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Wednesday, July 6, 2011

MRCB inks pact for construction work in exchange for land

KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) has signed a privatisation deal with the government and Syarikat Tanah dan Harta Sdn Bhd to carry out government construction work in return for land.

Its 70 per cent-unit Country Annexe Sdn Bhd (CASB) will carry out three construction projects valued at RM128.7 million, MRCB said in a statement to Bursa Malaysia.

The projects are Little India upgrading works in Brickfields, the construction of Pines Bazaar, a three-storey building consisting of office space and 28 units of stalls and Ang Seng Development which involves the construction of 212 units of new government Class F quarters to replace the government quarters at Jalan Rozario, Kuala Lumpur.

In return, CASB will receive two pieces of land at the intersection of Lorong Chan Ah Tong and Jalan Tun Sambanthan, measuring 14,297 square metres and 5,642.71 sq m.

The land is valued at some RM601 per square feet. CASB will have the opportunity to develop the exchange land into a mixed property development.

The estimated gross development value of the mixed property development on that land is some RM1 billion.

CASB is a 70:30 special purpose vehicle between MRCB and DMIA Sdn Bhd to construct the projects. DMIA is principally engaged in construction and property development activities.

It did not say who the owners of DMIA or Syarikat Tanah were.

By Business Times

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