PJI keen on more jobs with
29/01/2007 NST By Sharen Kaur
CONSTRUCTION Group PJI Holdings Bhd is keen to work on more projects with
Amanah Raya Bhd, capitalising on the government-linked company's plans to
boost its real estate investment trust (REIT) value to RM1 billion by
The Amanahraya REIT is backed by a common fund with a total size of almost
RM6 billion, which gives it the resources to acquire new properties. The
REIT is headed for a main board listing on February 26.
"Amanah Raya has a lot of building development plans and when they call for
a tender, we will actively participate," PJI executive director Lim Chong
He was speaking to Business Times after a joint-venture agreement signing
ceremony between Amanah Raya and PJI in Subang Jaya on Saturday.
Amanah Raya and PJI are jointly developing the Jana Towers service apartment
project in Subang Jaya, which is expected to be completed by end-2008.
This is the first joint venture between the two firms, Lim said, and PJI
hopes to provide its construction, mechanical and engineering expertise to
Amanah Raya's future projects.
Amanah Raya's existing contracts include building a head office building in
Malacca for Telekom Malaysia Bhd and a shopping mall for Jaya Jusco.
Meanwhile, PJI is expected to receive a letter of award from Syarikat
Perumahan Negara Bhd (SPNB) by June to build 2,300 units of medium-cost
houses throughout Sabah. The contract is valued at RM70 million.
PJI was previously awarded two contracts by SPNB worth RM23 million
collectively to build 1,000 houses.
Lim said PJI is expected to get another contract by year-end valued between
RM20 million and RM30 million. The housing project will comprise 8,000
"We plan to also build condominiums in Ho Chin Minh City, Vietnam. The
project, worth US$49 million (RM171.50 million), is expected to be launched
in the second half of this year," he said.
PJI signed a business corporation contract with the Minh Linh Group of
Vietnam a month ago. PJI will have a 30 per cent stake in the project and
the rest will be held by the Minh Linh Group.
"Its a profit-sharing contract and we will be the main contractors," he