KUALA LUMPUR: Titijaya Land Bhd has roped in Japanese leading property giant, Tokyu Land Corp, to be the new shareholder of its wholly-owned Epoch Property Sdn Bhd in a RM47 million deal.
Epoch Property sealed a conditional share subscription agreement with Tokyu for the subscription of 47 million Class A ordinary shares in Epoch Property worth RM47 million.
Titijaya said both companies will jointly enhance the development of Mizu Residence which is expected to command a gross development value of RM300 million.
Tokyu, which holds more than one trillion yen of assets and is ranked third among Japanese real estate companies, is the core company of the Tokyu Fudosan Holdings Group, a Japanese company listed in the First Section of the Tokyo Stock Exchange.
Tokyu Fudosan is also one of the companies in the Nikkei 225 Index, which refers to the price-weighted average of the 225 top-rated Japanese listed companies.
Titijaya group managing director Tan Sri Lim Soon Peng believes the collaboration will help establish the two companies as one of the industry leaders, pushing the frontiers of urban development and property management.
“We are envisioning through the knowledge transfer from Tokyu’s expertise in urban development, especially its expertise in transit-oriented development, retail knowledge, property management (best property management services in Japan), it will further strengthen Titijaya’s objective to offer products that will be a half-step ahead of the times.
“TOD and enhancing senior living experience are definitely the directions going forward for us, as TOD concept will help a country to reduce carbon footprint while becoming more productive and move livable, and on the other hand, senior living experience values the living experiences for discerning individuals who have an affinity for actively engaging all that life offers,” he said.
News Source: New Straits Times