PETALING JAYA (May 16): The proposed joint venture (JV) between Citaglobal Bhd and Varia Bhd to develop the Citaglobal Tower — a mixed development on a 1.58-acre leasehold site at Jalan Tun Razak, Kuala Lumpur — has secured a further extension of its conditions precedent deadline, now pushed to June 4.
According to filings by both companies with Bursa Malaysia yesterday, the extension,the latest in a series of extensions since the JV agreement was first announced in November 2025, was mutually agreed by the two parties — Citaglobal Property Development Sdn Bhd (formerly Sinergi Dayang Sdn Bhd), an indirect wholly-owned subsidiary of Citaglobal Bhd, and Varia Crest Sdn Bhd, an indirect wholly-owned subsidiary of Varia Bhd.
Neither filing disclosed which specific conditions precedent remain outstanding.
Location (in red) of the proposed Citaglobal Tower (source: EPIQ)
The original JV agreement was announced on Nov 24, 2025, with subsequent updates filed on Nov 27, 2025, Dec 22, 2025, and Feb 23 — each either clarifying terms or extending the fulfilment deadline.
The previous deadline was May 23, which has now been extended by a further 12 days to June 4.
The land in question is held under master title PN 27027, Lot 147, Seksyen 87, Mukim Bandar Kuala Lumpur — a 1.58-acre leasehold parcel on Jalan Tun Razak, one of KL’s principal arterial corridors and home to a cluster of established commercial and diplomatic addresses.
The proposed development is to be known as the Citaglobal Tower, and is described as a mixed development.
As reported at the time of the original announcement in November 2025, the project is intended to include Citaglobal’s new corporate headquarters alongside a commercial or residential component — though the full development programme and gross development value have not been formally disclosed in Bursa filings.
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Source: EdgeProp.my
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