KUALA LUMPUR (Nov 8): Titijaya Land Bhd has partnered China Railway Engineering Ltd to undertake a mixed development on a 6.06-acre piece of leasehold land at Embassy Row, Jalan Ampang here, with a gross development value (GDV) of RM2.1 billion. To formalise the deal, a share agreement was entered between Titijaya's wholly-owned subsidiary Titijaya Resources Sdn Bhd (TRSB) and CREC Development (M) Sdn Bhd, Chan Peng Kooh and Rafidah Menan for the proposed acquisition of 10.44 million shares, representing the entire share capital of Ampang Avenue Development Sdn Bhd for a total of RM80 million. Ampang Avenue's 90%-owned subsidiary Nipah Valley Sdn Bhd is the land owner. Kuala Lumpur City Hall has given approval for mixed development with a plot ratio of 1:8:0. Concurrently, both TRSB and CREC Development have entered into a share sale agreement to construct and develop the piece of land at Embassy Row, Jalan Ampang, into a mixed development.

Source: The Edge Markets November 08, 2016 06:08 UTC