Japanese developer Tokyu Land buys 3% of Malaysian partner, seek more business
KUALA LUMPUR, NNA - Tokyu Land Corp. of Japan has acquired a 3 percent outstanding share in its Malaysian partner and property developer Titijaya Land Berhad for an undisclosed amount to expand their alliance and grow business in Malaysia.
Under the share sales agreement, the Japanese firm’s wholly owned subsidiary Tokyu Land Asia Pte. Ltd. has bought about 39.66 million of shares in Titijaya Land, the Malaysian company said in a news release Tuesday.
Tokyu Land Corp.’s investment will “further strengthen the relationship”, Titijaya Land Deputy Group Managing Director Lim Poh Yit said in the release.
The investment follows a 2018 memorandum of understanding to establish provisional collaboration covering each side’s expertise in the property industry.
Tokyu Land, a wholly owned subsidiary of Japanese development giant Tokyu Fudosan Holdings Corp., had already participated in two development projects with the Kuala Lumpur-listed developer in the Southeast Asian country.
Last December, the two firms agreed to co-develope a complex of offices, retail and serviced apartments in Brickfields, Kuala Lumpur. Tokyu Land has also invested in Epoch Property Sdn. Bhd, a wholly owned subsidiary of Titijaya that develops condominiums, serviced apartments and commercial complexes.
A Tokyu Fudosan Holdings spokesperson told NNA that through the investment, the Japanese company as a group aims to find new business in Malaysia.