PETALING JAYA: 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. It is buying 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.
“This is a significant acquisition for the Group as large tracts of land in Klang Valley with immediate development potential are fast becoming scarce,” said Dijaya group CEO Datuk Yau Kok Seng. “The Land neighbours established townships including Putra Heights, Kota Kemuning and also the up and coming Bandar Rimbayu which caters to middle and upper class income earners.”
Dijaya group MD Datuk Dickson Tan elaborated that property prices in surrounding developments are on an uptrend, with recent new launches of double-storey link houses commanding prices of RM600,000 and upwards per unit.
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.”
In addition, the developer believed that accessibility to its proposed township would be enhanced by the completion of the West Coast Expressway (WCE).
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.