SITE PLAN OF A RANDOM PROPOSAL ::: Proposed development on the exchanged land for the construction works at the National Sports Complex, Bukit Jalil.





MRCB gets RM1bil Bukit Jalil stadium job
The StarBiz | Wednesday, 1 July 2015
By: EUGENE MAHALINGAM
http://www.thestar.com.my/Business/Busines...-job/?style=biz

Sources said that the development of the land surrounding the stadium would be done after the refurbishment works have been completed.


PETALING JAYA: Malaysian Resources Corp Bhd (MRCB) is tipped to refurbish the various sports facilities at the National Sports Complex (NSC) in Bukit Jalil, including the 17-year-old Bukit Jalil Stadium, which is the main venue for sporting events in the country.

Sources said the refurbishment work could cost up to RM1bil and in return, MRCB would get parcels of land in the vicinity of the NSC for development if the proposal is approved.

Apart from the refurbishment of the various facilities, the job will also involve building a sports museum and hall of fame to commemorate sporting greats.

“MRCB has submitted the proposal to the Youth and Sports Ministry and is awaiting the results. It is for the refurbishment of a few stadiums,” said a source.

The buildings in the NSC include the Bukit Jalil National Stadium, Putra Stadium, National Hockey Stadium, National Aquatic Centre and National Squash Centre.

The UEM-Renong group built the facilities in the 90s for the Commonwealth Games in 1998. They have not seen much refurbishment since then.

Sources said that the development of the land surrounding the stadium would be done after the refurbishment works have been completed.

“The land MRCB would get in return for the refurbishment and building of new infrastructure would depend on the cost of the job. That will be the next phase of the project,” said the source.

A spokesperson from the Youth and Sports Ministry confirmed that plans to refurbish the stadiums in Bukit Jalil were in the pipeline.

The spokesperson, however, declined to reveal if the stadiums would be confined to just those within the NSC.

“We will reveal more information very soon,” the spokesperson said.

A property developer with a project in Bukit Jalil said that land was hard to come by, especially near the NSC.

“Not many parcels are for sale. It is strategic and has good access,” said the developer who declined to be named.

Among the companies with land bank in the area near the Bukit Jalil sports complex is Berjaya Land Bhd, which has developed a golf course with bungalows.

The bungalow parcels are going for about RM350 per sq ft.

One of the biggest developers in that area is Malton Bhd, which has 50 acres to be jointly developed with Ho Hup Construction Bhd. The plan is to build a large shopping mall called Pavilion 2.

There are several smaller developers that have launched apartment buildings that are being sold at more than RM600 per sq ft.

MRCB, after seeing a change in its management that is now headed by group managing director Tan Sri Mohamad Salim Fateh Din, has become one of the more aggressive property developers and infrastructure builders.

The strategy adopted by Salim is to emphasise on cash flow and enhance the group’s assets that are providing recurring income.

In this respect, it injected Platinum Sentral into Quill Capita Trust Bhd, a real estate investment trust (REIT) company, last year for shares and cash in a deal valued at RM740mil.

After that exercise, MRCB has become the single largest shareholder of the REIT that is now called MRCB-Quill REIT Bhd and it hopes to benefit from the steady dividend income.

MRCB also owns a highway in Johor called the Eastern Dispersal Link that leads to the Customs, Immigration and Quarantine Complex before connecting to the Causeway into Singapore.

MRCB announced last week that it had bagged three construction jobs worth RM485mil in Desaru Coast, Johor, from Destination Resorts and Hotel.

The projects involve a RM61.4mil conference centre, the 386-room Desa Desaru hotel valued at RM212mil and the 275-room Westin Desaru Resort worth RM211.6mil, said MRCB, adding that the construction period of the projects would be between 19 and 21 months.

According to a report, the more jobs are expected to be added to MRCB’s order book, as it is set to launch a mixed development with an estimated gross development value of between RM1.2bil and RM1.6bil next year.

The first phase of multi-billion-ringgit Desaru Coast features four premium resorts – Aman Country Club and Aman Villas, Datai Desaru, Sheraton Resort and Plantation Hotel.

The whole Desaru Coast development, stretching 17km over 3,900 acres, is estimated to take 15 to 20 years to complete.

For its first quarter ended March 31, MRCB’s net profit jumped to RM237.86mil from RM11.99mil in the previous corresponding period, while revenue jumped to RM404.19mil from RM204.65mil previously.

