New Straits Times, 8 October 2011 - Dijaya unit buys land near KLCC for RM65 million

New Straits Times, 8 October 2011

KUALA LUMPUR: Dijaya Corp Bhd's subsidiary Ace Rhythm Sdn Bhd has purchased three parcels of freehold land in the city for RM65.25 million.

The land, located along Jalan Sultan Ismail, will be developed into mixed project consisting of serviced apartments and commercial lots, to generate an estimated gross development value of about RM650 million.

In a statement yesterday, Dijaya group executive officer Tan Sri Danny Tan said the projects are expected to contribute positively to the group's future revenue stream and financial performance.

The lands have good development potential because they are in a strategic location in the central district of Kuala Lumpur City Centre, an area where residential and commercial properties are highly sought after, Tan said.

The lands, he added, also have the ability to demand premium pricing for both residential and commercial properties, as evidenced, by other developments within the vicinity such as Pavilion Residence, Four Seasons Place, the Binjai and Regent Residence.

Tan pointed out that this acquisition, following its proposed development of W Kuala Lumpur Hotel & Residences, provides an opportunity for Dijaya to expand and strengthen the group's existing business property development portfolio within Kuala Lumpur.

"Thi is an opportunity for the Group to introduce the 'Tropicana' brand name to an urban market in the city centre. This proposed development is expected to attract much attention from both the locals as well as foreigners in the country," he said.