PJ Development to launch RM300m high-end project in KL

ICONIC PROJECT: The Swiss-Garden Residences will consist of two apartment tower blocks of more than 30 storeys each - website picture

PJ DEVELOPMENT Holdings Bhd, a property developer, will launch a new RM300 million high-end project in Kuala Lumpur, dubbed the Swiss-Garden Residences this month.

The residences will consist of two apartment tower blocks of more than 30 storeys each. Construction will take about three years.

James Chew, its general manager for the property division, said the towers will have a unique feature. They will have hotel rooms up to level 11.

The rooms would be directly connected to the Swiss Garden International Hotel Kuala Lumpur via a bridge. The hotel is also owned by PJD.

"The original plan was to build two towers offering more than 450 apartment units. But since the hotel (Swiss Garden) is always fully occupied we decided to offer some hotel rooms at the residences," Chew told Business Times in an interview.

Chew said under a revised plan, the residences will offer 436 apartment units and 42 hotel rooms and both will complement the Swiss Garden Hotel.

The towers will be built on a 0.7ha site which is directly behind the Swiss Garden Hotel, using internal funds and loans.

Chew said the land was bought two years back for RM20 million.

He said the design of the buildings would be contemporary and modern and earmarked as an iconic building in the Jalan Pudu area.

"We are targeting locals, and buyers from Hong Kong, Singapore and the UK. Potential buyers from these countries are already lining up to buy the properties," Chew said.

"The units, with sizes ranging from 550 sq ft to 2,700 sq ft, are pegged from RM600 per sq ft and onwards. The prices are attractive considering the current market value within the vicinity," he added.

Chew said service apartments in the Klang Valley are still selling like hot cakes as they offer good business opportunities, especially for those who are looking at investments.

"Property prices have increased a lot so as developers we are providing good yields for investors," he said.

According to Chew, PJD is moving away from building medium-priced homes to high-end residences and it has been doing this for three years due to strong demand in the Golden Triangle area.

"PJD prefers to go into niche markets by acquiring smaller parcels of land that have good and immediate potential for development," he added.

For the first half of 2008, PJD expects to launch RM810 million worth of new properties in Kuala Lumpur and Johor.

Besides property development, the company also runs a profitable power cable manufacturing business and owns the Swiss Garden hotel chain.

By New Straits Times (by Sharen Kaur)