By Sharen Kaur
Published in Business Times, May 3 2016
PETALING JAYA: SECTION 52 in Petaling Jaya, Selangor is transforming into a vibrant green township with character and charm, and the driver is PJ Sentral Garden City.
PJ Sentral is a mixed-use project by Malaysian Resources Corp Bhd (MRCB) with a gross development value (GDV) of about RM11 billion.
It sits on 16ha in Persiaran Barat (behind Hilton Petaling Jaya Hotel) which previously housed the Selangor State Development Corporation headquarters and other buildings.
MRCB says it will take more than eight years to redevelop, revitalise (transform to a new image) and rehabilitate (preserve the identity) Section 52.
PJ Sentral is poised to become a new central business district in Selangor, serving as a catalyst for future redevelopment projects in the area.
There is also a new project planned by KUB Malaysia Bhd next to PJ Sentral.
KUB Malaysia is going to transform its iconic A&W restaurant into a transit-oriented development (TOD), with construction expected to commence next year.
The A&W restaurant, which has been operating for more than three decades, is located on 0.5ha plot in Lorong Sultan, opposite AmCorp Mall.
KUB Malaysia wants to redevelop the site as a TOD to maximise the land value.
The company had previously planned to build KUB Towers, comprising an office tower with a GDV of RM260 million.
KUB Malaysia group managing director Datuk Abdul Rahim Mohd Zin told Property Times that the A&W restaurant would be demolished earliest by the second half of next year.
"We are re-visiting the building plan for the site. Realistically, we hope to start construction in the third or fourth quarter of next year, subject to approvals," he said.
A TOD is a mixed-use residential and commercial project designed to maximise access to public transport.
The first TOD builder in Malaysia is MRCB, which built the KL Sentral integrated transport hub in Brickfields, Kuala Lumpur.
The biggest TOD developer currently is Prasarana Malaysia Bhd, which has more than 10 sites under development or in the pipeline.
Prasarana is the asset owner and operator of the country's two light rail transit (LRT) networks (Ampang and Kelana Jaya) and the KL Monorail.
Rahim said KUB Malaysia would talk to Prasarana on its plan to link the TOD to the Taman Aman LRT station.
"We are looking at how to create a useful value proposition for the land as we are located next to the Taman Aman LRT station, about 50m away.
"We are still planning how we want to link the TOD to the LRT station. It could be via a walkway or pedestrian bridge."
Rahim said the TOD would be commercially-driven. It might have one or two towers atop a retail podium, he added.
"If we can construct two towers, then the second building may include some apartments. If it's just going to be one tower, then it will be fully commercial. We are upbeat on prospects of the office market here."
He said the proposed TOD was expected to generate a GDV of more than RM250 million for KUB Malaysia and its development partner.
Rahim said KUB Malaysia would call for tenders for a development partner as early as next year.
"We do not want to undertake a property development project. It is more of realising our property investment asset. We will give them the development rights for the project where we remain as the landowner, and they do the construction and development.
"We don't want to develop the land in a joint venture as we don't want to take the risk of the development."
Rahim said KUB Malaysia would submit the development and building plans to the authorities this year.
He said the company was still finalising the details and would engage an architect soon.
"We are discussing the maximum plot ratio. The standard rule is 1:4 and we are looking at a plot ratio of 1:6," he added.
Published in Business Times, May 3 2016
PETALING JAYA: SECTION 52 in Petaling Jaya, Selangor is transforming into a vibrant green township with character and charm, and the driver is PJ Sentral Garden City.
PJ Sentral is a mixed-use project by Malaysian Resources Corp Bhd (MRCB) with a gross development value (GDV) of about RM11 billion.
It sits on 16ha in Persiaran Barat (behind Hilton Petaling Jaya Hotel) which previously housed the Selangor State Development Corporation headquarters and other buildings.
MRCB says it will take more than eight years to redevelop, revitalise (transform to a new image) and rehabilitate (preserve the identity) Section 52.
PJ Sentral is poised to become a new central business district in Selangor, serving as a catalyst for future redevelopment projects in the area.
There is also a new project planned by KUB Malaysia Bhd next to PJ Sentral.
KUB Malaysia is going to transform its iconic A&W restaurant into a transit-oriented development (TOD), with construction expected to commence next year.
The A&W restaurant, which has been operating for more than three decades, is located on 0.5ha plot in Lorong Sultan, opposite AmCorp Mall.
KUB Malaysia wants to redevelop the site as a TOD to maximise the land value.
The company had previously planned to build KUB Towers, comprising an office tower with a GDV of RM260 million.
KUB Malaysia group managing director Datuk Abdul Rahim Mohd Zin told Property Times that the A&W restaurant would be demolished earliest by the second half of next year.
"We are re-visiting the building plan for the site. Realistically, we hope to start construction in the third or fourth quarter of next year, subject to approvals," he said.
A TOD is a mixed-use residential and commercial project designed to maximise access to public transport.
The first TOD builder in Malaysia is MRCB, which built the KL Sentral integrated transport hub in Brickfields, Kuala Lumpur.
The biggest TOD developer currently is Prasarana Malaysia Bhd, which has more than 10 sites under development or in the pipeline.
Prasarana is the asset owner and operator of the country's two light rail transit (LRT) networks (Ampang and Kelana Jaya) and the KL Monorail.
Rahim said KUB Malaysia would talk to Prasarana on its plan to link the TOD to the Taman Aman LRT station.
"We are looking at how to create a useful value proposition for the land as we are located next to the Taman Aman LRT station, about 50m away.
"We are still planning how we want to link the TOD to the LRT station. It could be via a walkway or pedestrian bridge."
Rahim said the TOD would be commercially-driven. It might have one or two towers atop a retail podium, he added.
"If we can construct two towers, then the second building may include some apartments. If it's just going to be one tower, then it will be fully commercial. We are upbeat on prospects of the office market here."
He said the proposed TOD was expected to generate a GDV of more than RM250 million for KUB Malaysia and its development partner.
Rahim said KUB Malaysia would call for tenders for a development partner as early as next year.
"We do not want to undertake a property development project. It is more of realising our property investment asset. We will give them the development rights for the project where we remain as the landowner, and they do the construction and development.
"We don't want to develop the land in a joint venture as we don't want to take the risk of the development."
Rahim said KUB Malaysia would submit the development and building plans to the authorities this year.
He said the company was still finalising the details and would engage an architect soon.
"We are discussing the maximum plot ratio. The standard rule is 1:4 and we are looking at a plot ratio of 1:6," he added.
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