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Wednesday, January 23, 2008

MRCB in joint venture to develop KL Sentral land

MALAYSIAN Resources Corp Bhd (MRCB) and Pelaburan Hartanah Bumiputera Bhd (PHBB) have set up a joint-venture company, Jewel Surprises Sdn Bhd, to develop a retail complex and associated car park bays at Kuala Lumpur Sentral.

MRCB holds a 51 per cent stake in the joint venture, while PHBB owns the remainder.

The plot of land, known as Lot G, is owned by PHBB's wholly-owned subsidiary Promising Quality Sdn Bhd, which has entered into a lease agreement with Jewel Surprise to lease the retail complex and the car park bays for 99 years.

This venture allows both parties to pool their resources and expertise to develop an integrated retail and office complex of 1.5 million gross floor area.

"The retail complex would complement the existing high end hotels, offices and residentials as well as the recently opened retail lifestyle centre, Sooka Sentral," MRCB said in a statement to Bursa Malaysia yesterday.

The proposed retail complex is expected to add vibrancy to the overall development of Kuala Lumpur Sentral.

MRCB's 60 per cent owned subsidiary, MRCB Selborn Corporation Sdn Bhd, will be designing and constructing the retail shopping complex in Lot G.

This is not the two companies' first venture as both MRCB and PHBB tied up last December to set up Penang Sentral Sdn Bhd, to develop an integrated transportation hub in Penang Sentral.

By New Straits Times

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