KUALA LUMPUR (Aug 21): Singapore’s Frasers Property Ltd and Tan & Tan Developments Bhd, the property development arm of IGB Bhd (KL:IGBB), have entered into an agreement to jointly develop a 5.15-hectare mixed-use master-planned site, named PJ Quarter, in Section 13, Petaling Jaya.

According to a statement on Friday, the large-scale project will be developed in two phases, with equal stakes in the joint venture.

Under the agreement, Fraser & Neave Holdings Bhd (KL:F&N) is divesting its 50% equity interest in the joint venture company owning the site to Tan & Tan, while Frasers Property retains its 50% stake.

The site, equivalent in size to about seven football fields, will feature residential developments alongside an open-air lifestyle retail component, community spaces, and a park.

Designed to cater to families and working professionals, the residential component of the master-planned precinct is expected to be launched for sale next year.

"We are pleased to embark on our first collaboration with Tan & Tan, a well-established Malaysian developer, through PJ Quarter. As an iconic master-planned precinct, the development is set to play a pivotal role in the ongoing rejuvenation of Section 13, Petaling Jaya. Drawing on our combined experiences in large-scale, mixed-use developments, we aim to set a new benchmark for vibrant urban living in the area. It represents a meaningful step in growing our development portfolio, through a disciplined, partnership-led strategy, focused on creating value for the long term," said Frasers Property chief executive officer Soon Su Lin.

Meanwhile, Tan & Tan CEO Tan Yee Seng said the site will benefit from the government’s efforts to rejuvenate Section 13 into an even more liveable and vibrant hub with green connectors and pedestrian-friendly infrastructure.

"We are pleased to work with Frasers Property, a well-established international real estate leader, to deliver a landmark development in Petaling Jaya. We look forward to introducing novel retail experiences to the community, complemented by an upscale residential development designed to appeal to a broad spectrum of homebuyers," said Tan.

Located at the intersection of Jalan Kemajuan and Jalan Profesor Diraja Ungku Aziz, the development benefits from strong connectivity via the Federal Highway and Sprint Expressway, as well as proximity to the Phileo Damansara MRT station, Asia Jaya LRT station and the upcoming UM station on MRT Line 3.

The site is situated within a 1km radius of Universiti Malaya and International Islamic University Malaysia, alongside healthcare facilities such as Columbia Asia Hospital, ReGen Rehab Hospital, Tun Hussein Onn Hospital and Universiti Malaya Medical Centre.