Citaglobal Acquires Land on Jalan Tun Razak, Kuala Lumpur for RM73 Million

Citaglobal Bhd, through its fully-owned subsidiary Sinergi Dayang Sdn Bhd, has purchased a 6,410-square-meter (0.63-hectare) plot of land on Jalan Tun Razak, Kuala Lumpur, for RM73 million.

The company, which is involved in various sectors including energy and property development, announced that Sinergi Dayang signed a conditional sale and purchase agreement (SPA) with Bank Islam Malaysia Bhd for the 99-year leasehold land.

The strategic location of the land, situated along the main Jalan Tun Razak and in close proximity to public transport hubs, makes it an attractive site in Kuala Lumpur.

“With the ongoing shortage of prime commercial land in the city center, the board is confident that this acquisition will offer long-term strategic growth and revenue opportunities,” the company said in a statement to Bursa Malaysia.

Nearby landmarks include Prince Court Medical Centre, National Blood Centre, Hospital Kuala Lumpur (HKL), and the National Heart Institute (IJN).

Citaglobal also indicated that the acquisition will be financed through a combination of internally generated funds and bank loans from financial institutions.

The transaction is expected to be completed within three months after the SPA becomes unconditional.

Currently, the land is leased to TJM Sdn Bhd under a tenancy agreement dated August 28, 2019.