Kg Chekok in Kota Bharu is not the kind of place that usually makes national property headlines. This time it does, because Taghill Aman Sdn Bhd has signed a joint venture over Malay reservation land with an estimated RM191.7 million gross development value.
The project land measures about 32,150 sq m, or roughly 346,060 sq ft. Under the joint venture, Taghill Aman will pay the landowners RM24 million in entitlement, according to a Bursa-sourced notice carried by MarketScreener. That works out to about RM69.35 psf on land area. It is not a straight land-sale price, because this is a development joint venture with conditions precedent, but it is the cleanest benchmark disclosed.
The land is in Tempat Kg Chekok, Mukim Chekok, Jajahan Kota Bharu. Taghill Aman, a wholly owned unit of Taghill Holdings Bhd, signed the agreement with the registered proprietor and SBJ Binajaya Development Sdn Bhd, the beneficial owner. No separate joint-venture company will be incorporated; Taghill Aman is to control the planning, construction, sales and project management.
The proposed development is two apartment blocks with 639 units and supporting facilities. The filing-derived report says the apartments are estimated at about 761 sq ft each. Estimated gross development cost, excluding developer profit, is RM123.46 million. Construction is expected to start in the second quarter of 2027 and complete in the second quarter of 2031, subject to approvals.
The most local part of the deal is the land status. Malay reservation land narrows who can own, transact and ultimately buy, so the development has a different buyer pool from an ordinary freehold apartment scheme. For Kota Bharu, the figure to keep is not just the RM191.7 million GDV. It is that a listed construction group is willing to take on a 639-unit apartment plan on a conditional JV structure in a market where the approvals and buyer rules matter.
Sources: MarketScreener / Bursa Malaysia notice, The Edge Malaysia.
