KUALA LUMPUR: Malaysian Resources Corp Bhd’s (MRCB) indirect subsidiary Metro Spectacular Sdn Bhd is acquiring three parcels of land in the Jalan Putra area of Kuala Lumpur for RM335.5mil in cash.
According to its Bursa filing on Thursday, the 51%-owned subsidiary inked an agreement on the same day with the mayor of Kuala Lumpur to buy the parcels measuring 40,720.5 sq metres.
The deal, to be financed through a combination of internally generated funds and/or external borrowings, is expected to be completed by the fourth quarter of 2017.
“The proposed land acquisition is in line with MRCB’s growth strategy to increase the company’s landbank with suitable land in order to sustain its core business as a property development, engineering, and construction company.
“The board is confident of the prospects of the land after taking into consideration the scarcity of prime land in Kuala Lumpur for a sizeable commercial development,” it said.
The land is about 4km to the north of KL city centre.
Of the three parcels of land, only one parcel measuring 17,988.92 sq m has a freehold tenure.
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