Titijaya unit to buy land in Penang for RM126mil



KUALA LUMPUR: Newly-listed property developer Titijaya Land Bhd’s wholly-owned unit City Meridian Development Sdn Bhd has entered into a conditional sales and purchase agreement to acquire 8.25 ha in Penang from Titijaya Group Sdn Bhd for RM126mil.

Titijaya Land chief operating officer Lim Poh Yit said the proposed acquisition is the company’s first venture outside the Klang Valley.

“We are exploring this proposed acquisition in Penang due to its strategic location and development opportunities anticipated from the surrounding catchment area. We are in the midst of planning and exploring the right mix of development products that will best fit market demands and trends,” he said in a statement yesterday.

He added that the mixed development, with an estimated gross development value of RM2bil, will be launched at about the end of next year on a location within walking distance of the second Penang bridge, the Sultan Abdul Halim Mua’dzam Shah Bridge.

Titijaya Land, which was listed on Nov 27 last year, recorded a pre-tax profit of RM25.1mil for the third quarter ended March 31, 2014 while revenue amounted to RM62.5mil.

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