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Friday, 16 June 2017

(The Star) MRCB proposes to buy KL land for RM335mil

PETALING JAYA: Malaysian Resources Corp Bhd (MRCB)’s wholly-owned subsidiary MRCB Land Sdn Bhd has proposed to acquire three parcels of land in Kuala Lumpur for a total cash consideration of RM335.5mil.

According to a Bursa filing yesterday, MRCB Land’s 51%-owned subsidiary Metro Spectacular Sdn Bhd inked a sale and purchase agreement with Datuk Bandar Kuala Lumpur for the acquisition of three parcels of land measuring approximately 40,720.5 sq metres. The proposed land acquisition, which is expected to be completed by the fourth quarter of 2017, will be financed through a combination of internally generated funds and/or external borrowings.

“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 located within the locality of Jalan Putra, Kuala Lumpur, and is approximately four kilometres 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.