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Dijaya JV plans property devt with GDV RM2.8b

KUALA LUMPUR: Dijaya Corp Bhd's joint venture Magical Heights Sdn Bhd (MHSB) plans to undertake property projects near Johor Bahru with a gross development value (GDV) of RM2.8 billion.

It said on Monday, Aug 15 the projects would be built on two pieces of land which MHSB was acquiring from Trident World Sdn Bhd for RM220 million.

Dijaya and Iskandar Waterfront Sdn Bhd each has a 50% stake in MHSB.

MHSB had on Monday, Aug 15 entered into a conditional sale and purchase agreement with Trident World to acquire 125 acres of land for RM165 million and 15 acres from RM55 million.

"The properties are primarily landed properties for sales and with an expected GDV of approximately RM2.8 billion.

"The landed properties are expected to receive sustainable demand in the Johor property market and this is consistent with the group's business strategy of improving the group's profitability which will translates into increase in shareholders' value in the long term," it said.

Dijaya said it intended to fund the proposed land acquisitions and the development cost of the properties through its own funds and/or bank borrowings.

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