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Thursday, November 12, 2009

MRCB: RM6b new projects at KL Sentral in the pipeline

MALAYSIAN Resources Corp Bhd (MRCB) has new projects worth some RM6 billion to launch at Kuala Lumpur Sentral (KL Sentral), the integrated transport hub in Brickfields, before the end of the development in 2015/ 2016.

Group managing director Shahril Ridza Ridzuan said MRCB, one of the country's biggest office space providers, will launch three million sq ft of space next year.

These would include room for two luxury serviced apartment towers, an office building, and the 6-star 200-room St Regis Hotel.

Shahril said the construction for St Regis will start by mid-2010, followed by the office building.
He said the two serviced apartments towers, worth almost RM900 million, will be launched towards the end of next year.

"We have land fronting Jalan Tun Sambanthan, which we are reserving for the final phase of the KL Sentral development. We are in the midst of deciding what we want to build on the land. A decision would be made around 2012," Shahril said in an interview with Business Times in Kuala Lumpur recently.

Currently, there are RM7 billion worth of on-going projects at KL Sentral, which would be completed between 2011 and 2012.

These includes Nu Sentral Mall, a business class hotel, three office towers, an office block for CIMB Investment Group, the KL Sentral park featuring low-rise high-end offices, and 348 Sentral, comprising a 33-storey office tower and 21-storey serviced residence.

Shahril said MRCB is in talks with international operators to manage the business class hotel.

On the three office towers, Shahril said one building with 27 floors will be taken up by Pelaburan Hartanah Bhd.

The two remaining towers will have Korean interest. They will provide capital under the Daol Trust & Fund Co Ltd (Daol Fund), he said. Daol Fund is Korea's first specialised real estate fund investment and management company.

"The structure will be similar to a real estate investment trust (REIT) where the Koreans will invests in the towers, and we would manage it for them for a few years."

On replicating KL Sentral, Shahril said while it would be difficult to do that in Kuala Lumpur due to scarcity of land, there is no doubt the development would be taken international.

He said MRCB is in talks with potential parties to replicate KL Sentral in the Middle East and Asia Pacific, including in China and India.

By Business Times (by Sharen Kaur)

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