Titijaya to receive RM65m compensation for land use for LRT3

PETALING JAYA: Titijaya Land Bhd's unit Shah Alam City Centre Sdn Bhd (SACC) has agreed to a RM65 million compensation plan for the temporary occupation/usage of its 65,216 square metre land in Shah Alam, from the Petaling Land Administrator for the development of LRT 3.
LRT 3 will run from Bandar Utama to Johan Setia, Klang.
Group managing director Tan Sri Lim Soon Peng said in a separate statement, "Titijaya is constantly evaluating different propositions to unlock and optimise our assets' value for all stakeholders. The compensation awarded is expected to contribute positively to the performance of Titijaya. Additionally, the construction of key infrastructures such as LRT 3 is expected to increase the value of the land's adjacent roads and critical transportation links.
The company's share price was up six sen to close at RM1.56 with some 651,200 shares changing hands.