2 days ago
- Business
- New Straits Times
Titijaya inks deal for RM554mil transit-oriented development project in Cheras
KUALA LUMPUR: Titijaya Land Bhd's unit, Titijaya Development (Pulau Pinang) Sdn Bhd, has partnered with Mines Heights Development Sdn Bhd to develop a mixed-use, transit-oriented project in Taman Connaught, Cheras.
The project, with a projected gross development value (GDV) of RM554.3 million, will be built on a 1.21-hectare plot owned by Mines Heights, based on approved plans and any subsequent authority-cleared variations.
Under the agreement, Titijaya will pay Mines Heights an entitlement equivalent to 16.5 per cent of the project's net GDV, or not less than RM90 million. The payment will be settled 80 per cent in cash and 20 per cent in property lots.
The entitlement value was determined on a willing-buyer, willing-seller basis after reviewing development returns, land suitability and accessibility, its transit-oriented development (ToD) potential and recent nearby land transactions.
Titijaya Group Managing Director Datuk Lim Poh Yit noted that the project's proximity to the Taman Connaught MRT station will boost its appeal to residents and businesses by offering seamless connectivity across Kuala Lumpur.
He added that demand for strategically located ToD projects is rising across the Klang Valley, especially among city workers and young graduates.
"Besides playing to our strengths in urban lifestyle development, TOD projects also typically deliver higher productivity and lower carbon footprints, aligning with our commitment to environmental, social and governance in real estate development," he said in a statement.
Lim said the new project builds on Titijaya's track record with its flagship integrated ToD in KL Sentral, Riveria City. The first phase, The Riv, was completed last year and fully sold.
"With our new ToD project in Taman Connaught, we aim to replicate our success and deliver another vibrant blend of urban living and work experiences," he added.
