The Edge, 12 September 2011

Dijaya Corp Bhd has acquired 80ha of freehold development land in Kajang from Taiyo resort (KL) Bhd for RM228 million or RM26.36 psf for a mixed- use development with an expected gross development value (GDV) of RM 2 billion.

Dijaya announced on Sep 5 that its wholly owned subsidiary Tropicana City Service Suites Sdn Bhd had entered into a conditional sales and purchase agreement with Taiyo for the five parcels currently occupied by the Kajang Hill Golf Club.

The planned development named Tropicana Kajang will comprise houses, condominiums, apartments and shop offices, says Dijaya.

"The land deal provides opportunity for the group to introduce more development to Kajang with the quality and prestige synonymous with our Tropicana brand," says group Ceo Tan Sri Danny Tan.

According to Dijaya, the proposed Kajang Sungai Buloh mass rapid transit project will enhance the investment potential in the vicinity, presenting a great opportunity to property investors. This was the third major acquisition by Dijaya this year.

In July, the group proposed to acquire 36ha in Subang for Rm385.5 million from Chungwa Picture Tubes (M) Sdn Bhd, it announced a deal to acquire 92ha in Plentong, Johor Baru, for RM220 million.