PRG Holdings cautious on maiden project launch date

PETALING JAYA: PRG Holdings Bhd is still evaluating market conditions before finally deciding when it will launch its maiden property project, Picasso Residences. 

Executive director Datuk Seri Yeoh Soo Ann said PRG did not want to get caught up by the series of ongoing launches by other developers currently. 

"We're looking at market sentiment and strategizing our launch. We're using a targeted-client approach. 

"There are a lot of launches now and it will be saturated. If we launch now, people won't see our products," he told StarBiz after the company AGM today. 

Given that this is the company's first property project, Yeoh said PRG only expects contribution to earnings within the next 12 months. 

The the high-end condo project, Picasso Residences, will be located on Jalan Jelatek in Kuala Lumpur. It will have an estimated gross development value of RM600mil once completed. 

According to an earlier StarBizweek report, a projected net profit of RM60mil for PRG is expected from it should the company sell 100% of the project.