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Friday, June 26, 2009

Dijaya plans RM1.8b property launches

Developer Dijaya Corp Bhd will launch properties worth RM1.8 billion in fiscal 2010 to expand and sustain earnings.

Managing director Datuk Tong Kien Onn told Business Times after the company's shareholders meeting yesterday that it expects its net profit and revenue to improve slightly this year despite a weak market.

Tong said Dijaya achieved RM153 million in sales in the first half of 2009 and is expecting RM100 million more in the second half.

But profit will be hit due to higher land and construction costs. The company is projecting a net profit margin of 15 to 18 per cent this year versus 25 per cent before.
For the year to December 31 2008, Dijaya posted a net profit of RM34.4 million on revenue of RM244.1 million.

In the first quarter of 2010, Dijaya will unveil Tropicana Grande, the last residential development at its award-winning 250ha Tropicana Golf & Country Resort in Petaling Jaya.

It plans to offer 300 units of high-end condominiums for about RM2 million each.

In the second or third quarter, Dijaya will launch three projects that will include Tropicana Avenue in Petaling Jaya, which will feature eight- and 10-storey office blocks including two floors for retail.

In Balakong, Kajang, Dijaya will launch a RM380 million resort development comprising apartments, and two- and three-storey semi-detached and link houses.

In Sungai Long, Cheras, it will launch a RM200 million housing project that will have semi-detached and double-storey link houses, and low-cost apartments.

By the end of 2010, Dijaya will introduce Pool Villas in Tropicana, offering semi-detached houses worth an average of RM2.8 million each, or a combined RM160 million.

Finally, it plans to launch twin-tower offices blocks in Tropicana for more than RM150 million.

Dijaya will sell one block and retain the other to build its investment portfolio for recurring income.

Currently, Dijaya's portfolio includes the 12-storey Tropicana City office tower and newly-opened Tropicana City Mall in Damansara.

By Business Times (by Sharen Kaur)

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