MRCB through its subsidiary P.J Sentral Development Sdn Bhd has entered into a sale and purchase agreement with PKNS in relation to the proposed acquisition of the rights to carry out the development of an office tower known as “Tower2” in PJ Sentral Development from PKNS for a cash consideration of RM270 million.
At the same to fund the development, MRCB has also disposed Plaza Alam Sentral Mall and the adjoining land to PKNS for RM178 million. The transaction will conducted by its wholly owned subsidiary MRCB Sentral Properties which had entered into a sale and purchase agreement with PKNS.
Separately, the developer will also be disposing 11 residential units of Residensi VIVO, 9 Seputeh; 20 residential units of Residensi TRIA Seputeh and 13 residential units of The Residences at The St. Regis Kuala Lumpur to PKNS for a total cash consideration of RM79.926 million.
MRCB said the proposed acquisition will allow it to acquire back the Development Rights and to plan a more holistic development in its current development in PJ Sentral. The Proposed Mall Disposal and the Proposed Residential Units Disposal will allow MRCB to dispose its non-core assets and its inventories to focus on its current developments.
