Known as The Shore, Titijaya said in a statement the project will be developed as the new waterfront premium class hub, with luxurious mixed-use units docked within a prime waterfront enclave.
The proposed development on the land would enhance its future revenue and earnings profits based on the land's value and its surrounding development.
On completion of the distribution, the shareholders will directly hold shares in Sime Darby Plantation and Sime Darby Property in the same proportion as their shareholdings in Sime Darby.
The construction and property development firm's net profit rose to RM26.22 million from RM4.76 million in 4QFY2015, while revenue swelled by more than 11 times at RM235.49 million from RM18.6 million.
Trio comprises three towers of serviced apartments, 42 units of commercial and a retail podium, with a gross development value of RM571 million.
The strong performance was contributed mainly by the property segment, of which revenue jumped 118% y-o-y to RM401.3 million, while operating profit surged 353% y-o-y to RM107.2 million. No dividend was declared for the quarter.
The group said it posted a higher profit before taxation from its continuing operations of RM20.88 million in 3QFY2017, versus a PBT of RM10.23 million a year ago.
The contract value of the project is estimated to be in the range of RM160 million to RM200 million, sources said.
Not only is technology important in helping real estate agents in terms of marketing, but it also plays a huge role in facilitating cross-border property transactions.
The networking dinner saw as many as 50 representatives from the property development companies in Penang and Kedah attending the event including committee members of the Penang branch of the Real Estate and Housing Developers' Association.
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