PJD finds niche in lifestyle projects
The Star, Monday, May 02, 2005
Angie Ng

Lim Lian Seng inside the showhouse of Hartamas Regency

PJ Development Holdings Bhd (PJD) sees potential to venture into more lifestyle residential projects to provide the impetus for a stronger presence in property development.

Having carved a niche in the affordable housing sector through projects such as Harbour Place in Butterworth, and a township development, Taman Putri Kulai in Kulai, Johor, PJD is shifting its focus to the robust Klang Valley market.

According to PJD Management Services Sdn Bhd senior general manager (marketing and operation) Lim Lian Seng, the group will be focusing on more boutique residential developments in keeping with the strong demand for such homes in the Klang Valley.

"By building more upmarket developments that are easier to manage in terms of size, we will be able to see faster project turnaround time that will ensure good cash flow for the group," Lim told StarBiz in an interview.

He said areas that offered good potential for PJD in its property thrust are Kuala Lumpur, as well as Puchong and Kajang in the Klang Valley, as these places are fast turning into well sought after addresses with the easier accessibility provided by the improved infrastructure network.

PJD is also looking to build up its land bank in other high-growth areas such as Penang and Johor that are among the most vibrant in terms of property building activities.

"We are actively on the look out for strategic land that are good for development into innovative residential schemes. These could be via direct acquisitions or though joint ventures with land owners," Lim said.

The land size being sought should preferably be between 100 and 200 acres as they are good for integrated mixed developments.

Lim said PJD also had expertise in project management, having managed Bandar Puteri Jaya in Sungei Petani and Seremban 3 comprising 1,010 units of mixed development. "With the robust building activities in the Klang Valley, there are also opportunities to undertake such project management ventures here," he said.

In Kuala Lumpur, PJD is now involved in three residential projects in the affluent address of Sri Hartamas, Kuala Lumpur, which marked its entry into the lifestyle residential segment. Located at Persiaran Dutamas, the development comprises the Hartamas Regency series and Duta Kensington, The next project to be launched soon will be Laman Oakleaf in Bukit Antarabangsa.

"These projects will pave the way for the group to make a bigger foray in the niche residential market and to build up our brand in the property industry," Lim said.

Located on 20 acres, the Hartamas Regency development has attracted a good take up rate with some 85% sold to-date. The development will be undertaken in four phases comprising Hartamas Regency 1, 2 and 3 and Duta Kensington. Except for Hartamas Regency 3, which will be launched by September, the rest have been launched.

Since the launch of Hartamas Regency 1 in 2002, Duta Kensington in April last year and Hartamas Regency 2 in November last year, sales have reached RM240mil.

Hartamas Regency 1, which started in 2002, was completed recently and delivered to buyers. The project yielded a gross development value (GDV) of RM130mil.

Another 210 units under phase two with a GDV of RM140mil were just launched and sales have reached close to 20%. The condominiums with built-up of 1,300 to 3,000 sq ft are priced from RM600,000 to RM1.3mil. "We want to make it our showpiece that will create a higher awareness of the PJD brand in the market," he said.

Surrounded by other ongoing upmarket developments also contributed to a greater awareness in the project. Reflecting the good interest for the homes in the location, the properties in the area have recorded quite encouraging price appreciation.

Lim said while condominiums in phase two were priced from RM370 per sq ft, those under phase three would have price tags from RM420 psf.

To cater to the changing lifestyle of the people who prefer landed homes that come with shared amenities, Lim said Duta Kensington was specially designed for them.

Located on 5.7 acres, the gated community features 77 units of landed strata-titled home, priced from RM948,600 to RM1.16mil, for a gross development value of RM70mil. More than 90% of the units have been sold while construction has reached more than 30%.