KUALA LUMPUR: PJ Development Holdings Bhd, which reported a 122% increase in first quarter net profit of RM14.27 million, announced plans to launch three property projects with total gross development value (GDV) of over RM430 million. Managing director Wong Ah Chiew said yesterday the projects were the RM250 million Swiss Garden Residences, RM150 million Laman Callista project and the Siarah Oakleaf valued at RM30 million. “The high-end Swiss Garden Residences in Kuala Lumpur is expected to be launched in January next year and scheduled to be completed by 2010. Pre-tax profit margin is expected at 25%,” he said after its AGM where shareholders approved a resolution to nominate BDO Binder as auditors to replace the retiring auditors, KPMG. Wong said the twin tower 36-storey development comprised 413 designer service suites which would be built next to the Swiss Garden Hotel in Kuala Lumpur. The luxury Siarah Oakleaf, with a GDV of RM30 million, would be built in Bukit Antarabangsa on a 2.68 acre site with the soft launch scheduled in December. The Laman Callista project, a gated community of 192 semi-detached homes, will be built on 35 acres of land in Taman Universiti, Pulai, Johor. Its launch is scheduled in the fourth quarter of its financial year 2008. Wong said PJ Development’s hotels and leisure division, under the Swiss Garden brand name, had recorded improvements in hotel rates and occupancy rates. “The occupancy rate at the hotels ranges from 60% to 80%,” he said. By The EDGE MALAYSIA
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