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Wednesday, May 26, 2010

Major firms keen to redevelop Pusat Bandar Damansara

Big names such as Sime Darby Bhd is said to be among the companies interested in the redevelopment of Pusat Bandar Damansara in Kuala Lumpur.

Johor Corp (JCorp) chief executive officer Tan Sri Muhammad Ali Hashim said several companies have shown interest in the project.

"A number of companies including Sime Darby and Malton Bhd are said to be among the interested parties, but who gets it depends on who gives the best price," he said, noting that no decision has been made.

Johor state investment arm JCorp, through its 27.7 per cent stake in Damansara Realty Bhd, owns nine of the commercial blocks that make up Pusat Bandar Damansara.

Built in 1981, Pusat Bandar Damansara - also known as the Damansara Town Centre - plays host to a handful of corporate headquarters as well as government organisations, including the Ministry of Housing and Local Government and the Department of Immigration Malaysia.
"It is obvious that something needs to be done on the property and unlock its true value," Muhammad Ali told Business Times in Bangi, Selangor, yesterday.

He earlier gave a talk titled "Today's Business World" at the National Conference - CEO's Mind: Today's Talk for Tomorrow's Walk.

He said JCorp will either sell its property to a third party or develop it on its own to create wealth for the group.

A recent news report quoting sources said Malton would refurbish parts of the 28-year-old complex owned by JCorp.

The job, said to be valued at RM700 million, could also involve demolishing certain portions of the old structure to make way for a new development.

Additionally, the project which is expected to be undertaken over the next five years may require Malton to develop a plot of land adjacent to the complex.

By Business Times

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