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  • PJ Development Eyes More Land In Petaling Jaya
  • Yap said he hoped to secure approvals for the development early next year, but declined to elaborate on the details. He told StarBiz that it was earmarked for a high-end product. AYMOND OOI/THE STAR (Filepic)

    Yap said he hoped to secure approvals for the development early next year, but declined to elaborate on the details. He told StarBiz that it was earmarked for a high-end product. AYMOND OOI/THE STAR (Filepic)

     

    KUALA LUMPUR: PJ Development Holdings Bhd (PJD) is eyeing more land in Petaling Jaya after its maiden acquisition there of a piece of leasehold industrial land from DKSH Central Services Malaysia Sdn Bhd, said executive director Yap Yoon Kong.

    The property firm, in which veteran stockbroker Tan Sri Ong Leong Huat has a majority stake, bought the 258,746 sq ft land in May for RM124.2mil, and it intends to build a mixed-use residential and retail development.

    The hotly contested DKSH land had attracted competitive bids from well-known developers because of its prime location along Jalan Universiti,

    Yap said he hoped to secure approvals for the development early next year, but declined to elaborate on the details. He told StarBiz that it was earmarked for a high-end product.

    Separately, PJD’s new managing director Andrew Wong played down talk that a merger was brewing between the company and OSK Property Holdings Bhd.

    OSK Group supremo Ong had recently surfaced as a substantial shareholder in PJD with an indirect stake of 21.3% via his family vehicles Dindings Consolidated Sdn Bhd and Land Management Sdn Bhd, taking the place of his elder brother Wong Ah Chiew.

    Ong also controls OSK Property, in which he holds a 71.65% interest. Ong Ju Xing, one of Ong’s sons, is a director in both PJD and OSK Property.

    Ah Chiew ceased to be a substantial shareholder in PJD after he sold down his interest in Dindings Consolidated, following his retirement as managing director on July 31.

    Ong and Ah Chiew’s younger brother, Andrew, was then promoted to managing director from deputy managing director effective Aug 1, filings to the stock exchange showed.

    “Nothing is happening. Both of them (Ong and Ah Chiew) are my brothers. Ong is not a new shareholder as Dindings Consolidated is a family holding company.

    “There are no plans at the moment for a merger. But if it’s good for shareholders, why not? Right now it’s all rumours,” Andrew told the press during a post-AGM briefing yesterday.

    PJD’s net profit rose sharply in the first quarter ended Sept 30 to RM30.4mil from RM6.7mil a year ago, almost five times higher, it said in results released yesterday.

    Turnover jumped 44.28% to RM236.13mil versus RM163.67mil previously, while earnings per share stood at 6.71 sen against 1.47 sen, supported by better sales in its core property segment.

    Meanwhile, Andrew said PJD was working on nine projects with a combined gross development value (GDV) of RM1.6bil to last until 2015.

    Four of them were in the Klang Valley, two in Johor, one in Kuantan and two in Penang. The company was aiming for a take-up of 80%, he added.

    PJD’s unbilled sales currently stood at close to RM800mil. It had yet to realise some RM4bil in GDV, which could be launched over three to five years, Andrew said.

    In Johor, PJD is proposing to refurbish a commercial building it owns in the state capital into a three-star hotel.

    It has also submitted plans for Swiss Garden Genting, a residence-cum-hotel.

    The firm intends to build about 900 units of residences and 300 hotel rooms on a five-acre tract near Awana Genting Hotel on the highlands, in part to benefit from the RM400mil revamp of Genting’s outdoor theme park.

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