Nanyang Siang Pau, 6 September 2011 - Dijaya Acquired Five Parcels of Land in Kajang for RM220mil for Mixed Development

Nanyang Siang Pau, 6 September 2011

Dijaya Corp Bhd (DIJACOR, 5401, main property stock) has acquired five parcels of freehold land measuring 198.5 acres in Kajang from Taiyo Resort (KL) Bhd for RM228 million. The land would be transformed into a mixed development with an expected gross development

value of RM2 billion.

When filing with Bursa Malaysia, Dijaya said that the agreement with Taiyo Resort was entered by its wholly-owned subsidiary, Tropicana City Service Suites Sdn Bhd (TCSS), to purchase the five parcels of land worth RM228mil.

TO CATER FOR THE RISING DEMAND

Dijaya Corp added that the five parcels of land are currently held under the operations of Kajang Hill Golf Club.

Dijaya Corp's Chief Executive Officer Tan Sri Dato' Danny Tan Chee Sing said that the group will continuously acquire sizeable land-banks with good development potential in strategic locations.

"The above-mentioned land deal provides an opportunity for the group to introduce more development in Kajang of quality and prestige synonymous with our Tropicana brand."

In a statement, it said that the above development, known as Tropicana Kajang, will be another future revenue generator for the group and shall contribute positively to its financial performance.

With the increasing population and expanding residential properties in and around Kajang, the proposed development of commercial properties will cater to the rising demand for office and retail spaces.

Tan Sri Dato' Danny Tan Chee Sing said that the proposed development and commercial properties will be able to meet the rising demand for office and retail spaces.

"Furthermore, the proposed Kajang-Sungai Buloh MY Rapid Transit project will enhance the investment potential of Kajang, and therefore present greater opportunity to property investors."