Nanyang Siang Pau , 16 August 2011 - Dijaya Corp Bhd bought land worth RM220 million

Nanyang Siang Pau , 16 August 2011

Dijaya Corp Bhd (Dijacor 5401, main property stock), its wholly-owned subsidiary Accroway Sdn Bhd and Iskandar Waterfront Sdn Bhd (IWSB), have today joint-ventured to form a company known as Magical Heights Sdn Bhd.

Magical Heights and Trident World Sdn Bhd today signed a sales and purchase agreement to buy two landed properties worth RM220 million.

Magical Heights has acquired two separate properties worth RM165 million and RM55 million in Johor.

According to the contract, Magical Heights will be responsible to check the progress of the project and to ensure that proper approvals are sought with all the relevant authorities for the development projects.

Dijaya Corp revealed that the company will expect the project to be self-financed but will also look at bank loans to finance the purchase of the land and other development expenditures. In any circumstances, the company hopes to complete the plan during the second half of next year.