PETALING JAYA: Titijaya Land Bhd

is proposing to dispose of a piece of leasehold land measuring 28,562.8 sq metres in Bayan Lepas, Penang, to Pelaburan Hartanah Bhd (PHB) for RM300mil.

In a filing with Bursa Malaysia, Titijaya said the land comprises a purpose-built three storey logistic 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.

“Barring unforeseen circumstances and subject to fulfilment of the conditions precedent, the proposed divestment is expected to be completed in the first half of 2027.”

In a separate statement, PHB group managing director Mazuki Abdullah @ Muhammad said the acquisition of the logistics complex would strengthen the company's presence in one of Malaysia’s key logistics hubs while supporting its portfolio diversification strategy.

He said the complex’s location in Bayan Lepas Waterfront would position PHB to benefit from continued growth in Penang’s logistics sector.

“Importantly, this asset provides long-term income visibility through a quality tenant and a stable lease structure. This is in line with our strategy to enhance our portfolio yield and strengthen our recurring income streams.

"As demand for quality logistics space continues to rise, this acquisition is an opportunity to enhance our portfolio’s performance and deliver competitive returns for Amanah Hartanah Bumiputera (AHB) unit holders," he said.

Meanwhile, Titijaya group managing director Datuk Lim Poh Yit said the transaction with PHB reflected the group's commitment to creating value through income-generating real estate investments and strategic asset management.

“This transaction demonstrates our proactive approach to managing our property portfolio and unlocking asset value. We remain focused on our core property development business and on pursuing opportunities that support the Group’s long-term growth and create sustainable value for our stakeholders,” he added.