KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) is expected to launch a mixed development with an estimated gross development value (GDV) of between RM1.2bil and RM1.6bil next year.
The project will be developed on a 0.76ha acquired from the German Embassy for RM259.16mil recently through tender bidding.
MRCB group managing director Tan Sri Mohamad Salim Fateh Din said the management team was considering a mixed development comprising commercial and residential segments due to the land’s location and market demand.
“The (land) location is ideal for a residential and commercial project. The management of the MRCB is very excited to develop that choice of land that we acquired from the German Embassy recently.
“We will start our project after we finish paying the remaining 90% of the price. This product is very important and it will be the determining factor of profitability,” he told reporters after the opening of Shell Malaysia's new office, Menara Shell, here yesterday.
He said the project would be undertaken in one phase only due to the smaller land size.
MRCB had entered into a sale and purchase agreement for the German Embassy land via its unit, Legasi Azam Sdn Bhd, with the German government to purchase the land.
The proposed acquisition is expected to be completed in August this year and is not expected to have any material effect on the earnings and earnings per share of MRCB group for the financial year ending Dec 31, 2015. – Bernama