KUALA LUMPUR: Titijaya Land Bhd
’s wholly-owned subsidiary, Titijaya Development (Pulau Pinang) Sdn Bhd, has entered into a joint venture with Mines Heights Development Sdn Bhd to develop a 3-acre mixed-use transit-oriented development (ToD) in Taman Connaught, Cheras, with an estimated gross development value (GDV) of RM554.3mil.
Under the agreement, Titijaya Development will develop the land into a mixed-use project based on approved plans and any authorised variations.
As part of the agreement, Titijaya Development will pay Mines Heights a landowner's entitlement equivalent to 16.5% of the net GDV of the project and not less than RM90mil.
In a statement, Titijaya said the payment will be made 80% in cash and 20% in property lots.
It said the landowner’s entitlement was valued on a willing-buyer, willing-seller basis, taking into account development returns, land accessibility and suitability, ToD potential, and recent nearby transactions.
Managing director Datuk Lim Poh Yit said the joint venture with Mines Heights marks Titijaya’s entry into a ToD in Taman Connaught, one of Kuala Lumpur’s most vibrant townships.
He noted that the project’s proximity to the Taman Connaught MRT station offers seamless connectivity across Kuala Lumpur, while surrounding amenities such as malls, shops, offices, and UCSI University add to its appeal for residents and businesses.
“We continue to observe rising demand for strategically located ToD projects across the Klang Valley, especially among city workers and fresh graduates.”
