The Edge, 7 October 2011 - Dijaya buys prime land in KL for RM65.25 million

The Edge, 7 October 2011

KUALA LUMPUR: DIJAYA CORPORATION BHD (Dijaya) has acquired three parcels of prime land in Kuala Lumpur measuring one acre for RM65.25 million with a gross development value of RM650 million.

In a statement Friday, Oct 7, Dijaya said its 99.99%-owned subsidiary Ace Rhythm Sdn Bhd had acquired the freehold development land along Jalan Sultan Ismail in Kuala Lumpur.

The lands would be transformed into a mixed development consisting of serviced apartments and commercial lots, it said.

The company said the development projects were expected to contribute positively to its future revenue stream and financial performance.

Dijaya group chief executive officer Tan Sri Danny Tan Chee Sing said the acquisition was an opportunity for the group to introduce the ‘Tropicana’ brand name to an urban market in the city centre area.

“This proposed development is expected to attract much attention from both the locals as well as foreigners in the country,” he said.

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

The lands could also demand premium pricing for both residential and commercial properties, as evidenced by other developments within the vicinity such as Pavilion Residence, Four Season Place, the Binjai and Regent Residence, it said.

“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,” it said.