KUALA LUMPUR: Citaglobal Bhd
’s wholly-owned subsidiary, Citaglobal Property Development Sdn Bhd, today entered into a joint venture agreement with Varia Crest Sdn Bhd to jointly undertake a mixed development with an estimated gross development value (GDV) of RM600 million.
Located on a prime parcel of land on Jalan Tun Razak, Kuala Lumpur, the development would comprise a Grade A office tower, serviced apartments, a hotel, commercial shoplots, and a multi-level podium parking facility, to be known as the Citaglobal Tower Development.
"The Citaglobal Tower Development positions Citaglobal group to capitalise on one of Kuala Lumpur’s most prominent corridors, enhancing the group’s brand visibility and long-term property development footprint in the central Kuala Lumpur business district,” said Citaglobal in a Bursa Malaysia filing.
The company expects the development to contribute positively to the future earnings and asset value of both groups, reinforcing their presence in the Greater Kuala Lumpur property market.
"The collaboration is expected to strengthen the long-term partnership potential between the two groups through continued cooperation in future developments,” said the filing.
Citaglobal Property Development entered into a conditional sale and purchase agreement with Bank Islam Malaysia Bhd to acquire the land on Jan 31, 2025.
Citaglobal said the land enjoys a highly strategic location just outside the Kuala Lumpur Golden Triangle, providing strong visibility, dual road frontage and transit connectivity that make it suitable for a landmark development.
"Public transport upgrades, including Light Rail Transit Line 3 (LRT3) and Mass Rapid Transit (MRT3), will enhance accessibility and strengthen its long-term positioning,” it added.
The Central Region (Selangor, Kuala Lumpur and Putrajaya) property market performance was moderate in the first half of 2025 (1H 2025). The region recorded 45,442 transactions worth RM46.79 billion, a 4.9 per cent decrease in volume, while value saw an increase of 1.5 per cent compared to 1H 2024.
"Combined, these three states formed 23.2 per cent and 43.5 per cent of the national volume and value of transactions,” it said. - Bernama
