Tan Sri Ong Leong Huat is holding the reins of both OSK property and PJ Dev.
Talk late 2013 that he would take private his property OSK Property has resurfaced with a new twist – the merger of the two companies, fusing their strengths into a single entity that will give the big guns a run for their money.
Whether this new entity will remain listed also hangs in the balance, as Ong appears bent on taking his companies private.
Ong now has am indirect stake of 21.4% stake in PJD. Ong’s wife has a 6.28% stake in PJD. PJD owns the Swiss Garden hotel chain.
In OSK Property, Ong has a direct stake of 28% but total indirect control of 45.8% as at Jan 2014.
While OSK Property is not a subsidiary of OSK Holdings, Ong has said a REIT is in the pipeline for OSK Holdings at some point.
Market observers noted that Ong appears to be selling assets and shares. Whether this is for the upcoming projects or to build cash reserves in the event of a sharper economic slowdown remains to be seen.
Ong loaded 2.57 million GPacket shares and the 28 storey Menara PJD for rm220 million.
In late 2013, PJD also made over tunes to enter PJ, and Mukim Batu in KL. It also bought 2.4ha of industrial leasehold land in PJ for rm124 million which has the potential to be re developed for retail and serviced apartment.
PJD is currently (Feb 2014) working on nine projects, with a combined GDV of rm1.6 billion to last until 2015.
Its unbilled sales currently stood at rm800 million. It has yet to realized some rm4 billion in GDV which could be launched over three to five years from 2014.
PJD was reported to have 670ha of undeveloped land in the Klang Valley , Kuantan, Johor and Penang .
OSK Property has been expanding its landbank. In 2013, it entered into a deal with Kuala Dimensi Sdn Bhd to acquire two parcels of commercial land in Shah Alam’s Section 13 for rm15.19 million.
