KUALA LUMPUR: Titijaya Land Berhad is further expanding its presence in East Malaysia through the proposed acquisition of two strategically located property assets in Kota Kinabalu, Sabah, with a combined value of RM105 million.
The urban lifestyle property developer stated that both assets are situated adjacent to Universiti Malaysia Sabah (UMS) and the soon-to-be-completed Hospital UMS. The prime location offers excellent accessibility and is expected to experience strong demand for both student and residential accommodation.
According to a corporate statement, the acquisitions are expected to be finalised within the next nine months.
The larger of the two acquisitions, valued at RM99 million, comprises a land parcel with completed foundation works and two 19-storey blocks of purpose-built student accommodation. The development includes 513 apartment-style units, designed to accommodate up to 3,078 students. Titijaya plans to operate the completed buildings while continuing the remaining project works to meet the increasing demand for housing in the area.
A sale and purchase agreement has been signed with Yayasan Universiti Malaysia Sabah, Bay Precinct Sdn Bhd, and one of its directors, Lok Yee Hsun.
The second asset, acquired for RM6 million, includes a land parcel with an existing building structure initially intended for the Bangunan Koperasi UMS project. The original plan featured a 14-storey apartment building with 476 units, a retail section comprising 38 shop lots, and a three-storey car park podium. However, the project was never completed. Titijaya now plans to revive and redevelop the site into new residential offerings.
Group Managing Director Datuk Lim Poh Yit noted that Titijaya already maintains a presence in Sabah through projects such as The Shore, a luxury mixed-use development, and the Citadines Waterfront Kota Kinabalu hotel, which is managed by Ascott.
He added that the location of the newly acquired assets, offering direct connectivity to UMS and the future Hospital UMS, makes the area one of high strategic value in Kota Kinabalu.
“This move supports our broader growth strategy to diversify both revenue streams and customer base while strengthening our footprint beyond the Klang Valley. We believe these assets position us to tap into growing demand for residential accommodation in the area and enhance our recurring income contribution,” Lim said.
-Business Times
