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Tuesday, March 10, 2009

PJD can clear off all units

Lim Lian Seng

KUALA LUMPUR: Property developer PJ Development (PJD) Holdings Bhd is confident the unsold portions of its residental and commercial units worth RM220mil from six property projects spread across the country will be sold by year-end, said chief operating officer Lim Lian Seng.

The six property projects are Endah Promenade in Sri Petaling, Impian Meridian in Subang-USJ, Taman Putri Kulai and Mont’ Callista in Johor, Harbour Place in Butterworth, Penang and Bukit Istana in Kuantan.

The six property projects have a total gross develoment value (GDV) of RM1.5bil, according to Lim.

“We have sold about 85% of the residental and commercial units from the six property projects worth a GDV of RM1.2bil,” he told StarBiz, but added that a sold-and-unbilled portion worth RM300mil had yet to be collected.

“There shouldn’t be any problem of collection from the sold-and-unbilled portion,” he said.

On the unsold portion of the residental and commercial units worth RM220mil from the six property projects, Lim said the company had launched a Mega Cash Home Bonanza promotion that would entail giving away RM340,000 cash to attract homebuyers.

The promotion period is from Feb 28 until June 30.

“Those who buy homes from any the six selected property projects within the period would automatically qualify for the cash monthly prizes and the opportunity to win the grand prize of RM200,000 cash,” he said, adding that the promotion was to create awareness of PJD’s property projects.

“With the economic downturn, cash is king and we want to collect as much cash as possible from our projects so that we can shop around for more land to develop, especially in the Klang Valley,” he said.

Lim said the company was lucky because many of PJD’s property projects were at the matured stages of their development.

“Thankfully the bulk of the residential and commercial buildings of our property projects were sold well before this economic crisis,” he said.

However, Lim conceded that some luxury property projects by PJD, like the Duta Kingsbury property project in Sri Hartamas, needed to be restructured to make it more attractive to home buyers.

“The houses were initially priced about RM2mil and above each but we plan to scale the project down and build more affordable homes averaging about RM1.5mil each,” he said.

By The Star (by Danny Yap)

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