Titijaya Bhd proposes to subscribe to a 99% equity interest in BJ Properties Sdn Bhd (“BJ”) for RM9.9mil cash. BJ owns a piece of 6.8 acres leasehold residential land along Jalan Nipah, off Jalan Ampang. The land is located behind Gleneagles Hospital and the on-going 3rdNvenue project by a 70:30 JV between Titijaya and China’s CREC. As a comparison, 3rdNvenue’s land size is 6.1 acres and has a GDV of RM1.8 bil. The land was valued at about RM1,500 psf in 2016 as disclosed in the JV agreement. Phase 1 of 3rdNvenue (residential units with a GDV of RM580mil) has a take-up rate of only 22% as at Jan 2018 (source: AmInvestment Bank research).
Titijaya intends to develop aa mixed development with residential focus complemented by some commercial elements. The total gross development value is estimated to be RM1.5 billion.
Lot no: Lot 11979, Mukim Ampang, Negeri Wilayah Persekutuan Kuala Lumpur
Land area: 6.80 acres/27,550 sq.metres
Category of Land Use: Residential
Date of transaction: 28 March 2018
1. The land is to be developed into a mixed development with residential focus complemented by some commercial elements. The total gross development value is estimated to be RM1.5 billion.