KUALA LUMPUR, Dec 22 — Malaysian Resources Corporation Bhd (MRCB) has signed multiple agreements with the Selangor State Development Corporation (PKNS) to acquire and dispose of properties worth RM527.93 million.
In a Bursa Malaysia filing, MRCB said its wholly-owned subsidiary PJ Sentral Development Sdn Bhd (PJSD) plans to acquire the development rights for an office tower in the PJ Sentral Development for RM270 million.
“The exercise is to carry out the development of an office tower known as Tower Two in PJ Sentral Development from PKNS, with a land area of approximately 3.69 hectares,” it said.
MRCB said the proposed acquisition allows it to regain the development rights and to plan a more holistic development in its current development at PJ Sentral.
Via MRCB Sentral Properties Sdn Bhd, it will dispose of the Plaza Alam Sentral Mall in Shah Alam to PKNS for RM178 million.
Meanwhile, MRCB Seputeh Land Sdn Bhd (MSL) and Excellent Bonanza Sdn Bhd (EBSB), both wholly-owned subsidiaries of MRCB, have also entered into several sales and purchase agreements with PKNS to dispose of residential units located in Vivo Residence @ 9 Seputeh (Vivo Residence), Tria Seputeh, and The Residences at the St Regis Kuala Lumpur (The Residences) for RM79.93 million.
MSL will dispose of 11 units in Vivo Residence and 20 units in Tria Seputeh, while EBSB will dispose of 13 units in The Residences.
MRCB said the mall and residential unit disposals will allow it to dispose of its non-core assets and its inventories to focus on its current developments.
— Bernama
