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Monday, July 27, 2009

Dijaya keen on replicating Damansara Intan in Johor

Property developer Dijaya Corp Bhd may replicate its successful RM1 billion Damansara Intan development in Petaling Jaya, Selangor, in Johor in late 2010 or early 2011.

"We are toying with the idea. We like what we have in Damansara Intan and believe it will be as successful in Johor.

"We are looking for prime land in good locations now," managing director Datuk Tong Kien Onn told Business Times in an interview in Kuala Lumpur recently.

The 8.1ha Damansara Intan, launched in 1995, comprises two blocks of 533 office suites and 28 shops, and over 600 units of serviced apartments.

Although the Asian financial crisis hit in 1997, Dijaya was able to complete the business park in three years. It fully sold the apartments within six to eight months from its launch in 1998 and 2000.

"People like the idea behind our developments. We are providing five-star facilities with added security and after-sales service. We offer more than a work-and-stay environment," Tong said.

Ongoing developments in Damansara Intan include the integrated Tropicana City, launched in 2006.

It consists of the three-level Tropicana City Mall, which has been built and is fully tenanted, the 29-storey Tropics serviced apartment and a 12-storey office tower.

The apartment and office buildings are set to be completed by June 2010.

Dijaya is famous for its Tropicana brand. Its signature developments are the Tropicana Golf & Country Resort and Tropicana Indah Resort Homes.

"We are at the tail end of completing Damansara Intan. While we can do something similar again in the Klang Valley, we want to spread our wings.

"The southern region would be the best bet. There are a lot going on in Singapore such as the Marina Bay Sands Hotel & Casino and Sentosa Integrated Resort and, in Johor, we are talking about Iskandar Malaysia.

"These developments call for new housing. Investors are also coming in to buy buildings in Johor and we don't want to miss the boat. We will include hotel elements in our plan for Johor," Tong said.

Dijaya is preparing the launch of RM1.8 billion worth of properties in fiscal 2010 to expand and sustain earnings.

For the year to December 31 2008, it made a net profit of RM34.4 million on RM244.1 million revenue.

By Business Times (by Sharen Kaur)

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