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Thursday, March 29, 2012

Prasarana in property joint venture

PETALING JAYA: Syarikat Prasarana Negara Bhd will work with a local property developer to build a RM200mil high-rise mixed development project over its underground Dang Wangi light rapid transit (LRT) station.

Managing director Datuk Shahril Mokhtar said they had made the decision last week in selecting the best developer to work with Prasarana and due announcement would be made soon.

“The bidders submit their proposals via an open tender process and presented their creative ways to develop the piece of land there.

“It’s going to be a mixed development of offices and residential units,” he told reporters after the memorandum of understanding signing yesterday between Prasarana and the Malaysian Anti-Corruption Commission yesterday.

This property venture will be the first for Prasarana that is expected to enhance its revenue stream.

It was previously reported that UDA Holdings Bhd was one of the developers that had sent a proposal to Prasarana to jointly develop the 11,008 sq m.

Previous reports also described that the Dang Wangi development might be emulating the Kuala Lumpur City Centre with underground LRT.

Going forward in this new venture, Prasarana would also be looking at other locations with potential to have property developments especially in high traffic areas such as Ara Damansara, Subang Jaya KTM station and Awan Besar along the Kesas Highway.

By The Star

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