The improved earnings was due to higher revenue contribution by all the business units.

This post has been edited by accetera: May 31 2017, 11:31 PM

Any news on what those buildings are? Offices? Residential? Hospital?

Jaya jaya bukit jalil! Onwards to 1000 psf!

@accetera, i'm more keen to know which project of this?

According to a report, the more jobs are expected to be added to MRCB’s order book, as it is set to launch a mixed development with an estimated gross development value of between RM1.2bil and RM1.6bil next year.

they built it at a cost of 800m..mrcb will refurbished it for 1b?..am i missing something?

another interesting one after BJC

The land swap will only be given after refurbishment completed?

So the project may only be slated 3-4 years later?

That's called inflation n inflated kakakka

They talk only lar. I think will be concurrent but the development will finish maybe 1 year after the stadium refurbishment is completed. Stadium refurbishment how long will it take lar? Repaint. Replace the seats, replace grass, replace some equipment, kao tim. 1 year to 2 year job nia. If want rush job 6 months also can get it done lar.

Anyway Mrcb is smart, lock up the land first. If launch now, the climate is not that good. If launch few years later after the refurbishment is done confirm will get better price. Also with Pavi BJ done and Bukit Jalil price up up up, they launch later can ask higher psf too. Right now they can ask roughly 800 like Pavi BJ. Who knows how much they can ask in 2018 after Pavi completion?

This post has been edited by ivanpei: Jul 1 2015, 12:17 PM

eh... like dat, all the more should BBB Park Sky then?

Park sky already BBB isn't it? Lol. Not enough units to go around d.

keep the change like tun m said

Exciting parcel locate here

fuhh , this location just beside mainroad , mainhighway , main entrance , connected 2 LRT station

ok , RM1000 psf incoming

interesting development coming, wonder will it more residential? commercial or offices....

Leasehold?

Any agents in charge here....?? Pm

fuh tis location is hot.. if they launch later in 2018, can ask way higher price.. in the end profit for developer

Walau 1000 psf cheap lor. This land too valuable for residential imo. I think gonna be lots of grade A+++ offices with retail podium ala Klcc area. Smth like Gtower etc is my guess.

This post has been edited by ivanpei: Jul 1 2015, 01:42 PM

Pity all the surrounding parks, driving range and paintball park, all the development and bukit jalil is still congested as hell...

rapid development but total lack of planning in terms of transportation and public transport.

another fail city suburb in the making.

Got LRT, so many highways in Bukit Jalil, MRT in Sungai Besi.

Highways:

Kesas
Bukit Jalil Highway
Mex

Public Transport:
LRT
MRT 2 @ Sungai Besi (1 stop away from Bj station)

If Bukit Jalil infra fail, all other suburb in Malaysia fail lor. This is already the best connected suburb in Klang Valley in terms of highways and Public Transport. Apa lagi mahu lol? MK lagi dense without any public transport and only 1 major entry/exit point by highway.

This post has been edited by ivanpei: Jul 1 2015, 01:57 PM

Even thought MK lack public transport, it is almost at the heart of every business district. It takes 15-30 mins max confirm you arrive either in KL city, Damansara Height, Bangsar, TTDI, BU etc...

Try going from Bukit Jalil to those area i mention above.

Highway, yes very accessible...
Kesas- jam at puchong exits, oug, mex, mrr2.
Bukit jalil highway - jam/heavy traffic almost everyday, from race course to puchong town and all along kinrara area.
MEX - jam in kuchai lama exit and tun razak exit.
MRR2 - this is the worse. can jam until entire kesas and mex also cannot move.

Public Transport:-
Sure LRT and MRT 2, never on time and not connected to KL Central. Need to switch trains like crazy.
If you want to work in KL office @ 7am, you better leave home by 5am or latest 6am.

This post has been edited by aurora97: Jul 1 2015, 02:19 PM

Let me give you some perspective of what is happening:-
(a) Rear of Bukit Jalil - Pavillion 3.
(b) Front (near Bukit Jalil LRT) - 1Malaysia Civil Servant Housing project (PPA1M), estimated over 1,500 units.
© Front MRCB - KL Garden City.

You think Bukit Jalil area can cope?

