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Sunday, July 27, 2008

MRCB confident on sales of property projects

PETALING JAYA: Malaysian Resources Corp Bhd (MRCB) is confident its property projects will continue to enjoy good sales and tenancy despite the more challenging economic conditions.

Group managing director Shahril Ridza Ridzuan said that location and accessibility would always play a big part in the sale or rental of property, even during a downturn.

“Even during the Asian financial crisis, certain locations in Kuala Lumpur continued to register strong interest and secondary market transactions,” he said on the sidelines of the StarBiz -Institute of Corporate Responsibility Malaysia forum yesterday.

MRCB has been active in the property development scene in Kuala Lumpur while it entered the Penang property market just last year. The company is developing, on a joint-venture basis, office towers, hotels and serviced residences on 72 acres in KL Sentral. The project has an expected gross development value of about RM2bil.

Shahril said the broadband infrastructure and multimedia supercorridor status of KL Sentral was an added attraction for those thinking of relocating there for business purposes.

The company has about 100 acres in Penang and recently acquired a 3.34-acre freehold parcel in Batu Ferringhi from MBSB Development Sdn Bhd for RM26mil where there are plans for a high-end serviced apartment project.

Last June, Pelaburan Hartanah Bumiputera Bhd awarded a contract worth RM500mil in Penang to MRCB for the construction of landed and high-rise residential properties.

It is also developing the RM2bil Penang Sentral, a similar transportation hub on the island which, when completed, would connect the northern and southern halves of the peninsula. The project is a joint venture with Pelaburan Hartanah.

“Our Penang and KL Sentral property projects have a potential gross development value of RM5bil,” Shahril said, adding that property development contributed 65% to revenue, with the bulk currently coming from KL Sentral.

He said the company's bid for the RM350mil Kompleks Kerjaya 2, in Jalan Sultan Salahuddin, was still ongoing. Its construction arm's order book stood at RM2bil, he added.

By The Star (by Fintan Ng)

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