Sin Chew Daily , 16 August 2011 - Dijaya, Iskandar Waterfront RM220million joint-venture to purchase land for property development

Sin Chew Daily , 16 August 2011

Dijaya Corp Bhd (DIJACORP, 5401, main property stock) and property investment company Iskandar Waterfront Sdn Bhd (IWSB) bought land worth RM220 million in Johor for a mixed property development project.

Dijaya Corp Bhd expressed that its own wholly-owned subsidiary, Accroway Sdn Bhd (ASB), and Iskandar Waterfront (IWSB) will sign the sales and purchase agreement and appoint Magical Heights Sdn Bhd (MHSB) to carry out the joint-venture property development plan.

ASB and IWSB each contributed 50% of the share.

MHSB later paid RM165 million and RM55 million to purchase two parcels of land in Johor with 125 acres gross and 15 acres gross of land respectively.

Dijaya Corp feels that, the above strategy will be able to meet the company’s future plan for expansion in property development especially in the southern region.

Dijaya Corp will look into self-financing and also bank loans to finance the purchase of land and also the expenses required for the development of this project. The above development project will, in the future, contribute a lot of benefits to the company.