This post has been edited by aurora97: Jul 1 2015, 02:17 PM

Ok sure if you are so down in BJ, it's your opinion lol. Dont buy anything here lor. The rest of us ready to party!

@ 1500 unit project, that's Parkhill lar. Only 1 block for civil servants, the rest selling now at 500-600 psf. It's not cheap by any measure. Pavilion: good news, Garden City: good news.

Jam? Confirm. Investors? Happy. Not jam not ONG lar.

This post has been edited by ivanpei: Jul 1 2015, 02:27 PM

Many companies went for the tender site visit way back in November last year.

Basically, it is a tender for the refurbishment works of the Stadium (and others), whereby the bidders will fork out the construction costs themselves without any payment from Government and the land cannot be charged.

In exchange, Government will offer a swap Parcels of Land for Development to the bidder. The bidder will have to liaise with local authorities to identify the best way to develop the swap land and converting the land status.

Essentially, the bidder will tender the highest offer for the swap land which means it willing to undertake the refurbishment up to the value of its bid. In the event of shortfall, then the bidder will pay the Govt in cash or payment-in-kind (assets) or the Govt at its discretion may want the bidder to do more jobs outside from the original scope in view of upgrading relevant government assets.

Many tenders of such projects have been undertaken prior to this, i.e. SP Setia swapping the Setia Alam land for the National Institute of Health Land in Jalan Bangsar and many others.




And btw I think the river here will not be so easy for a resident in Parkhill to crossover.

This post has been edited by accetera: Jul 1 2015, 02:29 PM

quit surprise that you mention bukit jalil lack of public transport

the only bad thing of traffic, jam at endah parade junction especially those from mex

in terms of quality, MRCBLand is really ... judging from their projects in KL Sentral...

Exactly that's my opinion only.

Although the developments are most welcomed, you have to balance the pros and cons and I am giving everyone the benefit of the "on the ground" assessment.

I am heavily invested in BJ as well, I like the parks and the recreational facilities in place. The public transport (though it takes quite sometime to reach KL). My only concern is that it will be subject to over-development and all the city greenery around the area will be lost to smog, conggestion etc... which will only devalue the property in the area... like Puchong for instance.

one station that go up one route only is called assessable?

Maybe “lack” of public transport is not the right word. I think I would replace it with “connectivity”.

Head into Sri Petaling town, double/triple parking like crazy.

I think currently there is already a pedestrian bridge to cross to the LRT. I wonder will there be vehicle access from the stadium into ParkHill or not..

use to be the old paintball field, yes there is access to the hill...

If you coming from MRR2, you will see an awkward entrance on your left heading up the hill (this is the old entrance). The second one, if i am not mistaken is near the aquatic center.

The jam and congestion cannot be denied. It will definitely get worse, I agree with you. As for devalue, I don't think so. This is an extremely prime parcel and the PSF will not be cheap.

Puchong is going up in price, how is it devaluation? Puchong now and 5 years ago price change so much! Congestion is a sign of demand, it is an unfortunate effect of increasing density and demand. If you like greenery and low density, it think BJ is not that place any more

If it's MRCB, KL sentral 2.0 isn't a bad idea. Office towers, high end condos and mall.

This post has been edited by ivanpei: Jul 1 2015, 05:01 PM

if greenery is top priority buy at puncak alam or putrajaya..still got many greenery there...at least for the next 10 years

I think a lot of developers or politician think we can breath with concrete. Only the rich who are staying in Kenny Hills can afford to maintain the so called "last bastion of KL's green lungs".

really sad all the jogging tracks, articial lakes and so on... will be gone soon.

anyway my thoughts and conclusion, for investments the condominiums stretching from Arena Green, Savanna, Conveillia and Vista Con will continue to enjoy investment potential (either maintain or with slight reduction) because of their proximity to TPM, APIIT university and IMU.

With more developments coming online (Ark, Berjaya Project near Ark (mix dev), Andes, KM1, Pavi 3, etc…), rental yield will soften over time and Landlord’s may be required to throw in more incentives i.e. reduce rental, offer furnished homes as inducement to stay in their units.

Once Pavi 3 and Garden City comes online, I reckon rental yield will pick up again but probably in about 5-10 years’ time.

Interesting times ahead.

Interesting to wait the master plan on its accessibility and connectivity of the parcel lands for refurbishment.

