PJD plans two major launches next year

KUALA LUMPUR: PJ Development Holdings Bhd (PJD) plans to launch two new property projects next year in Mont'Kiara and Cheras with a combined gross development value of RM2 billion

The Duta Kingsbury condominium project in Mont'Kiara is expected to be launched in the second quarter of 2010 while the yet- to-be named mixed development project in Cheras is expected to be launched towards the end of next year, said PJD Management Services Sdn Bhd’s chief operating officer Lim Lian Seng. PJD Management Services is the group’s property management division.

“Duta Kingsbury is a high-end residential project while the Cheras project would have residential, educational and commercial elements,” he told reporters after the group’s annual general meeting and extraordinary general meeting here on Nov 26, 2009.

Currently PJD has nine ongoing projects in Pahang, Johor, Klang Valley and Penang with some 1,500 acres of undeveloped landbank in those states.

Also present was PJD’s managing director Wong Ah Chiew who said the group is seeking opportunities to expand its property development in the overseas market.

“We do have plans to expand into Thailand and Vietnam but the political situation in Thailand is still very shaky while for Vietnam, we are still looking. For now, we are very much focused on Malaysia especially the Klang Valley,” he added.

The group recorded a turnover of RM628.5 million for the financial year ended June 30, 2009 (FY09), down 7.57% from the previous financial year’s turnover of RM680.0 million.

The group registered a pre-tax profit of RM37.4 million against a pre-tax profit of RM122.6 million for the previous financial year.

Net tangible assets per share of the group, as at June 30, 2009 was RM1.72. At the AGM, shareholders approved the payment of a first and final dividend of 3% less income tax per share for FY09.
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