By Sharen Kaur
sharen@nstp.com.my
Published in NST on December 4, 2012
MIXED DEVELOPMENT: MRCB plans RM1b worth of properties on a two-hectare football field
MALAYSIAN Resources Corp Bhd (MRCB) expects to start work next year on a new mixed development worth over RM1 billion opposite the Kuala Lumpur Sentral commercial hub in Brickfields.
MRCB head of marketing for property Zamry Ibrahim said the development will comprise residential, retail and office components.
The properties will be built on a two-hectare land which is a football field at Jalan Tun Sambanthan.
MRCB struck a deal last year with the government to undertake public infrastructure projects worth RM128.71 million in Brickfields at its own cost in exchange for the land.
Country Annexe Sdn Bhd (CASB), a special-purpose vehicle in which MRCB holds 70 per cent stake, was set up to develop the projects. DMIA Sdn Bhd owns the rest of CASB.
The projects are Little India, which is to upgrade and beautify Jalan Tun Sambanthan; the three-storey Pines Bazaar office building with carparks and contruction of 212 new government Class 'F' quarters near Jalan Ang Seng to replace the existing ones.
Zamry said MRCB is in the midst of drawing up plans for the development and finalising the land swap deal with DMIA.
"By next year, we will have more concrete plans on the site. The plan now is to get all the necessary approvals by the first half of next year," he said Business Times in an interview.
Zamry said getting approvals is the key as MRCB will then be ready to execute the project in phases.
The commencement of the project, however, would depend on the result of the real estate market during the time, he said.
Separately, Zamry said MRCB will be launching new projects next year in Penang and Kuala Lumpur.
"We have parcels of land in Kuala Lumpur out of the KL Sentral development that we want to develop next year. We will plan high grade and luxury properties in areas where it will be acceptable by the market," he said.
On the funding for new and existing projects, Zamry said that MRCB will look at the debt-equity partnership and its internally generated funds.
Besides the KL Sentral development, MRCB's existing projects are Bandar Seri Iskandar in Perak and Taman Kajang Utama in Selangor.
 |
MRCB head of marketing for property Zamry Ibrahim said the development will comprise residential, retail and office components.
The properties will be built on a two-hectare land which is a football field at Jalan Tun Sambanthan.
MRCB struck a deal last year with the government to undertake public infrastructure projects worth RM128.71 million in Brickfields at its own cost in exchange for the land.
The projects are Little India, which is to upgrade and beautify Jalan Tun Sambanthan; the three-storey Pines Bazaar office building with carparks and contruction of 212 new government Class 'F' quarters near Jalan Ang Seng to replace the existing ones.
Zamry said MRCB is in the midst of drawing up plans for the development and finalising the land swap deal with DMIA.
"By next year, we will have more concrete plans on the site. The plan now is to get all the necessary approvals by the first half of next year," he said Business Times in an interview.
Zamry said getting approvals is the key as MRCB will then be ready to execute the project in phases.
The commencement of the project, however, would depend on the result of the real estate market during the time, he said.
Separately, Zamry said MRCB will be launching new projects next year in Penang and Kuala Lumpur.
"We have parcels of land in Kuala Lumpur out of the KL Sentral development that we want to develop next year. We will plan high grade and luxury properties in areas where it will be acceptable by the market," he said.
On the funding for new and existing projects, Zamry said that MRCB will look at the debt-equity partnership and its internally generated funds.
Besides the KL Sentral development, MRCB's existing projects are Bandar Seri Iskandar in Perak and Taman Kajang Utama in Selangor.
No comments:
Post a Comment