If not mistaken, that parcel of lands if so huge, there are some hills slope and lower land side. Not sure if my memory is correct.

That land parcel is so big, they can do so much with it. Definitely interesting times ahead. I think this project will not kick off that fast. Pavi BJ was rumoured 3-4 years ago and only we see the master plan this few months. Could it be a similar thing for this project? Long wait?

any concern last time is a rubbish dumping areas.

KL Sports City hehehe not KL Garden City

http://www.thestar.com.my/Business/Busines...City/?style=biz

KUALA LUMPUR: Malaysian Resources Corp Bhd’s (MRCB) subsidiary Rukun Juang Sdn Bhd (RJSB) has won a RM1.6bil deal from the Government to regenerate the Bukit Jalil National Sports Complex into the iconic Kuala Lumpur Sports City.

The property and infrastructure developer said in a statement that the Government selected its 85% owned subsidiary from among the 11 companies that submitted proposals in an open national tender process undertaken by the Public Private Partnership Unit (Ukas) of the Prime Minister's Department.

In exchange for undertaking the proposed privatisation, RJSB will receive three pieces of leasehold land in Bukit Jalil totalling 92.5 acres.

The first phase of the work – Project 1 - will get the Bukit Jalil National Stadium ready to host the 2017 South-East Asia (SEA) Games.

During Project 1, in addition to regenerating the Bukit Jalil National Stadium, RJSB will also carry out targeted works on Putra Stadium, the National Aquatic Centre and the National Hockey Stadium, improve integration to the current and existing public transportation links, and increase pedestrian access across the site.

After the completion of project 1 is completed and the SEA Games are over, RJSB will start Project 2 in early 2018.

This second phase will see the creation of KL Sports City, a fully-integrated sports hub that will consist of new, world-class infrastructure, including high performance sports training facilities, a Sports Rehabilitation Science Centre, a Youth Park, public sports facilities, a Sports Museum, Youth Hostel, Convention Centre, and a sports-focused retail mall.

Youth and Sports Minister Khairy Jamaluddin had announced in June that the Government had allocated more than RM1bil to turn the National Sports Complex and its surrounding areas into a Sports City.

BUKIT JALIL BOOM BOOM BOOM

Garden city sounds alot better, more like a tourist spot.

Maybe there are other development with Garden concept in KL or Klang Valley lor ....they want to be different ma..


Project 1 will also carry out targeted works on Putra Stadium, National Aquatic Centre and National Hockey Stadium, improve integration with current and existing public transport links, and enhance pedestrian access across the site.

Project 2 is scheduled to commence in early 2018. The second phase will create KL Sports City, a fully-integrated sports hub with
1)new, world-class infrastructure including high performance sports training facilities,
2) a sports rehabilitation science centre,
3) a youth park,
4) public sports facilities,
5) a sports museum,
6) youth hostel,
7) convention centre, and
8) a sports-focused retail mall.

The total project cost is RM1.6 billion, and payment will be in kind. RJSB has appointed international stadium experts Populous as the project designer.

Populous’s designs include the Yankee Stadium, 2012 London Olympic Stadium, South Korea’s Incheon 2014 Asian Games Stadium and the Etihad Stadium Expansion project in Manchester.

Populous is currently working on the design of a new stadium for Tottenham Hotspur FC in North London.

http://www.themalaysianinsider.com/citynew...-kl-sports-city

It also said that Rukun Juang had appointed international stadium expert Populous as the project designer, as it had worked on more than 2,000 projects worth US$30bil and was a specialist in creating sporting facilities that drew people and communities together.

http://www.thestar.com.my/Business/Busines...City/?style=biz

http://www.thestar.com.my/Business/Busines...-win/?style=biz



Some of Popolous works and design are very nice.

Here are some examples:
http://populous.com/
http://populous.com/news/2015/06/30/populo...ter-renovation/
https://vimeo.com/132270400
https://vimeo.com/121737171
http://populous.com/project/incheon-2014-asian-games-2/

I wondered what will they have in mind for Kuala Lumpur Sports City.

