Titijaya expands East Malaysia footprint with RM105mil property deal in Kota Kinabalu
KUALA LUMPUR: Titijaya Land Bhd is ramping up its expansion into East Malaysia with the proposed acquisition of two prime property assets in Kota Kinabalu, Sabah, for a total of RM105 million.
The urban lifestyle developer said both assets are located adjacent to Universiti Malaysia Sabah (UMS) and the upcoming Hospital UMS, positioning them in a high-demand area with excellent connectivity.
The company expects to complete the acquisitions within the next nine months, according to a statement.
The larger of the two deals, valued at RM99 million, includes a parcel of land with completed foundation works and two 19-storey blocks of purpose-built student accommodation. The development features 513 apartment-style units, with the capacity to house up to 3,078 students.
Titijaya intends to operate the completed buildings and carry out remaining project works to meet rising demand for both student and residential housing in the vicinity.
The company has entered into a sale and purchase agreement with Yayasan Universiti Malaysia Sabah, Bay Precinct Sdn Bhd (a construction firm), and one of its directors, Lok Yee Hsun.
The second acquisition, priced at RM6 million, involves another parcel of land with an existing building structure originally meant for the Bangunan Koperasi UMS project. The original plan envisioned a 14-storey apartment block with 476 units, a one-storey retail section with 38 shop lots, and a three-storey car park podium.
However, the project was abandoned and never completed. Titijaya plans to revive and redevelop the site into new residential offerings.
Titijaya group managing director Datuk Lim Poh Yit highlighted that the group already has a footprint in Sabah through developments such as The Shore, a luxury mixed-use project, and the Citadines Waterfront Kota Kinabalu hotel, managed by Ascott.
He said that the location of the two assets, offering strong connectivity to both UMS and the upcoming Hospital UMS, makes the area a highly desirable locality in Kota Kinabalu.
"This move also aligns with our broader growth strategy to diversify our revenue streams and customer base and extend our footprint beyond the Klang Valley. We believe that these two assets will enable us to benefit from rising demand for housing accommodation in the surrounding area and boost contributions from recurring income to our revenue," he added.
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