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PETALING JAYA (May 16): The proposed joint venture (JV) between Citaglobal Bhd and Varia Bhd to develop the Citaglobal Tower — a mixed development on a 1.58-acre leasehold site at Jalan Tun Razak, Kuala Lumpur — has secured a further extension of its conditions precedent deadline, now pushed to June 4.
According to filings by both companies with Bursa Malaysia yesterday, the extension, the third since the JV agreement was first announced in November 2025, was mutually agreed by the two parties — Citaglobal Property Development Sdn Bhd (formerly Sinergi Dayang Sdn Bhd), an indirect wholly-owned subsidiary of Citaglobal Bhd, and Varia Crest Sdn Bhd, an indirect wholly-owned subsidiary of Varia Bhd.
Neither filing disclosed which specific conditions precedent remain outstanding.
The original JV agreement was announced on Nov 24, 2025, with subsequent updates filed on Nov 27, 2025, Dec 22, 2025, and Feb 23 — each either clarifying terms or extending the fulfilment deadline.
The previous deadline was May 23, which has now been extended by a further 12 days to June 4.
The land in question is held under master title PN 27027, Lot 147, Seksyen 87, Mukim Bandar Kuala Lumpur — a 1.58-acre leasehold parcel on Jalan Tun Razak, one of KL's principal arterial corridors and home to a cluster of established commercial and diplomatic addresses.
The proposed development is to be known as the Citaglobal Tower, and is described as a mixed development.
As reported at the time of the original announcement in November 2025, the project is intended to include Citaglobal's new corporate headquarters alongside a commercial or residential component — though the full development programme and gross development value have not been formally disclosed in Bursa filings.
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