KUALA LUMPUR – Malaysian Resources Corporation Bhd (MRCB) has signed multiple agreements with Selangor State Development Corp (PKNS) to acquire and dispose of properties totalling RM527.93 million.
In a filing with Bursa Malaysia, MRCB said its wholly-owned subsidiary, PJ Sentral Development Sdn Bhd, plans to acquire the development rights for an office tower in the PJ Sentral Development for RM270 million.
“The exercise is to carry out the development of an office tower known as ‘Tower’ 2 in PJ Sentral Development from PKNS with a land area of approximately 3.69ha,” it said.
It added that the proposed acquisition allows MRCB to regain the development rights and to plan a more holistic development in its current development in PJ Sentral.
MRCB, via MRCB Sentral Properties Sdn Bhd, will be disposing of the Plaza Alam Sentral Mall in Shah Alam to PKNS for RM178 million.
Meanwhile, MRCB Seputeh Land Sdn Bhd (MSL) and Excellent Bonanza Sdn Bhd (EBSB), both wholly-owned subsidiaries of MRCB, have also entered into several sales-and-purchase agreements with PKNS to dispose of residential units located in Vivo Residence @ 9 Seputeh, Tria Seputeh and The Residences at the St Regis Kuala Lumpur for RM79.93 million.
MSL will be disposing of 11 units in Vivo Residence and 20 units in Tria Seputeh, while EBSB will be disposing of 13 units in The Residences.
MRCB said the mall and residential unit disposals will allow it to dispose of its non-core assets and its inventories to focus on its current developments. – December 22, 2023