Property developer Dijaya Corp Bhd has acquired 474.29ha of prime development land in Canal City, Selangor, earmarked for an integrated self-contained township development, for RM1.3bil. The company told Bursa Malaysia that it had entered into an agreement to acquire the land from Permodalan Negeri Selangor Bhd (PNSB) via a deferred payment method spanning over a period of up to 20 years.
“The purchase consideration comprises the land purchase price of RM587mil, interest cost, a share of gross development value (GDV) and the profit entitlement from the development of the land.
“The development, through a smart partnership with PNSB, is expected to contribute significantly to the group's prospects. Dijaya intends to progressively fund the acquisition and development cost via internally generated funds and bank borrowings,” it said.
The company said the proposed development, earmarked for launch within the next two years, would emphasise healthy community living in a safe and secured environment, green and sustainable developments and facilities and amenities within short distances.
“The master plan would incorporate generous central linear parks and lakes, continuous vehicular free bike trails and jogging paths, children's playgrounds, community clubhouses, sports centres, schools, kindergartens and many other public amenities.”
Dijaya said the township development would comprise landed houses, condominiums, serviced apartments, shop offices, corporate office towers, shopping malls, private hospitals and international schools.
“It would become a key destination for people seeking a wholesome and balanced lifestyle.
“Dijaya's success in developing its signature and award-winning Tropicana Golf & Country Resort development in Petaling Jaya is testament to the group's ability to generate high GDV yields in township developments.
“Based on this track record, the group is confident of extracting significant value from the land,” it said.
Upon completion of this transaction, Dijaya said its existing undeveloped landbank would be more than doubled from approximately 323.75ha to 809.37ha.
“The group's future GDV would, meanwhile, rise from the current estimated RM50bil to potentially RM70bil,” it said.
Source: TheStar
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