PETALING JAYA: Property developer Titijaya Land Bhd
is proposing to acquire two property assets in Kota Kinabalu, Sabah, for RM105mil.
In a statement, the developer said the first proposed acquisition, for RM99mil, involves the purchase of a parcel of land with foundation work fully completed and two blocks of 19-storey purpose-built student-accommodation buildings comprising 513 apartment-style units.
Together, the apartment blocks have the capacity to accommodate 3,078 students.
“Following the acquisition, Titijaya intends to operate the completed buildings and finish the remaining project work, tapping into the existing and rising demand for student and housing accommodation in the surrounding area,” the developer said in its statement.
The second proposed acquisition, for RM6mil, involves a parcel of land with an existing building originally intended for the Bangunan Koperasi UMS project, launched in 2012.
“The original development plan would have seen the construction of a 14-storey apartment building with 476 units of apartments, a one-storey commercial area with 38 units, and a three-storey parking 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.
Both parcels of land sit side by side and are located adjacent to Universiti Malaysia Sabah (UMS) campus and the upcoming Hospital UMS, which is slated to commence operations in by next year.
