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Tag: Titijaya

  • Titijaya buys 99% stake in Ampang land owner

    Titijaya buys 99% stake in Ampang land owner

    Titijaya Land Bhd is buying a 99% stake in BJ Properties Sdn Bhd, which owns 6.8 acres of leasehold land in Ampang that it plans to develop into a RM1.5 billion gross development value project.

    In a filing with Bursa Malaysia today, the group said its purchase is in line with its growth strategy in expanding its land bank and investing in strategic property development projects in the Klang Valley.

    The land is expected to be used as mixed development with a focus on the residential component, complemented by some commercial elements.

    Titijaya’s wholly owned subsidiary Tulus Lagenda Sdn Bhd will pay up to RM9.9 million for the stake.

    Based on the audited financial statements for the financial year ended Aug 31, 2017, BJ Properties recorded a net loss of RM1.06 million and negative shareholders fund of RM3.07 million. The land in Ampang has a book value of RM103.67 million.

    Titijaya intends to fund the proposed subscription via internally generated funds and/or bank borrowings. The company’s share price closed 1.5 sen lower to close at 52.5 sen with some 331,100 shares changing hands.

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  • Titijaya Land teams up with Tokyu Land

    Titijaya Land teams up with Tokyu Land

    Bursa Malaysia-listed property developer Titijaya Land Berhad (Titajaya) has signed a memorandum of understanding with Tokyu Land Corporation (TLC) to establish a provisional collaboration in the real estate industry.

    In a statement, Titijaya said it will share and exchange knowledge and expertise with TLC with the intention of further revolutionising their real estate development and to explore potential collaborations for any property development projects that either of them may undertake.

    TLC, founded in 1953, is a real estate firm involved in urban development, wellness and overseas business. It is a core subsidiary of the Tokyu Fudosan Holdings Group, a Japanese company listed in the Tokyo Stock Exchange.

    “By entering into the MOU, we are able to leverage on TLC’s strength to further revolutionise our business,” said Titijaya Land Group Managing Director Tan Sri Dato’ Lim Soon Peng.

    TLC is to establish itself in the Malaysia property development sector by capitalising on Titijaya’s current and upcoming market, he added.

    TLC is known for its technology, expertise, creativity, and innovative knowledge in developing and marketing real estate with an edge, putting it a class ahead in the urban property development realm.

    This includes multiple large-scale projects in Shibuya (birthplace of TLC), Ginza, Takeshiba, and other urban areas.

    Its development in Shibuya is a transit-oriented development (“TOD”) concept with a bus terminal as well as tourist support facility that supports the activities of local and international visitors. TLC also has a good track record in property

    According to the MOU, Titijaya and TLC are desirous of collaborating in real estate development areas such as, but not limited to, residential, office, transit oriented development, senior housing, urban hotels and other forms of hospitality, commercial and retail properties.

    It also includes property management and operations, as well as the establishment of or investments in real estate investment trusts (“REITs”).

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