The Star, 8 October 2011 - Dijaya buys KL land for RM65 million

The Star, 8 October 2011

PETALING JAYA: Dijaya Corp Bhd has acquired a one-acre freehold land along Jalan Sultan Ismail, Kuala Lumpur, for RM65.25mil.

In a filing with Bursa Malaysia, Dijaya said the land was acquired by its 99.99%-owned subsidiary Ace Rhythm Sdn Bhd and would be turned into a mixed development, consisting of serviced apartments and commercial lots.

“With this acquisition, Ace Rhythm is expected to generate an estimated gross development value of RM650mil from its projects, thus contributing positively to the group's future revenue stream and financial performance,” it said.