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Titijaya to build two 67-storey towers of serviced apartments in Kuala Lumpur

The location of Titijaya Land's latest Jalan Tuanku Abdul Rahman project. The location of Titijaya Land's latest Jalan Tuanku Abdul Rahman project.

A development order submission sighted by PTLM Research indicate that Titijaya Land intends to develop a mixed integrated development comprising of two 67-storey serviced apartment blocks with clubhouse and sky facilities.

The developer proposed to build these blocks above a 4-level shopping mall, including a basement level for a supermarket anchor tenant, and up to 11 levels of podium carpark.

A quick search online performed by PTLM indicated that the commercial land was on sale middle of last year for RM368 million at valuation price. For the 2.91-acre freehold tract, the land has a worth of RM2,903 per square foot if a transaction would have taken place.

On one side, the northern parcel of the land is currently tenanted to a Houz Depot store. The tract of three-parcel lands enjoy high frontage visibility on Jalan Tuanku Abdul Rahman and borders Jalan Dang Wangi on the south.

Within its vicinity are SOGO Departmental Store, Pertama Complex, Busana at Menara Mara and Premiera Hotel.

PTLM also understands that a parcel of land with an approved development order adjacent to the site near the Semua House complex is owned by Suez Capital group, whose subsidiary Suez Domain Sdn Bhd is the developer of KL Gateway in Kerinchi.

To recap, on 22 February this year, Titijaya Land entered into a share sale agreement for the acquisition of 100% equity interest in Tamarind Heights Sdn Bhd (THSB) for a cash consideration of RM2.00. This make THSB a wholly-owned subsidiary of Titijaya Land.

Earlier that month, THSB had entered into an un-incorporated joint-venture agreement with Dreamvista Development Sdn Bhd to jointly undertake the said mixed development on behalf of the landowner Golden Vogue Sdn Bhd.

Titijaya Land's entry into THSB will enable the group to build up its development activities in prime locations within the Kuala Lumpur city centre with high development value.

Over the recent years, the group has completed acquisition and joint-venture development agreements to undertake upcoming developments in Jalan Eaton, Brickfields and Bukit Bintang in the Klang Valley region and Batu Maung, Penang in the northern region.

Ongoing projects are Embun and Emery in Kemensah, Ampang; Mutiara Residences in Meru, Klang; H2O Residences in Ara Damansara; 3elements in Seri Kembangan; Seri Alam Industrial Park and Zone Innovation Park in Klang.

Titijaya Land has rolled out three projects for this year: Bellaville, the final block of H2O Residences in Ara Damansara; Primrose, the second phase of Seri Residensi in Aman Perdana, Klang; and Park Residency in Alam Damai, Cheras. The latter two are landed properties, featuring two-storey semi-detached houses and three-storey linked villas respectively.

For 2017, the group intends to launch the RM1.4 billion Riveria Sentral transit-oriented development in Brickfields; the RM2.6 billion Areca waterfront development in Penang; and the RM2.6 billion Emporia integrated mixed development in Glenmarie, Shah Alam.

Other future launches include a mixed development called Ampang Avenue, located off Jalan Ampang, and Klang Sentral serviced apartments.

 

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