Here is my wish lists:
- a giant multi level sports complex with many indoor badminton courts, squash courts, tennis courts, basket ball courts , gymnasiums
- a large, unprecedented outdoor ballroom and tai chi space, world-class flexible meeting space and landscaped public open space for KL residents to walk their dog or go for a jog etc
- the sporting mall should have
a) an indoor rock climbing facilities, and
b) giant ice skating ring and
c) skating ring
d) many retailers that sells sports apparels and sporting stuffs e.g. Nike, Adidas , Under Armor etc.
e) a big indoor open space with giant tv screens dotted with sports bars , restaurants, cafes and mamak outlets for people to watch sporting events e.g. football matches,
badminton tournaments etc while dining
f) cinemas
g) spas

The best part is...all this is within walking distance from ParkHill :-)

good laaa for sri petaling folks like me

Yes. Good for folks staying in Bukit Jalil and those nearby Sri Petaling, OUG etc plus those connected along the LRT line..Bandar Kinrara, Sungai Besi, Puchong etc.
I bet they may built some walkway to link this development to the MRT2 Technology Park station in the distance future also. who know. hehehehe.

So imagine in the future ....for folks that ride the LRT and MRT to work in KL city center etc..after work they can ride the LRT/MRT here....play some badminton, tennis or squash games with friends here, exercise , work out with their personal trainers e.g. yoga, gym, body building, swimming classes here....have dinner here or perhaps watch concert or events at the stadiums nearby etc before taking the LRT/MRT home .

This can promote good healthy lifestyle. and sporting industries in Malaysia eg personal trainers, swimming instructors , coaches etc :-)


If they can make it as cool as this project in LA. It will be cool hehehehe
https://vimeo.com/132270400

This post has been edited by willyboy88: Oct 29 2015, 11:40 AM

KL Sports City is the Stadium part. This is not a property development as this is for Institutional/Recreational purposes.

The proposed nickname "KL Garden City" is the Exchanged Land part. This is for future development upon completion of KL Sports City.

Two different cities.


http://www.ptlm.com.my/index.php/component...aya-city-centre

This post has been edited by accetera: Oct 29 2015, 11:45 AM

errr......bro....where got two cities? I only read Kuala Lumpur Sports city at the National Sports center Bukit Jalil site. Even though the land is big here ....got space to fit another Garden City here meh?

":Secondly, MRCB was awarded the RM1.632 billion job to regenerate and upgrade the Bukit Jalil National Sports Complex into the Kuala Lumpur Sports City (KL Sports City) for which it will be repaid by the government with three pieces of leasehold land, totalling 92.5 acres nearby. "

Is like this... like in any govt deal that I do now.

MRCB upgrade the sports stadiums for SEA Games. Then after that, convert these facilities including new hostels and schools and a sports mall into KL Sports City. This is referring to the stadium lands.

MRCB would incur RM1.1 billion in total construction costs.

Government will not pay MRCB a sen from this work.

Government will transfer 3 parcels of land (some are existing park and vacant land) near the Stadium as PAYMENT to MRCB.

MRCB then will plan a mixed development City on these lands to sell to the public later/future.

Wow Money really flowing into Bukit Jalil North South East West.

North- Paradigm KL
West- Awan Besar LRT mixed dev.
East- Mrt2 @ TPM
South- Pavilion BJ

Center- Kl Sports City & Mrcb Garden City.

In the land south of Bukit jalil stadium side they got enough land to built all this kah?
1)new, world-class infrastructure including high performance sports training facilities,
2) a sports rehabilitation science centre,
3) a youth park,
4) public sports facilities,
5) a sports museum,
6) youth hostel,
7) convention centre, and
8) a sports-focused retail mall.

Maybe they built a small park, small museum, small mall on the land south of Bukit Jalil stadium hehehe

Originally I thought they are going to built those (big facilities) in Bukit Komanwel and Extreme Park area and then incorporate some commercials and residential buildings later.

Thanks for clarification.
Anyway, either way is still good . wah lau eh...got Sports city and got Garden City later...Hope they built some nice icon like Singapore's Garden by the Bay in the KL Garden City area.

seriously Bukit Jalil is getting hot by the day. So many projects coming

A lot of choice but MYR is limited

daytime jam jam jam

proposal number of car parks and RM psf

http://disclosure.bursamalaysia.com/FileAc..._DS_ATTACHMENTS
.

this price is resonable with today market,

i think for near future too although it's just a proposal

thanks for sharing the valuable info

On another note, MRCB is seeking shareholders approval for tis project which will b held on 21/12

Wow the proposed mall is quite large total up 600 000 Sq ft nla. That's a reasonable sized mall!

