Titijaya acquires residential property assets in Sabah for RM105mil
Titijaya Land Bhd managing director Datuk Lim Poh Yit
PETALING JAYA: Titijaya Land Bhd is proposing to acquire two property assets in Kota Kinabalu, Sabah, for RM105mil.
In a statement, the urban lifestyle developer said the first proposed acquisition, for RM99mil, involves the purchase of a parcel of land with foundation works fully completed and two blocks of 19-storey purpose-built student accommodation buildings comprising 513 apartment-style units.
Together, the apartment blocks have a total capacity to accommodate 3,078 students.
'Following the acquisition, Titijaya intends to operate the completed buildings and complete the remaining project works, tapping into the existing and rising demand for student and housing accommodation in the surrounding area.'
The second proposed acquisition, for RM6mil, involves a parcel of land with an existing building structure originally intended for the Bangunan Koperasi UMS project, launched in 2012.
'The original development plan would have seen the construction of a 14-storey apartment building with 476 apartment units, a one-storey shop lot with 38 units, and a three-storey car park podium.
'However, the project has not been completed and has since been abandoned. Following the acquisition, the group intends to resume the project to develop new residential properties.
Both parcels of land sit side-by-side and are located adjacent to Universiti Malaysia Sabah (UMS) and the upcoming Hospital UMS, which is slated to commence operations in 2026.
Titijaya managing director Datuk Lim Poh Yit said the acquisition marked the next chapter in the group's foray into Sabah.
He said the acquisition aligned with Titijaya's ESG and sustainability goals by increasing the availability of quality accommodation for public university students and reviving an abandoned housing project for public and social good.
'Furthermore, repurposing the existing building, following the completion of remaining works, will result in significantly lower carbon emissions compared to constructing an entirely new one.
'This move also aligns with our broader growth strategy to diversify our revenue streams and customer base, and extend our footprint beyond the Klang Valley,' Lim said.
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