Crest Builder to develop MRB land

KUALA LUMPUR: Crest Builder Holdings Bhd’s 51% owned unit Landasan Bayu Sdn Bhd has received a letter of intent from the Malaysian Rubber Board (MRB) to develop a 1.9ha site at the intersection between Jalan Ampang and Jalan Jelatek in Kuala Lumpur into a mixed development with an estimated gross development value of RM1.33 billion, it told Bursa Malaysia.

The proposed development will comprise a 28-storey apartment and SOHO towers, a 33-storey corporate tower and a six-storey boutique retail mall. Work is slated to start in 2013 for completion in 2018. The estimated gross floor area of the proposed development is 1.65 million sq ft.

As landowner, MRB will receive RM299.85 million in cash and completed property entitlement. According to analyst reports, MRB has another four pieces of land around Jalan Ampang comprising Menara Getah Asli, the Rubber Research Institute building and parcels in Jalan Stoner and Jalan Lidcol.