Berita Harian, 6 September 2011 - Dijaya plans Tropicana Kajang development worth RM2 billion

Berita Harian, 6 September 2011

Dijaya Corporation Bhd has acquired a 79.4-hectare land in Kajang worth RM2 billion for a mixed development project named Tropicana Kajang.

Through its wholly owned subsidiary, Tropicana City Service Suites Sdn Bhd, Dijaya yesterday entered into a Sales and Purchase Agreement with Taiyo Resort (KL) Bhd to purchase five parcels of freehold land in Kajang worth RM228 million.

At present, the property is managed by Kajang Hill Golf Club.

Group Chief Executive Officer of Dijaya Group, Tan Sri Dato' Danny Tan Chee Sing said the planned development would comprise houses, condominiums, apartments and shophouses.

He also said the development was expected to boost the company's future revenue stream and contribute positively to its financial performance.

"Dijaya is constantly on the lookout for large-scale land reserves with good development potential at strategic locations."

"The land deal today provides an opportunity for the Group to introduce further high quality and prestigious development in Kajang synonymous with the Tropicana brand," he said in a statement issued in Kuala Lumpur yesterday.

Tan also added that the freehold land has huge potential in capital appreciation as a result of the high demand for both residential and commercial property in Kajang, which is evident through its other developments in the area including Nadayu 92, Tiara Residence, Ramal

Villa and Twin Palm.

"With the growing population and expansion of residential areas in the vicinity of Kajang, this development project is expected to meet the demand for more office and business space."

"Moreover, the proposed development of the Kajang-Sungai Buloh Mass Rail Transit project is expected to enhance investment potential in Kajang and also provide a great opportunity for property investors," he said.

Through this acquisition, he said, Dijaya plans to further strengthen its existing business potential in the development of residential and commercial properties.