Kuala Lumpur: Titijaya Land Bhd (Titijaya) has proposed to buy two property assets in Kota Kinabalu, Sabah, for RM105 million, further deepening its foray into Sabah and the wider East Malaysia region.
The urban lifestyle property developer said both properties are located side-by-side and adjacent to Universiti Malaysia Sabah (UMS) and the upcoming Hospital UMS, with both acquisitions expected to be completed within nine months.
“The strategic location of these assets - offering strong connectivity to both UMS and the future hospital - makes the area a highly desirable locality in Kota Kinabalu,” it said in a statement.
window.googletag = window.googletag || {cmd: []};googletag.cmd.push(function() {googletag.defineSlot('/22826383987/dailyexpress_inline', [1, 1], 'gpt-passback').addService(googletag.pubads());googletag.enableServices();googletag.display('gpt-passback');});The first proposed acquisition for RM99 million involves the purchase of a parcel of land with foundation works fully completed, and two blocks of 19-storey purpose-built student accommodation buildings comprising 513 apartment-style units that can accommodate 3,078 students.
The second proposed acquisition, for RM6 million, involves a parcel of land with an existing building structure intended for the Bangunan Koperasi UMS project.
The original development plan would have seen the construction of a 14-storey apartment building with 476 apartment units, a one-storey shop lot with 38 units, and a three-storey car park podium.
“However, the project has not been completed and has since been abandoned. Following the acquisition, the group intends to resume the project to develop new residential properties,” it said.
Titijaya Group managing director, Datuk Lim Poh Yit, said the acquisition aligns with the group’s environmental, social, and governance (ESG) and sustainability approach to real estate development.
“This move also aligns with our broader growth strategy to diversify our revenue streams and customer base, and extend our footprint beyond the Klang Valley. We believe that these two assets will enable us to benefit from rising demand for housing accommodation in the surrounding area and boost contributions from recurring income to our revenue,” he added.