The Star, 9 June 2011 - Dijaya buys land for RM385mil

The Star, 9 June 2011

PETALING JAYA: Property developer Dijaya Corp Bhd has acquired 88.5 acres of freehold land in Pekan Country Heights, Selangor, from Chunghwa Picture Tubes (Malaysia) Sdn Bhd for RM385.46mil

The company, which entered into a sale-and-purchase agreement with Chunghwa yesterday, said the land would be transformed into a mixed development comprising residential and commercial elements with an expected gross development value (GDV) of RM2.5bil.

Dijaya told Bursa Malaysia that the residential component would consist of condominiums, linked houses, semi-dees and bungalows.

The commercial component would feature retail, shopping mall and office lots as well as serviced apartments.

"Development within the vicinity still offers an upside in terms of capital appreciation and yield due to the limited supply of a sizeable development land that will allow a developer to plan for a comprehensive development," it said.