MRCB partners NZ’s Panuku in RM1.3b TOD project in Auckland


Artist's impression of the Aotea Central Over Station Development (OSD) in Auckland City centre. Malaysian Resources Corporation Bhd (MRCB) is making its foray into New Zealand by teaming up Panuku Development Auckland to undertake a transport-orientated development (TOD) there.

KUALA LUMPUR: Malaysian Resources Corporation Bhd (MRCB) is making its foray into New Zealand by teaming up Panuku Development Auckland to undertake a transport-orientated development (TOD) there with a gross development value of NZ$452mil (RM1.3bil).

In a statement issued on Tuesday, MRCB said they will develop the Aotea Central Over Station Development (OSD) in Auckland City centre.

The urban regeneration development above the city rail link's Aotea station spreads across 1.08 acres with a total gross floor area of about 45,292 square meters (487,520 square feet).

The site is formerly a car park used for Auckland Council fleet parking at the intersection of Mayoral Drive and Wellesley Street.

The new development will be a 21-storey building with a mixture of retail and commercial space and 63 luxury apartments with integrated access to Aotea Station.

MRCB said the location and views, coupled with unrivalled convenience and amenities, will attract astute investors and owner occupiers.

The project will replace what was once a car park with modern, well-designed, and high-density housing and shops as well as commercial spaces in the heart of the city.

The development is seen as timely as central Auckland is destined to become an even more vibrant place to live and work for the 40,000 residents and 130,000 people who work there.

Panuku chief executive David Rankin said ensuring the right type of development partner was key.

“MRCB has a long history of quality TODs in Malaysia and is committed to transforming the Mayoral Drive site to appeal to those wanting vibrant inner-city living and a low carbon lifestyle right in the centre of Auckland, ” he said.

MRCB group managing director Imran Salim said MRCB was pleased that Panuku has provided the opportunity for MRCB to contribute to Auckland’s development landscape.

He said MRCB would extend its TOD expertise to deliver an iconic landmark development in New Zealand.

“With our knowledge, skills, and experience in developing the award-winning Kuala Lumpur Sentral CBD, we envision that the OSD will be an exemplary mixed-use TOD that positively contributes to and enhances the city’s growth.

“The OSD will be an inclusive urban regeneration project that focuses on the capacity for participatory, integrated, and sustainable infrastructure, in line with the Group’s commitment to the UN Sustainable Development Goals. The OSD will be a truly unique and transformational development for Auckland, ” Imran said.

The OSD will begin after the construction of the city rail link’s Aotea Station, which is due to be completed in 2024.

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