PJ Dev lines up projects despite global gloom

PROPERTY developer PJ Development Holdings Bhd (PJD) (1945) said it will continue to launch new development projects despite the global economic crisis.

It launched last month a high-end bungalow development worth RM45 million in Bukit Antarabangsa, Kuala Lumpur.

Dubbed "Siarah Oakleaf", the project features 20 three-storey twin bungalows priced at between RM2 million and RM2.5 million each. So far, six units have been taken up.

PJD managing director Wong Ah Chiew said it is confident the rest will be snapped up by March next year, looking at the high registration and demand.
Siarah Oakleaf is PJD's seventh launch for the year.

From January to September 2008, it has launched six projects worth a combined RM365 million.

The developer is set to launch its eighth project next month in Cheras or Sri Hartamas.

"We will continue to launch new and exciting products to weather the current economic storm and improve our performance," Wong told Business Times in an interview recently.

For the fiscal year ended June 30 2008, PJD made a net profit of RM101.8 million from RM42.4 million the year before.

Revenue was higher by 24 per cent to RM680 million due to better performance by all its divisions - property. manufacturing, hotel and leisure.

For the hotel and leisure business segment led by Swiss-Garden International Hotels, Resorts & Inns (SGI), PJD will continue to uplift the properties due to encouraging sales despite a slower economy.

SGI previously said it is optimistic of achieving a gross operating profit of up to 40 per cent this year from a sales projection of RM100 million.

The company manages properties owned by PJD, including Swiss-Garden International Hotel Kuala Lumpur; Swiss Inn Kuala Lumpur; Swiss-Garden Resort and Spa Kuantan, Pahang; Swiss-Inn Sungai Petani, Kedah; and Garden-Lodge Sydney in Australia.

Off Pangkor Island in Perak, it also operates the Swiss-Garden Golf Resort and Spa Damai Laut; Damai Laut Golf and Country Club; Swiss-Court Holiday Apartments; and Swiss Villas and Bungalows sprawling over 170ha.

PJD has plans to build 10 to 15 beachfront bungalows with private pool for some RM10 million at the Damai Laut complex to support the existing properties and increasing tourists arrivals from Europe, Australia, Russia.

Resort director Ian Riley said the complex is projected to generate sales of RM21 million this year from RM18 million last year.

"Despite the economic uncertainties, we are on track to achieve our revenue target as we are marketing in areas which we haven't marketed before.

"We are also spending some money on product enhancements," he said. - By Sharen Kaur