By Sharen Kaur
Published in NST on July 8, 2014
KUALA LUMPUR: PJ Development Holdings Bhd (PJD), in which veteran stockbroker Tan Sri Ong Leong Huat has a majority stake, is actively scaling up its property investment portfolio to boost recurring income.
The property group is working on seven projects comprising hotels and residences, with gross development value of more than RM1.2 billion.
PJD is building Swiss-Garden Residences Sungai Karang and Damai Laut Sea Villa, both in Kuantan, Pahang; D'Majestic serviced apartments in Kuala Lumpur; Swiss-Inn Johor Bahru; and Swiss-Garden Hotel & Residences Cameron Highlands, which it will wholly own.
It will also operate Swiss-Garden Hotel & Residences Malacca and Pavilion-Garden Suites in Kota Baru, Kelantan, under a management contract for third parties. All the properties, when completed, will be parked under Swiss-Garden International Hotels, Resorts & Inns, the leisure division of PJD.
According to Swiss Garden International general manager, Jimmy Chow, the leisure division will have 3,300 rooms by the middle of next year, 50 per cent more than the current level.
The additional rooms will come with the opening of the properties in Sungai Karang, Pudu, Johor Baru and Malacca within the next six to nine months.
Chow said in the next five years, the division will add 1,500 rooms, bringing the total number of rooms to 4,800.
This is from the opening of Swiss-Garden Hotel & Residences Cameron Highlands, Damai Laut Sea Villa and Pavilion-Garden Suites in Kota Baru.
"We are still in the league and will keep on growing and expanding," Chow told Business Times, in an interview, here, recently.
Swiss Garden International currently owns and operates nine hotels and resorts in Kuala Lumpur, Perak, Pahang, Kedah and Australia.
It also has two such assets under management contracts in Penang.
Chow said all the properties are profitable and contributing positively to the earnings of PJD.
For the nine months to March 31 this year, PJD recorded a net profit of RM75.86 million on revenue of RM705.5 million.
The leisure division recorded a net profit of RM10.45 million on revenue of RM93.96 million.
The property group is working on seven projects comprising hotels and residences, with gross development value of more than RM1.2 billion.
PJD is building Swiss-Garden Residences Sungai Karang and Damai Laut Sea Villa, both in Kuantan, Pahang; D'Majestic serviced apartments in Kuala Lumpur; Swiss-Inn Johor Bahru; and Swiss-Garden Hotel & Residences Cameron Highlands, which it will wholly own.
It will also operate Swiss-Garden Hotel & Residences Malacca and Pavilion-Garden Suites in Kota Baru, Kelantan, under a management contract for third parties. All the properties, when completed, will be parked under Swiss-Garden International Hotels, Resorts & Inns, the leisure division of PJD.
According to Swiss Garden International general manager, Jimmy Chow, the leisure division will have 3,300 rooms by the middle of next year, 50 per cent more than the current level.
The additional rooms will come with the opening of the properties in Sungai Karang, Pudu, Johor Baru and Malacca within the next six to nine months.
Chow said in the next five years, the division will add 1,500 rooms, bringing the total number of rooms to 4,800.
This is from the opening of Swiss-Garden Hotel & Residences Cameron Highlands, Damai Laut Sea Villa and Pavilion-Garden Suites in Kota Baru.
"We are still in the league and will keep on growing and expanding," Chow told Business Times, in an interview, here, recently.
Swiss Garden International currently owns and operates nine hotels and resorts in Kuala Lumpur, Perak, Pahang, Kedah and Australia.
It also has two such assets under management contracts in Penang.
Chow said all the properties are profitable and contributing positively to the earnings of PJD.
For the nine months to March 31 this year, PJD recorded a net profit of RM75.86 million on revenue of RM705.5 million.
The leisure division recorded a net profit of RM10.45 million on revenue of RM93.96 million.
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