Citaglobal Unit Buying Land At Jalan Tun Razak, Kuala Lumpur, For RM73 Mln

KUALA LUMPUR, Jan 31 (Bernama) -- Citaglobal Bhd, through wholly-owned subsidiary Sinergi Dayang Sdn Bhd, is acquiring a piece of land measuring 6,410 sq metres (0.63 hectare) at Jalan Tun Razak, Kuala Lumpur, for RM73 million.

Citaglobal, which is involved in industries ranging from energy to property development, said Sinergi Dayang today signed a conditional sale and purchase agreement (SPA) to buy the 99-year leasehold land from Bank Islam Malaysia Bhd.

“The land’s strategic location, high visibility, and excellent accessibility -- fronting the main road of Jalan Tun Razak -- coupled with its strong connectivity to public transport infrastructure make it a highly desirable address in Kuala Lumpur.

“Given the increasing scarcity of sizeable, well-positioned commercial land in the city, the board is confident that this acquisition presents a strategic opportunity for long-term value creation and growth,” it said in a filing with Bursa Malaysia.

Prominent landmarks in the vicinity include Prince Court Medical Centre, the National Blood Centre, Hospital Kuala Lumpur, and the National Heart Institute (IJN). 

Citaglobal said the land acquisition is intended to be funded through internally generated funds and bank borrowings from financial institutions.

The proposed purchase is expected to be completed within three months from the date the SPA becomes unconditional.

The land is currently tenanted to TJM Sdn Bhd pursuant to a tenancy agreement dated Aug 28, 2019, it said.

-- BERNAMA