KUALA LUMPUR: Malaysian Resources Corp Bhd’s (MRCB) wholly-owned subsidiary, Country Annexe Sdn Bhd (CASB), and Ipoh Sentral Sdn Bhd (ISSB) will jointly develop Ipoh Sentral in Perak with an estimated gross development value of RM6.25bil.
CASB entered into a joint-venture development agreement with ISSB last Friday to formalise their collaboration on the proposed mixed-use development of Ipoh Sentral.
This agreement followed the execution of a memorandum of agreement on Jan 23, 2025. The proposed collaboration is in line with the company’s corporate strategy, particularly its focus on sustainable growth, portfolio diversification, and community-centric development.
“By leveraging its core competencies and industry expertise, the company aims to enhance financial performance while creating long-term value for shareholders, stakeholders, and the communities it serves,” MRCB said in a filing with Bursa Malaysia.
The company emphasised that the proposed collaboration represents a strategic opportunity for profitable expansion.
“The increasing demand for transit-oriented development (TOD) presents attractive prospects for investment and sustainable revenue generation over the long term,” it added.
MRCB expects the proposed collaboration will enable the company to expand its TOD development expertise to develop and build a modern transportation hub connecting various modes of transportation.
“The TOD project will further provide recurring income throughout its development period and serves to showcase the company’s capabilities in property development, engineering and construction.”
The company said the proposed collaboration will also significantly increase the company’s landbank, providing access to additional prime land parcels. — Bernama
