Titijaya Land to ink MoU with Tokyu Land for collaboration in real estate development

PETALING JAYA: Titijaya Land Bhd said it will enter into a memorandum of understanding (MoU) with Japan-based Tokyu Land Corp (TLC) tomorrow, to create a platform for collaboration in the aspects of real estate development, by way of either equity participation, joint operations or other means of collaboration.
In a filing with Bursa Malaysia, the group said the objective of the MoU is to establish a provisional collaboration to share and exchange their respective knowledge and expertise in the real estate industry and to collaborate for any property development projects.
"Also, the MOU is consistent with the company's intention to further revolutionise its business, by incorporating the technology, expertise, creativity and innovative knowledge that TLC can offer, particularly in transit oriented development, senior housing and hospitality properties development," it added.
Titijaya's unit Epoch Property Sdn Bhd had in November last year entered into a conditional share subscription agreement with TLC for a subscription consideration of RM47 million. The agreement entails the subscription by TLC of 47 million units (representing 100%) of Class A shares in Epoch Property.
The proposed subscription is to enhance the development of an ongoing project known as Mizu Residence.
Titijaya shares were unchanged at 67.5 sen today with 516,700 shares traded.