The land will then be transformed into Tropicana Kajang, a mixed development project, comprising landed homes, condomimiums, apartments, and shop offices with an expected gross development value of RM2 billion.
"The group is continuously acquiring sizeable land banks with good development potential in strategic locations.
"Today's land deal provides an opportunity for the group to introduce more development in Kajang with the quality and prestige synonymous with our Tropicana brand," said chief executive officer Tan Sri Danny Tan Chee Sing in a statement.
According to the company's statement, these freehold land have an upside potential in terms of capital appreciation, partly because of the increasing demand for residential and commercial properties in Kajang.
The land are also located in a suburban area with close proximity to other popular areas such as Serdang, Mahkota Cheras and Bandar Sungai Long.
Kajang is served by numerous highways, such as the Kajang SILK Highway, that enable convenient access to neighbouring townships.
In addition, the existing terrain of Kajang Hill Golf Course provides a readily available landscaping that will enhance the attraction of Dijaya's proposed developments.
"With increasing population and expanding residential development in Kajang areas, the proposed development of commercial properties here will cater to a rising demand for office and retail spaces."
"Furthermore, the proposed Kajang-Sungai Buloh MRT project will enhance the investment potential of Kajang presenting a great opportunity to investors," said the company in its statement.
By Business Times
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