PETALING JAYA: Titijaya Land Bhd is proposing to dispose of a piece of leasehold land measuring 28,562.8 sq m in Bayan Lepas, Penang, to Pelaburan Hartanah Bhd for RM300mil.

In a filing with Bursa Malaysia, Titijaya said the land comprised a purpose-built, three-storey logistics commercial complex known as the “Penang Logistics Hub 5” with a gross floor area of approximately 300,726 sq ft.

Titijaya said the disposal is consistent with its strategy of selectively monetising completed investment properties at the optimum price to unlock value and recycle capital into future growth opportunities.

It said part of the proceeds will be applied towards the redemption of the financing facilities secured on disposal of the property; and will enhance the group’s financial flexibility and provide additional capital for property development, strategic landbanking and other growth opportunities.

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