KUALA LUMPUR – Malaysian Resources Corporation Bhd’s (MRCB) wholly-owned subsidiary, Country Annexe Sdn Bhd (CASB), has entered into a joint venture with Ipoh Sentral Sdn Bhd (ISSB) to develop Ipoh Sentral in Perak — a mixed-use, transit-oriented project with an estimated gross development value (GDV) of RM6.25 billion.
The partnership was formalised today through a Joint Venture Development Agreement (JVDA), following an earlier memorandum of agreement signed on January 23, 2025.
In a filing with Bursa Malaysia, MRCB stated that the collaboration aligns with its corporate strategy focused on sustainable growth, portfolio diversification, and community-centric development.
“By leveraging our core competencies and industry expertise, the company aims to enhance financial performance while delivering long-term value to shareholders, stakeholders, and the communities we serve,” it said.
The group added that the proposed collaboration represents a strategic opportunity for profitable expansion, particularly in the transit-oriented development (TOD) segment.
“The growing demand for TOD offers attractive prospects for investment and long-term revenue generation,” it noted.
MRCB expects the venture to further strengthen its TOD development credentials through the creation of a modern transportation hub that integrates various modes of transport while improving the quality of life for surrounding communities.
“The project is anticipated to generate recurring income throughout its development period and will also serve as a showcase of the company’s capabilities in property development, engineering, and construction,” it added.
The agreement also expands MRCB’s land bank, providing access to additional prime land parcels.
The entire development is expected to span 20 years, beginning from the date all conditions under the JVDA are fulfilled. — July 11, 2025