PJ Development - owing relatively cheap landbank as far back as 2001

It has in its books some parcels of land and buildings in KL that it had acquired as far back as 2001.

Apart from owning relatively cheap landbank on KL, the company also has a string of developments in the Klang Valley, Johor, Penang and Pahang with a combined GDV of more than rm1.3 billion.

In 2013, it had launced a luxury condominium in Dutamas Mont’ Kiara and a hotel and a serviced apartment development in Genting Highlands. The Mont’ Kiara project sits on 10 acres of freehold land acquired in 2001. It has a net book value of rm85.6 million, the cost works out to around rm90 psf.

Its headquarters in Jalan Tun Razak has a net book value of rm116.21 million. Acquired in 2006, its cost works out to around rm145 psf.

Another acquisition of Industrial land in Jalan Universiti is valued at rm124.2 million.

PJ Developments include D’ Majestic in KL, YouOne in Subang, USJ and Swiss Garden Resort Residences in Kuatan.

The resort in Kuantan has a net book value of rm53.13 million while the Swiss Garden Hotel and Residences in the heart of KL is booked at rm86.5 million or rm252 psf. The latter freehold land would command a much higher price now (Nov 2013).