Looking at the location they will put the hotel, mall and offices closest to the LRT on parcel 1 and 2. The shop offices and apartments they put at the back in parcel 3. Layout makes sense. Sort or expected given the land location. Prices very cheap, expect it to rise in few years time since these are proposed prices only.

So now 3 major malls in Bukit Jalil? Garden City Mall, Pavi and Paradigm. Small malls are Aurora and Link 2? Mall density greater than Pj!

This post has been edited by ivanpei: Dec 8 2015, 08:08 AM

asking for trouble.
lol.

Can the consumer absorb the sudden influx of malls?

Not jam not ong mar haha but I agree, too many within a small 1-2km radius, not sure if they can fill in the malls with quality tenants. Hopefully won't end up like Endah Parade

probably not in the beginning...it takes time for occupancy rate to rise in this area

Besides quality tenants, I doubt the consumer having the purchasing power
Having said tat, v will know the answer later

True, only time will tell. Lower expectations, less disappointed

Some will die some will prosper.

Malton retail team is strong. However Pavi location is the worse being along Bj highway and no public transport.

Wct paradigm is along kesas and is close to Awan Besar LRT. If they make a bridge from the western part of paradigm to Awan Besar, it will help the Dev alot. Wct retail team not as strong as Malton.

MRCB mall is the best location, 2 lrt stations and along kesas. However 600 000 nla is too big to be a fnb focused mall like empire (350k nla). It is also not big enuf to challenge pavilion (1.3 mil) and paradigm (1.5 mil). It's size a bit alang alang. MRCB has advantage because sports city is next door with facilities for concerts, conferences, exhibitions and sports matches in the stadium and new proposed convention center. They so daring to put a 5 star hotel in their master plan. It makes sense because the events next door will draw visitors. I also feel the mall here will do well due to office workers in the mrcb towers and also event visitors.

So who will win? Or will there be a niche for each mall? Aurora and Link2 definitely need to be fnb or niche because if fashion based, sure die. According to the document Pavi and Paradigm will have hotels too.

From the rahim and Co feasibility study, they believe BJ will be like Pj North due to catalyst like Pavi, Paradigm and Garden City. They also belive this area will be regional hub and center of KL South. Should we believe random posters on lowyat or independent large valuation company?

This post has been edited by ivanpei: Dec 8 2015, 12:02 PM


Attached thumbnail(s)

only time will tell who will die, who will prosper

for sure endah parade died first.

Pavilion & Paradigm go head to head, clash of titans. One with a strong brandname and leasing team and one with superior visibility (but access road could be a problem).

fnb focused mall must not be big, Aurora suits it. Should just focus on FnB and some pubs. It will do well.

Link 2 units are too small for Fnb. The management should think something outside the box. Say O2O stores. Tie up with lazada zalora and other ecommerce marketplace to put their physical stores there. This could probably the first one in Malaysia.

Talk kok nia. dont shoot me.

BJ = PJ??

so pavillion is gonna be 1 Utama/EC Mall?
paradigm is the curve/ikano?
mrcb mall is starling mall?

lol. i dunno. i blow water nia.

That's what Rahim and Co valuers believe wor, that BJ= PJ North aka Damansara area. Pavilion= empire city, Paradigm = 1utama, MRCB garden City= the curve?

Bukit jalil= Bandar Utama?

BJ+ Okr+ kuchai + Sg besi + oug= PJ of the South?

This post has been edited by ivanpei: Dec 8 2015, 05:25 PM

Can Puchong = Bkt Jalil?

Thanks for sharing.

Yes. If MRCB can built all those development lay out in the plan...It has all the ingredient be the regional hub and center of KL South.
From my personal perspective e.g. need to live in a location with easy connection to KLIA and KLCC is the biggest selling point to me.....Bukit Jalil is a better choice than PJ North due to my own circumstances.
MEX , KL-Seremban Highway will connect KLIA and KLCC .
East west connectivity is boosted by Kesas and MRR2 and future SUKE.

MRCB gets another month to fulfill conditions in RM1.6b Bukit Jalil deal
http://www.theedgemarkets.com/my/article/m...?type=Corporate

Yea. I heard they are raising fund from the taiko in Singapore and Hong Kong.

good

MRCB gets further extension in RM1.6bil KL Sports City deal
http://www.thestar.com.my/business/busines...orts-city-deal/

2nd extension! seriously

I saw people working on the stadium since last month.

