Kuala lumpur: Titijaya Land Bhd's wholly-owned subsidiary, Titijaya Development (Pulau Pinang) Sdn Bhd, has entered into a joint venture agreement with Mines Heights Development Sdn Bhd. The collaboration aims to develop a mixed-use transit-oriented development (ToD) with an estimated gross development value (GDV) of RM554.30 million.

According to BERNAMA News Agency, Mines Heights owns a 1.21-hectare parcel of land in Taman Connaught, Cheras, where the project will take place. Under the agreement, Titijaya Development will transform the land into a mixed-use project, adhering to the development approval and approved plans, including any subsequent variations sanctioned by relevant authorities.

Titijaya stated that Mines Heights will receive a landowner's entitlement equivalent to 16.5 percent of the net GDV of the project, amounting to no less than RM90 million. This payment will be made through a combination of cash, covering 80 percent of the entitlement's value, and property lots for the remaining 20 percent.

The value of the landowner's entitlement was determined through a willing-buyer, willing-seller approach, taking into account factors such as potential development returns, the accessibility and suitability of the land and property, its ToD development potential, and recent land transactions in the area.

Titijaya group managing director Datuk Lim Poh Yit highlighted the advantages of the project's location, noting its proximity to the Taman Connaught MRT station, which offers seamless connectivity to Kuala Lumpur. Additionally, nearby amenities such as malls, shops, offices, and UCSI University are expected to enhance the project's appeal to residents and businesses. He observed a growing demand for strategically located ToD projects across the Klang Valley, particularly among city workers and fresh graduates.