Daiman’s Setapak property for recurring income

PETALING JAYA: Johor-based developer, Daiman Development Bhd, has no immediate plan to redevelop the property it recently acquired in Setapak, Kuala Lumpur and would keep it for recurring income.

Speaking to recently, its general manager Siah Chin Leong says the land measuring 2,804 sq m (approx 30,18 sq ft), the first property it acquired in Kuala Lumpur, would be put under the portfolio of property investment.

In a recent filing to Bursa Malaysia, the developer acquired the freehold land in Setapak together with a detached building erected on it from Courts Mammoth Sdn Bhd for RM14.5 million.

Simultaneously, it has also executed a tenancy agreement with Courts Mammoth for three years with three optional renewal periods of three years each. The monthly rental for the initial lease term is RM128,370.
The cash-rich Daiman Development told The Edge early this year that it is looking for properties or land acquisition opportunities, in both local and overseas markets.

In Malaysia, The developer has to-date developed Taman Johor Jaya, Taman Gaya (picture below), Kota Tinggi Taman Daiman Jaya, Vila Pesona, Vila Bintang Indah and Taman Perindustrian Murni Senai, all in Johor.

It has already made inroads into Perth, Australia, through its wholly-owned overseas subsidiary Caversham Universal Ltd. The developer is still looking to acquire good landbank or investments in Perth.

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