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Dijaya subsidiary acquires land in KL

PETALING JAYA: Ace Rhythm Sdn Bhd, a wholly-owned subsidiary of Dijaya Corporation Bhd, announced the recent purchase of three parcels of freehold development land along Jalan Sultan Ismail.

The lands measuring one acre was purchased for a total of RM65.3 million with plans to be developed into a mixed development made up of serviced apartments and commercial lots.

Through this development, Ace Rhythm is expected to reap a gross development value (GDV) of RM650 million which will be allocated into the group's future revenue stream and financial performance.

Situated in an area that has a high demand for residential and commercial property, these three parcels of land are seen as having a good potential for development. Looking at other developments in the area including Pavilion Residence, Four Season Place, The Binjai and Regent Residence, the lands are expected to be able to demand premium pricing for both residential and commercial properties.

Following the proposed development of W Kuala Lumpur Hotel & Residences, the recent purchase of these lands is expected to provide Dijaya with an opportunity to expand and strengthen the group's existing business property development portfolio within the city center.

According to Dijaya Group CEO, Tan Sri Danny Tan Chee Sing they plan to introduce the Tropicana via this new acquisition.

"This is an opportunity for the group to introduce the Tropicana brand name to an urban market in the city centre area. This proposed development is expected to attract much attention from both the locals as well as foreigners in the country" he adds.

Lifestyle developer Dijaya Corporation Bhd is a property & resort development company that offers services in property investment and manufacturing and investment holding. Such developments include the Tropicana Golf & Country Resort, Tropicana Indah Resort Homes and Tropicana City.

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