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Friday, May 27, 2011

Recurring income seen from Nu Sentral

KUALA LUMPUR: Nu Sentral, a retail mall under construction at Kuala Lumpur (KL) Sentral, is expected to generate RM70mil recurring income annually from 2013.

It is a joint venture between Malaysian Resources Corp Bhd (MRCB) and Pelaburan Hartanah Bhd (PHB).

MRCB chief executive officer Datuk Mohamed Razeek Hussain said the group planned to increase recurring income contribution to its turnover.

“We have already embarked on acquiring the properties for the purpose of leasing,” he told reporters after the signing ceremony with NU Sentral retail tenants yesterday.

The mall is managed by Nu Sentral Sdn Bhd of which MRCB and PHB hold 51% and 49% stakes respectively.

MRCB planned to increase the contribution of its recurring income to between 20% to 25% of its total income in two to three years from 10% currently.

“We will be selective in the tenants which will be selected based on the reputation of the brand,” he said adding that 60% of the NU Sentral floor area had been taken up.

Among the tenants that signed up yesterday were Golden Screen Cinema, MPH Bookstore, Parksons, Wangsa Bowl and AMP Square Premium Karaoke. MRCB had 28 new tenants yesterday.

The seven-storey retail mall aims to be the first in the country which has the Singapore BCA Green Mark compliance and Malaysia Green Building Index certification.

By The Star

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