The Star, 23 June 2011 - Dijaya Corp to unveil projects worth RM762mil

The Star, 23 June 2011

PETALING JAYA: Property developer Dijaya Corp Bhd plans to launch three new projects this financial year ending Dec 31 with a gross development value (GDV) of RM762mil.

Managing director of Dijaya said the total GDV for the three projects was more than RM1bil but as the group planned to launch them in phases, the GDV was RM762mil.

"We will launch Tropicana Sungai Long, a residential project in Sungai Long sometime between July and August. The first phase of the Tropicana Danga project will be launched in the third quarter while the first phase of Tropicana Avenue, a mix development project with commercial centres and apartments, inTropicana will be launched in the final quarter," he told reporters after the group's AGM yesterday.

The group had in the last financial year launched projects with GDV worth RM800mil.

Dijaya had said earlier the group planned to launch property projects worth RM3.5bil over the next two years.

Dijaya's MD said Dijaya would aggressively launched more new projects in FY12 and FY13 to achieve the RM3.5bil target.

He also said Dijaya was looking for more land to acquire.

"Our current land bank of 40 acres is excluding the recent purchased land in Subang and Kampar. if we add up both parcels, our total land bank will be about 240 acres," he said.

Dijaya had bought two parcels of land - one in Subang (88,5 acres) and another in Kampar, Perak with the size of 12.9 acres.

On the move by the group to embark into the hotel business, Dijaya's MD said after partnering with hotel and leisure company, Starwood Hotels & Resorts Worldwide Inc to develop W Hotel in Kuala Lumpur, the group was looking for other places for new projects.

He said the W Hotel would take about four-and-a-half year to be completed and the project would start by the end of this year.

Dijaya's MD also said Dijaya would continue to focus on the local market for its businesses although it was open for any business potential in the overseas market.

He said the outlook of the property market in the country was still positive.