KUALA LUMPUR (June 22): Titijaya Land Bhd (KL:TITIJYA) is buying a 6.07-hectare leasehold land in Bukit Raja, Klang for RM47.39 million to expand its land bank.

The property developer said the acquisition aligns with its strategy to grow its land bank in strategic locations, leveraging its experience in mixed-use developments amid current market opportunities.

The vendor is Jasa Cendana Sdn Bhd, a Klang-based property developer controlled by Temokin Credentials Sdn Bhd, whose directors include Tan Chien Wen, Tan Chien Chyi and Tan Chien Yih, according to a Bursa Malaysia filing on Monday.

Titijaya said the acquisition will be funded via a combination of internally generated funds and bank borrowings.

"Today’s acquisition further expands our land bank of strategically located assets across the Klang Valley, Penang, and Sabah, giving Titijaya a broad range of future development opportunities," said managing director Datuk Lim Poh Yit in a statement.

Lim said the group's undeveloped land assets at the close of its financial year ended June 30, 2025 carried a potential future gross development value of over RM7 billion. The land bank stood at 117 acres.

Shares of Titijaya closed half a sen, or 2.33%, higher at 22 sen on Monday, giving it a market capitalisation of RM287.77 million.