KUALA LUMPUR: Bandar Raya Developments Bhd (BRDB) expects an improved financial year, based on two high-end residential projects in hand.

BRDB posted a net loss of RM66.8mil for the financial year ended Dec 31, 2005, compared with a net profit of RM37.3mil a year ago.

Chief executive officer Datuk Jagan Sabapathy said the company's performance would be stronger this year due to The Troika in the Kuala Lumpur City Centre area, and a residential project in Bangsar.

The Troika in the KLCC area.

''We expect a turnaround and are very confident of our projects. We are looking at 25% contribution to revenue each, totalling RM1.3bil, from the gross development value of the two projects,'' Jagan said after launching The Troika yesterday.

''The projects are expected to start contributing this year,'' he added.

The Troika, which is scheduled for completion in 2009, comprises eight penthouses, 164 apartment units and 57 small-office-home office lots. About 50% of the project has been sold since its soft launch in September 2005.

''Around 45% of the sold properties were bought by foreigners from Japan, Australia, Hong Kong, India, China and Australia,'' Jagan said.

BRDB expects all the units to be taken up in two years.

The average price is RM930 per sq ft. However, prices for some units can go up to RM1,000 per sq ft, depending on the size and location.

Jagan said BRDB had also promoted its properties in China, the Middle East, India, Pakistan, Hong Kong and Singapore.

The company has 700 acres of land bank in the country, mostly in the Klang Valley, which will keep it busy for the next decade.

BRDB would start to sell its ongoing project in Pakistan by the second half of this year, Jagan said.

''The project comprises 400 acres of mixed development. We will get a 30% profit before land cost as it is a joint-venture project,'' Jagan added.