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Monday, July 23, 2012

Busy time for Prasarana with rail-and-property projects

PETALING JAYA: The next 18 months will be a busy time for Syarikat Prasarana Negara Bhd as it goes full steam ahead with its rail and property projects, what its group managing director Datuk Shahril Mokhtar once called its “rail-and-property play”.

Besides teaming up with the Crest Builder group for the Dangi Wangi project, and with Naza TTDI group for the Taman Tun Dr Ismail project, Prasarana has a few other projects which entail working with other developers.

The company is currently evaluating plans from six bidders for its 6.5 acres in the up-and-coming township of Ara Damansara.

“We are in the final stage of evaluation and will not be able to estimate the gross development value (GDV) of the project just yet. We expect to present the results of our evaluation to the board by mid-August and to make the formal award by the middle of September,” Shahril told StarBiz.

He said the key idea of this particular project was to have a park-and-ride facility.

“The developers must use their creativity on how to build the other commercial development that can also include a residential element around the park-and-ride facility,” he said.

It is understood that Prasarana is looking for a joint venture (JV) partner on a profit-sharing basis who has the experience and track record.

Speaking on its first property development along its rail line on the site of the Dang Wangi light rapid transit (LRT) station, he said the company is finalising details with its JV partner.

The project, with a GDV of about RM220mil, is awarded to a JV company between Crest Builder Holdings Bhd unit Crest Builder International Sdn Bhd and Detik Utuh Sdn Bhd.

“We want to start work as soon as possible but there are a lot of regulatory approvals that we must seek. Thus, we expect to start groundwork by the second half of next year,” he said.

The company had also recently teamed up with Naza TTDI Sdn Bhd to undertake a condominium project in Taman Tun Dr Ismail.

The project would be based on a 30:70 profit sharing model, with Naza TTDI doing most of the development work on Prasarana's land, valued at RM12mil.

Its fourth project is currently at the tendering stage. This will be on a two-acre site near the

monorail station in Brickfields. The tender ended on July 21.

Its fifth project, at a pre-tender stage, is currently being worked on. Once it has worked out the details, it will tender out Putra Heights and the former bus depot land in Taman Melawati for development.

“We will make announcement for Putra Heights by the end of the year and open up the tender for Melawati by the second half of next year,” said Shahril.

By The Star

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