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Friday, February 18, 2011

MRCB to develop project with estimated GDV of RM300m

KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) is set to develop a luxurious high rise project with an estimated gross development value of RM300mil in Jalan Kia Peng, Kuala Lumpur.

MRCB acquired the 0.4 ha (one acre) tract of land for the project on Jan 7.

The planned project will be alongside established, luxurious service residences, within the general neighbourhood of the Kuala Lumpur City Centre.

MRCB chief executive officer Datuk Mohamed Razeek Hussain said although the status was leasehold, the prime location and scarcity of land in this posh area, as well as its proximity to numerous world class facilities and amenities, made the new development ideal for luxury residences.

By Bernama

China to replace property index

SHANGHAI: China has said it will stop publishing its much-watched national property price index a lightning rod for public anger over soaring housing costs and replace it with two new property indexes.

The National Bureau of Statistics said it was compiling two new indexes to gauge new and second-hand home sales starting with January figures and was halting the release of its survey of average home prices in 70 major cities.

It said the first data under the new system would be released today.


MRT system to spark more JVs, M&As for land

KUALA LUMPUR: The Mass Rapid Transit (MRT) project is expect to spark more joint ventures and mergers and acquisitions (M&As) by property developers to secure strategic land banks near rail lines, says HwangDBS Vickers Research associate director Yee Mei Hui.

Yee said on Friday, Feb 18 companies without land bank near proposed MRT stations were likely to start hunting for land plots to benefit from expected gains from having property projects near the massive public transport infrastructure.

"For those without land bank, they'll need to act quite fast,” she said at a press briefing on property plays related to the MRT project.

Yee, who covers the property and gaming sectors, also said three mixed developments near MRT stops would set the tone for future property plays along the MRT system.

The three projects are KL Eco-City near the Mid Valley area, Capers in Sentul East and Damansara City in Damansara Heights.

By The EDGE Malaysia