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PETALING JAYA (June 23): Titijaya Land Bhd is proposing to acquire a piece of leasehold land in Bukit Raja, Petaling district, Selangor, for RM47.39 million cash via its indirect wholly-owned subsidiary Titijaya Makmur Sdn Bhd.
According to the company’s Bursa filing yesterday, Titijaya Makmur has entered into a sale and purchase agreement with Jasa Cendana Sdn Bhd to purchase Pajakan Negeri 112369, Lot 14756, Mukim Bukit Raja, measuring about 6.071 hectares. The land is currently classified for agricultural use, and is presently charged to CIMB Islamic Bank Bhd.
Titijaya said the acquisition price was arrived at on a willing‑buyer willing‑seller basis, after considering the land’s strategic location within the Bukit Raja growth corridor and the market value of mixed-use properties in the surrounding area. No independent valuation was carried out.
The group intends to fund the purchase via a combination of internal funds and bank borrowings, with the 10% deposit of RM4.74 million already payable and the remaining 90% due within three months from the unconditional date, when state consent for the transfer is obtained.
"Today’s acquisition further expands our land bank of strategically located assets across the Klang Valley, Penang, and Sabah, giving Titijaya a broad range of future development opportunities," said managing director Datuk Lim Poh Yit in a statement yesterday.
The group has a land bank totalling 117 acres, and its undeveloped land assets at the close of its financial year ended June 30, 2025 carried a potential future gross development value of over RM7 billion.
The proposed acquisition is not expected to have a material impact on earnings, net assets or gearing for the financial year ending June 30, but is expected to contribute positively to future earnings once the land is developed.
The transaction does not require shareholder approval, and no directors, major shareholders or persons connected to them have any interest in the deal, the group said. The highest percentage ratio for the proposal under Bursa Malaysia’s listing rules is 3.81%, based on Titijaya’s FY2025 audited figures.
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