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Friday, June 4, 2010

MRCB: Prime land deals in pipeline

MALAYSIAN Resources Corp Bhd (MRCB) plans to buy its first piece of land in the Kuala Lumpur City Centre and it could pay as much as RM170 million for the asset.

If the deal happens, MRCB would start its maiden project in the city centre.

Chief executive officer Mohamed Razeek Hussain said it has identified a piece of land measuring 0.45ha to 0.9ha, located a stone's throw away from the Petronas twin towers.

"We have identified the land near KLCC ... we can get a good price below what's in the market," he said. The going market rate for land in the area is around RM2,000 to RM2,500 per sq ft.
"It is work in progress, we are talking to the landowners and we hope to conclude it as soon as possible," Mohamed said.

While he did not say where the land is, sources say it is located on Jalan Kia Peng and is slated for development of high-end residences.

MRCB also plans to buy an 8ha plot in the Klang Valley, outside the KLCC.

By Business Times

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