The Edge, 18 September 2011 - Dijaya JV plans RM2.8 billion property development in Johor
The Edge, 18 September 2011
Dijaya Corp Bhd’s joint venture Magical Heights Sdn Bhd (MHSB) plans to undertake property projects in Plentong, Johor Baru, with a gross development value (GDV) of RM2.8 billion. It said on Aug 15 that the projects will be built on two pieces of land which MHSB is acquiring
from Trident World Sdn Bhd for RM220 million. Dijaya and Iskandar Waterfront Sdn Bhd each has a 50% stake in MHSB. On Aug 15, MHSB entered into a conditional sale and purchase agreement with Trident World to acquire 125 acres of land for RM165 million and 15 acres
for RM55 million. The group plans to develop mostly landed properties, which are expected to see sustainable demand in the Johor property market, said Dijaya.