KUALA LUMPUR, Aug 20 (Bernama) — Titijaya Land Bhd’s (Titijaya) wholly-owned subsidiary, Titijaya Development (Pulau Pinang) Sdn Bhd (Titijaya Development), has signed a joint venture agreement with Mines Heights Development Sdn Bhd (Mines Heights).
The partnership is for a mixed-use transit-oriented development (ToD) with an estimated gross development value (GDV) of RM554.30 million.
Mines Heights is the owner of a 1.21-hectare parcel of land in Taman Connaught, Cheras.
In a statement today, Titijaya said that under the terms of the agreement, Titijaya Development will develop the land into a mixed-use project in accordance with the development approval and approved plans, including any subsequent variations that have been approved by the relevant authorities.
“As part of the agreement, Titijaya Development will pay Mines Heights a landowner’s entitlement equivalent to 16.5 per cent of the net GDV of the project and not less than RM90 million.
“The payment will be satisfied through cash, representing 80 per cent of the value of the entitlement, and property lots representing the remaining 20 per cent,” said the urban lifestyle developer.
Titijaya also said that the value of the landowner’s entitlement was determined on a willing-buyer and willing-seller basis, involving a review of factors including potential development returns, the accessibility and suitability of the land and property, including its ToD development potential, as well as recent land transactions in the vicinity.
Titijaya group managing director Datuk Lim Poh Yit said that the project’s proximity to the nearby Taman Connaught MRT station provides seamless connectivity to the rest of Kuala Lumpur.
“Meanwhile, surrounding amenities, including malls, shops, offices, and UCSI University, will further enhance its appeal to residents and businesses.
“We continue to observe rising demand for strategically located ToD projects across the Klang Valley, especially among city workers and fresh graduates,” he added.
— BERNAMA
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