PROPERTY developer Dijaya Corp Bhd aims to launch RM1.1 billion worth of projects this year after accumulating land for development in the past 18 months.

Last year, the master property developer of Tropicana Golf & Country Resort and Tropicana Indah Resort Homes in Petaling Jaya only launched RM700 million worth of properties.

"For 2012, we are targeting sales between RM650 million and RM700 million. It is a conservative target but we hope to achieve more than that," Dijaya managing director Datuk Tong Kien Onn told pressmen after the company's extraordinary general meeting in Petaling Jaya yesterday.

Last year, Dijaya sold about RM420 million of properties.

"Dijaya will be launching many new projects this year and next year on lands that we have purchased over the last one-and-a-half years.

"The total gross development value (GDV) of these lands works out to around RM28 billion," said Tong, adding that the group's total undeveloped landbank area is 324ha.

Among the projects in the pipeline this year are within its flagship Tropicana project in Petaling Jaya as well as in Subang, Cheras, Johor Baru and Penang.

In the third quarter this year, Dijaya will be launching two new projects in Tropicana Indah Resort Homes, namely Golf Villas and Tropicana Gardens.

The RM1.8 billion Tropicana Gardens commercial centre features SoHo units, offices, service apartments, offices, a hotel and lifestyle retail space.

Dijaya aims to develop 5.6ha of the lakefront project over a period of between six to eight years, and the first phase will involve RM200 million GDV.

In Subang, Dijaya had bought 35.4ha for RM385.5 million in 2010 with plans to build three-storey link, semi-detached and bungalow houses, condominiums as well as commercial development.

Dijaya aims to make a huge footprint in Johor's property market with the second project called Tropicana Danga Cove with a total GDV of RM2.8 billion. The construction of the 10-year project is targeted to commence by first half of this year.

On the horizon, due to the limited landbank within the Tropicana development, Dijaya has plans to develop bungalows, link houses and semi-detached units at Tropicana Cheras and Tropicana Balakong.

The acquired landbank in Sungai Long, Cheras and Balakong have an estimated GDV of RM185 million and RM400 million, respectively.

Yesterday, shareholders of Dijaya approved the company's plans to enter into a joint venture with Ivory Properties Group Bhd to buy and develop a 41.02ha site in Bayan Mutiara, Penang.

Tropicana Ivory Sdn Bhd, 51 per cent owned by Dijaya, will invest RM10 billion in a mixed residential and commercial property project that will keep the company busy for eight to 12 years.

SOURCE: Business Times