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| MRCB Confident On Sales Of Property Projects |
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| PETALING JAYA: Malaysian Resources Corp Bhd (MRCB) is confident its property projects will continue to enjoy good sales and tenancy despite the more challenging economic conditions. |
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| Group managing director Shahril Ridza Ridzuan said that location and accessibility would always play a big part in the sale or rental of property, even during a downturn. |
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| “Even during the Asian financial crisis, certain locations in Kuala Lumpur continued to register strong interest and secondary market transactions,” he said on the sidelines of the StarBiz -Institute of Corporate Responsibility Malaysia forum yesterday. |
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| MRCB has been active in the property development scene in Kuala Lumpur while it entered the Penang property market just last year. The company is developing, on a joint-venture basis, office towers, hotels and serviced residences on 72 acres in KL Sentral. The project has an expected gross development value of about RM2bil. |
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| Shahril said the broadband infrastructure and multimedia supercorridor status of KL Sentral was an added attraction for those thinking of relocating there for business purposes. |
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| The company has about 100 acres in Penang and recently acquired a 3.34-acre freehold parcel in Batu Ferringhi from MBSB Development Sdn Bhd for RM26mil where there are plans for a high-end serviced apartment project. |
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| Last June, Pelaburan Hartanah Bumiputera Bhd awarded a contract worth RM500mil in Penang to MRCB for the construction of landed and high-rise residential properties. |
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| It is also developing the RM2bil Penang Sentral, a similar transportation hub on the island which, when completed, would connect the northern and southern halves of the peninsula. The project is a joint venture with Pelaburan Hartanah. |
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| “Our Penang and KL Sentral property projects have a potential gross development value of RM5bil,” Shahril said, adding that property development contributed 65% to revenue, with the bulk currently coming from KL Sentral. |
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| He said the company's bid for the RM350mil Kompleks Kerjaya 2, in Jalan Sultan Salahuddin, was still ongoing. Its construction arm's order book stood at RM2bil, he added. |
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