KUALA LUMPUR: Jiankun International Bhd has entered into a joint venture (JV) agreement with Menara Rezeki Sdn Bhd and Menara Rezeki Properties Sdn Bhd to undertake the proposed redevelopment of the existing Flat PKNS Jalan Tun Razak in Kampong Bharu with a gross development value (GDV) of RM1.2bil.
“We’re excited with this new redevelopment project that we will be undertaking in Kampong Bharu. The proposed redevelopment project includes relocating existing residents into a new apartment that we will build and a comprehensive compensation offered.
“This will enable the demolition of Flat PKNS Jalan Tun Razak in Kampong Bharu to be done responsibly without affecting residents that are currently occupying the flats and lands.” Jiankun executive director Azmi Osman said in a statement.
Under the proposed redevelopment plan, there will be 52-storey apartment towers built for the existing owners of the Flat PKNS Jalan Tun Razak in Kampong Bharu.
In contrast, tower 1, tower 2, and tower 3 are mixed development with residential and retail units.
The 3.69-acre site is located strategically, bounded on the side by Jalan Tun Razak. As a result, it is a prime site for redevelopment given its excellent connectivity, infrastructure, public transport, and proximity to Kuala Lumpur’s central business district area.
Menara Rezeki managing director Datuk Saiful Nizam Mohd Yusoff said this redevelopment project was the largest property development project undertaken by the group.
Saiful is also the independent and non-executive director of Jiankun.
“The redevelopment project of Flat PKNS Jalan Tun Razak in Kampong Bharu will be the largest project undertaken by the group, and I’m excited to see how this will bring Jiankun to the next level,” he added.
Jiankun executive director/ chief executive officer Edwin Silvester Das said: “Aside from helping Jiankun to grow as a company, we’re also looking forward to the redevelopment of this project as it will help to rejuvenate the Kampong Bharu area.”
“This is as the redevelopment will encourage investment, improve local infrastructure and provide added multiplier effect that benefits the local community,” he said.