Titijaya to acquire Menara TM Semarak for RM72mil

KUALA LUMPUR: Titijaya Land Bhd's wholly-owned subsidiaries are acquiring a 22-storey purpose-built office building together with an annexed six-storey Telekom Exchange and five levels of basement carpark in Kuala Lumpur for RM72mil.

In a filing with Bursa Malaysia, the group said Titjaya PMC Sdn Bhd and Titijaya South Asia Sdn Bhd entered into the sales and purchase agreement with Menara ABS Bhd for Menara TM Semarak, which measures about 30,115 sqm in net lettable area.

The group said it intends to lease the property for an additional form of income in addition to the income from its property development projects.

"This Proposed Acquisition will potentially enable the Group to generate additional income through obtaining rental income or leasing income from the existing tenants and potential tenants as well as facilitate the entry into data centre business," it said.