Posted on | July 6, 2011
By THE STAR
PETALING JAYA: Country Annexe Sdn Bhd (CASB), a 70% subsidiary of Malaysian Resources Corp Bhd (MRCB), will be given land in Kuala Lumpur with a potential RM1bil gross development value, in consideration for undertaking three projects in the city’s Brickfields area.
In a Bursa Malaysia filing yesterday, MRCB said CASB had entered into a privatisation agreement with the Government and Syarikat Tanah dan Harta Sdn Bhd for the construction of three projects in Kuala Lumpur.
The projects consist of Little India (upgrading and beautification of Jalan Tun Sambanthan, Brickfields), Pines Bazaar (a three-storey building consisting of office space, 28 units of stalls and 140 car park bays) and Ang Seng Development (212 units of new government Class F quarters near Jalan Ang Seng to replace the quarters at Jalan Rozario).
DMIA Sdn Bhd owns the remaining 30% stake in CASB, which was set up as a special purpose vehicle to develop the projects in return for two pieces of land at the intersection of Lorong Chan Ah Tong and Jalan Tun Sambanthan.
The land is 214,630 sq ft in total, and is valued at RM601 per sq ft or RM129mil in total.
MRCB said a proposed mixed property development on the two pieces of land represents a good investment opportunity to further strengthen the future income of the group.
To recap, in June last year, the RM36.6mil Little India project was jointly awarded to MRCB and DMIA by the Government on a design, build, finance and transfer basis. It was completed last October.
To support the Government’s initiatives for Greater Kuala Lumpur, the project was later expanded to include Pines Bazaar and Ang Seng Development.
- Malaysia Real Estate News
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