KUALA LUMPUR, 8 November: Titijaya Land Berhad will be partnering with CREC Development (M) Sdn Bhd (CRECD) to develop 3rdNvenue, a mixed development project at Embassy Row in Jalan Ampang, Kuala Lumpur.
Earlier today, Titijaya’s wholly-owned subsidiary Titijaya Resources Sdn Bhd and CRECD entered into a share sale agreement to acquire Ampang Avenue Development Sdn Bhd for RM80 million. Nipah Valley Sdn Bhd, a subsidiary of Ampang Avenue, is the registered proprietor of the 6.06-acre land.
Titijaya and CRECD will hold 70% and 30% ownership in the JV company (Ampang Avenue) respectively. CRECD is appointed as the main contractor for the development project and will also monitor, manage and supervise the day-to-day construction operational related matters. Whereas, Titijaya will handle matters related to sales, marketing, credit management and administration.
CRECD is a wholly-owned subsidiary of China Railway Engineering corporation (M) Sdn Bhd, which in turn is a wholly-owned subsidiary of China Railway Group Ltd. CREC is ranked 75th among Fortune World Top 500 Enterprises in 2016.
Speaking after the signing ceremony, Titijaya’s Group managing director, Tan Sri Lim Soon Peng said that the partnership is an important milestone for Titijaya as it will broaden the company’s revenue stream.
He added “We believe this corporate exercise will complement our existing business in property development. It will also enable the company to seek new strategic growth and future expansion plans within property development in Greater Kuala Lumpur as well as ensure the future earnings sustainability for Titijaya, moving forward.
3rdNvenue – Attractive Pricing and Strategic Location
Bearing a Gross Development Value tag of RM2.1 billion, 3rdNvenue will comprise of 2,400 units of Small-office Home-offices (SoHos), serviced apartments and retail units. Construction is expected to commence in mid-2017 and there will be a total of four phases, which will be carried out over a span of 7 years.
The SoHos will feature layouts in the 430-650 sq ft range and tentative prices will start from RM299,000 onwards. With the affordable entry point, these units will be aimed towards Gen-Ys who are looking to purchase their own home within the Klang Valley.
Meanwhile, the serviced residences will have built-ups in the 700-800 sq ft range. Further details will be announced by the developer in the next few months.
3rdNvenue will be banking on its strategic location where amenities are abundant. The development land is only a 5-minute drive to KLCC and enjoys fantastic connectivity via the AKLEH highway. The Jelatek and the Dato Keramat LRT stations are located just 900 metres and 1,100 metres away, respectively. Amenities such as the Gleneagles Hospital, Great Eastern Mall and the upcoming International School of Kuala Lumpur are also within a kilometre radius from the development.