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Friday, November 28, 2008

PJD to unveil two projects next year

KUALA LUMPUR: PJ Development Holdings Bhd (PJD) expects to launch two property projects in the Klang Valley next year, said managing director Wong Ah Chiew.

“We expect to launch the first project in the next six to seven months,” he said after the company AGM yesterday.

The projects scheduled for launch is Duta Kingsbury @ Dutamas in Sri Hartamas and a yet-to-be-named mixed residential project in Cheras.

The Duta Kingsbury residential project would have a gross development value (GDV) of RM600mil and the Cheras project, a GDV in excess of RM1bil, said Wong.

PJD currently has 10 ongoing projects and some 600ha of undeveloped landbank all over Malaysia.

On another note, Wong said PJD was cautiously optimistic on the outlook of the local property market.

“We do see a slowdown but we do not think it would become as bad as the US property market,” he said.

Wong said PJD would be revising the design of one or two of its ongoing projects to cope with the softening property market.

“We want to maintain the quality of these projects while making it more affordable at the same time,” he said.

Wong also said the rise in raw material prices since the fuel price hike earlier this year posed big challenges on its construction division.

However, the recent drop in fuel and steel prices would help reduce any impact on the sector going forward, he said.

PJD owns and manages the chain of Swiss-Garden International hotels, resorts and inns in Malaysia.

Swiss Garden International Sdn Bhd vice president of operations Raymond Yeoh said while the occupancy rate for its hotels was healthy, he expected the local tourism sector to slow down next year.

“The last two to three months have put a question mark on the local tourism industry. Forward bookings from January have been a little slow. With the current economic downturn, tourists are more cautious about their travel plans,” he said.

By The Star