Tokyu Fudosan to invest in major Malaysian development project

19, Dec. 2019

Photo by Ishan @seefromthesky on Unsplash
Photo by Ishan @seefromthesky on Unsplash
KUALA LUMPUR, NNA - Japanese realtor Tokyu Fudosan Holdings Corp. is teaming up with a big Malaysian property developer to participate in a major multifaceted development project in the capital Kuala Lumpur.

Tokyu Fudosan recently signed a deal with Malaysian developer Titijaya Land Berhad under which its Singapore-based arm, Tokyu Land Asia Pte. Ltd., will take a 30 percent stake in a Titijaya subsidiary, Riveria City Sdn. Bhd., for 40 million ringgit ($9.6 million).

Riveria City is building an office tower, two serviced apartments and other facilities as part of the development project in the capital's Brickfields district, Tokyu Fudosan said after concluding the deal last Friday.

Under the deal, TLMY Sdn. Bhd., a wholly owned subsidiary of Tokyu Land Asia, will also provide business financing amounting to 40 million ringgit to Riveria City.

A Tokyu Fudosan spokesman told NNA on Tuesday, "We will consider investing in other projects in Southeast Asia, including those in Malaysia and Indonesia," so long as favorable terms warrant such investments. (NNA/Kyodo)