Titijaya Land partners Mines Heights for RM554.30 mil project in Cheras

• Titijaya Development (Pulau Pinang) will pay Mines Heights a landowner's entitlement equivalent to 16.5% of the net GDV of the project and not less than RM90 million.

KUALA LUMPUR (Aug 20): Titijaya Land Bhd (KL:TITJAYA), via its wholly-owned subsidiary, Titijaya Development (Pulau Pinang) Sdn Bhd, has signed a joint venture agreement with Mines Heights Development Sdn Bhd to develop a 3-acre parcel of land in Taman Connaught, Cheras, into a transit-oriented development (TOD).

A press statement on Wednesday said the land is owned by Mines Heights Development and the TOD is expected to have a gross development value (GDV) of RM554.3 million. The project will be located near the Taman Connaught MRT station.

The statement also noted that as part of the agreement, Titijaya Development (Pulau Pinang) will pay Mines Heights a landowner's entitlement equivalent to 16.5% of the net GDV of the project and not less than RM90 million. The payment will be satisfied through cash, representing 80% of the value of the entitlement, and property lots representing the remaining 20%.

Commenting on the partnership, Titijaya Land managing director Datuk Lim Poh Yit said, "We continue to observe rising demand for strategically located TOD projects across the Klang Valley, especially among city workers and fresh 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 ESG in real estate development.

“This project builds on our proven expertise in the development of Riveria City, our flagship integrated TOD in KL Sentral. The first phase of Riveria City, called The Riv, was completed last year and fully sold out. 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."

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