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KUALA LUMPUR: Malaysian Resources Corporation Bhd (MRCB) plans to develop a premium high-rise residential project with a gross development value of RM300 million at Jalan Kia Peng, Kuala Lumpur.
The group acquired the one-acre leasehold land parcel in the city centre on Jan 7, it said. Its statement did not mention the price of the tract, but AmResearch had claimed that MRCB had paid RM750 psf in a research note released on Feb 10.
“Although the land status is leasehold but due to its prime location and scarcity of land at this posh area as well as its proximity to numerous world-class facilities and amenities, namely the Petronas Twin Towers, KLCC Suria Shopping Centre and other prime office towers, it would make this new development ideal for luxury residences,” said MRCB CEO Datuk Mohamed Razeek Hussain in a statement on Feb 17.
MRCB plans to incorporate “aesthetically-pleasing values of the surrounding infrastructure and views” into the project. This includes the Petronas Twin Towers as well as views of the Titiwangsa mountain range and Genting Highlands, it said.
A group official said the project will stand 34 storeys high and contain 194 units. The project is scheduled to be developed over three years.
The group’s property division, MRCB Land Sdn Bhd, currently has over RM5 billion worth of property development while its engineering and construction divisions have an order book of RM1.8 billion.
Its projects are in Kuala Lumpur, Selangor, Penang, Pahang, Perak, Negeri Sembilan, Johor, Sarawak, Sabah and Melbourne, Australia.
MRCB had earlier announced it was aiming to replenish RM1 billion in its order book in FY11 from its environmental projects in Kuala Sungai Pahang and Perai, Penang and civil works on the mass rapid transit and light rail transit lines.
This article appeared in The Edge Financial Daily, February 18, 2011.
