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Tuesday, June 2, 2009

PJD to unveil third phase of Harbour Place

Lim Lian Seng pointing to the proposed sky bridge linking Menara PJD to the Star LRT and KL monorail stations.

KUALA LUMPUR: PJ Development Holdings Bhd (PJD) targets to launch the third phase of its Harbour Place project, the Ocean View Residences, in Penang with a gross development value of RM83mil by the middle of this month.

Chief operating officer Lim Lian Seng said the project, which consists of 386 condominium units with built-up areas of 938 and 1,100 sq ft, was located on a three-acre site near Penang Sentral transport hub.

Targeted at young working adults and scheduled for completion within three years, the building has incorporated distinct green elements such as eco-friendly landscaping and “sky garden”.

This is part of the group’s compliance with the Green Building Index endorsed by the Malaysian Institute of Architects.

PJD has registered an average sales of 90% for phase one, Park View Residences, and phase two, Sea View Residences, of its 24-acre residential development.

Year-to-date, the group has registered some RM120mil sales from its one new and nine existing projects.

Among its existing projects are its flagship development – Swiss Garden Residences and Endah Promenade in Kuala Lumpur and Impian Meridien in Subang Jaya.

Meanwhile, PJD had invested some RM700,000 in a sky bridge to link its Menara PJD business tower to the STAR light railway transit and KL monorail stations, Lim said.

“We took over an abandoned serviced apartment project for about RM140mil last year and invested another RM100mil to convert it into a commercial building,” Lim said.

With an average rental rate of RM5 per sq ft, the group hoped to achieve 80% occupancy for Menara PJD in the first year of its opening in September, which would translate into a yield of at least 7% per annum, he said.

“We are in talks with various parties, including a major anchor tenant who has shown interest in leasing the whole building, and expect to close the deals within the next two months,” said Lim.

The 28-storey purpose-built business tower has 75 office suites with floor sizes from 1,335 to 29,353 sq ft. Of the 75 suites, 19 are corporate and the balance executive.

The former has more than 8,000 sq ft with attached bathroom and pantry while the latter will be from 1,367 to 8,000 sq ft. Menara PJD also consists of retail lots with built-up area of 646 to 12,487 sq ft.

Currently, PJD has some 1,500 acres undeveloped land bank in the Klang Valley, Kuantan, Johor and Penang.

For the third quarter ended March 31, PJD posted a net loss of RM1.77mil against a net profit RM9.29mil in the previous corresponding period.

Revenue dropped to RM133.35mil from RM159.15mil a year ago.

For the nine months to March 31, it recorded a 86.43% drop in net profit to RM11.47mil while revenue fell 10.61% to RM460.52mil.

By The Star (By Shannen Wong)

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