Syarikat Prasarana inks JV with Naza TTDI unit

KUALA LUMPUR (July 11): Syarikat Prasarana Negara Bhd (Prasarana) had on Wednesday inked a deal with Naza TTDI Sdn Bhd unit Naza TTDI Ventures Sdn Bhd to develop a 26-storey condominium on a 1.01-acre parcel in Taman Tun Dr Ismail.

The parcel at the intersection of Jalan Tun Mohd Fuad and Persiaran Zaaba belongs to Prasarana, and is valued at RM12 million, said Prasarana group managing director Datuk Shahril Mokhtar at the signing ceremony on Wednesday.

The project has an estimated gross development value (GDV) of RM153 million and will comprise 186 units ranging from 650 to 1,200 sq ft priced at RM950 psf.

Prasarana will take 30% of the profits from this venture with the rest going to Naza TTDI.

The project is scheduled to launch in 1Q2013 and completion is targeted in 1Q2016.

Shahril also said Prasarana plans to develop a further 15 acres of land in the Klang Valley in a bid to raise its non-fare revenue from at least RM30 million, or 7% of group revenue.

These properties are in Ara Damansara, Putra Heights, Dang Wangi, Taman Melawati and Brickfields.

The tender for the Brickfields property — an abandoned building on a two-acre site near the Monorail station at Jalan Tun Sambathan — will close on July 21.

Meanwhile, Prasarana is evaluating tenders for its Ara Damansara development at a station along the Kelana Jaya LRT extension along Jalan Lapangan Terbang Subang.

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