management agreement between Swiss-Garden International (SGI) Hotels, Resorts & Inns and Superville Sdn Bhd for Swiss-Garden Residences in Kuala Lumpur yesterday.

Superville, the developer for residences located at Jalan Galloway, off Jalan Pudu, Kuala Lumpur, and SGI, are both units of PJD.

Swiss Garden Residences comprises two serviced apartment blocks worth RM270 million, which will be connected to Swiss Garden International Hotel Kuala Lumpur via a connected bridge. The hotel is also owned by PJD.

Tower A, a 33-storey building, is offering 183 apartment units with built-ups of 550 sq ft and 650 sq ft for one-bedroom and 750 sq ft for a two-bedroom, pegged at more than RM700 per sq ft, and two penthouses with built-up of 2,700 sq ft, priced at RM1,000 per sq ft.

Tower B, which has 37-floors and not open for sale yet, will offer bigger units.

Mohamed Zain said 80 per cent of Tower A has been snapped up by locals and buyers from Hong Kong, Singapore and UK in less than three months even before the launch of the project.

"The take-up rate was faster than we expected and we hope the same to happen for Tower B when we open it for sale," he said.

By New Straits Times (by Sharen Kaur)

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