KUALA LUMPUR: Klang-based property developer Titijaya Land Bhd is eyeing to build a mixed development in Penang, with a gross development value (GDV) of RM2.6 billion, its first project outside the Klang Valley.

Deputy group managing director Lim Poh Yit said the 20.4-acre (8.26ha) project, which is within walking distance to the south of the Second Penang Bridge, will have a total land area of 3.2 million sq ft. It will comprise four residential towers, four commercial blocks and a retail street, which will be built in three phases, said Lim.

The first phase, the residential blocks, will be launched either early next year or at the end of this year, with a GDV of RM600 million, Lim said.

For this project, Lim said Titijaya is looking to fetch between RM700 and RM800 psf. Its target buyers will mostly be self-occupied homebuyers, he said, adding that each unit will cost them between RM700,000 and RM800,000. “The recent launch by E&O (Eastern & Oriental Bhd) of Tamarind is selling around this range, and it has been well received,” Lim told reporters after the company’s annual general meeting and extraordinary general meeting yesterday.

He said the commercial area, which is expected to attract food and beverage operators, will be built facing the sea.

Titijaya’s projects are scattered around the Klang Valley in Klang, Shah Alam, Subang Jaya, Seri Kembangan, Ara Damansara, Brickfields and Ampang.

Launches in the pipeline include its projects in Seri Alam, Klang and the remaining phases of H2O in Ara Damansara.

This article first appeared in The Edge Financial Daily, on May 28, 2015.