Ya I walk by everyday. Work has started. Heard noise from inside main stadium. Also demolishing of cafeterias etc has begun.

They probably need to settle their internal stuff lar since MRCB gearing is very high.

Took this today.


Attached thumbnail(s)

Now look forward liao, hope no delay.

wah now EFT also got vested interest to see Bukit Jalil is successful hahaha

http://www.thestar.com.my/business/busines...-jalil-project/

PETALING JAYA: The Employees Provident Fund (EPF) has proposed to take up a 80% stake in one of the three parcels of land that Malaysian Resources Corp Bhd (MRCB) would receive from the Government when it completes the refurbishment and upgrading facilities at the National Sports Complex (NSC) in Bukit Jalil under the privatisation agreement with the Government.

MRCB said in an announcement that the EPF would be paying a total of RM421mil for an 80% stake in 28.13 acres, which is part of the 92.51 acres that MRCB would get in exchange for refurbishing and upgrading the stadium and its surrounding facilities in a privatisation deal worth RM1.6bil.

The remaining 20% stake would be held by MRCB.

Under the original terms of the privatisation agreement that was sealed in October last year, MRCB had a 85% stake in the whole privatisation project, while Rasma Contractors Sdn Bhd had the remaining 15% in the entire project.

In the latest proposed deal, the EPF would hold 80% with MRCB’s stake being 20% in the development of the portion of land measuring 28.13 acres only.

Based on the announcement, there is no mention of Rasma Construction in the development of that particular portion.

MRCB explained that the EPF would settle the payment of the land in two tranches and when all conditions are met. The first would involve RM397mil valuing the land at RM405 per sq ft (psf), while the second payment would amount to RM24.5mil or an additional RM25 psf when all conditions are met and approvals are obtained.

“The deal can only be completed two years down the road when MRCB actually gets possession of the land after the first phase of the refurbishment and upgrading works are completed.

“MRCB also has to fulfil all conditions such as getting the development order and plot ratio,” said a merchant banker familiar with the transaction.

Among the conditions that MRCB has to fulfil are to get a plot ratio of not less than 1:6.5 and all necessary approvals from the authorities.

“Prior to the signing of the agreements, MRCB shall provide the EPF with a full market study report and a business plan, including a timeline for the development of the land,” MRCB said.

“The agreements shall be subject to the EPF being satisfied with the results of their due diligence,” the company added.

Under the proposed agreement with the EPF, MRCB would be appointed as the main contractor for the development of the land.

In the privatisation agreement, MRCB under the first phase is required to upgrade the main stadium, the aquatic centre, the hockey stadium and other facilities such as lighting.

The cost is estimated at RM499mil. Upon completion of the first phase of the project, MRCB would get the first parcel of land measuring 28.13 acres.

http://www.thestar.com.my/business/busines...ary-for-rm421m/

KUALA LUMPUR: The Employees Provident Fund (EPF) Board is taking up an 80% stake in Malaysian Resources Corporation Bhd's (MRCB) subsidiary which will receive 28.13 acres of land in Kuala Lumpur in exchange for upgrading and privatising the National Sports Complex (NSC) in Bukit Jalil.

MRCB said on Monday its 85% owned Rukun Juang Sdn Bhd would receive the land in exchange under the privatisation agreement with the Youth and Sports Ministry and Syarikat Tanah dan Harta Sdn Bhd

MRCB would then subscribe for a 20% in the company which will be directed by Rukun Juang to hold the exchange land. The other 80% would be taken up by the EPF for RM421.52mil.

It said the piece of land would have a leasehold period of 99 years and subject to the category of “building”. The approved plot ratio for the development of the Exchange Land 1 shall be no less than 1:6.5;

“Prior to the signing of the agreements, MRCB shall provide EPF with a full market study report and a business plan, including a timeline for the development of the Exchange Land 1 and the agreements shall be subject to EPF being satisfied with the results of their due diligence,” it said.

To recap, MRCB announced on Feb 5 that Rukun Juang Sdn Bhd has fulfilled the conditions precedent under the RM1.63bil Kuala Lumpur Sports City deal signed in October last year.

The Youth and Sports Ministry had given Rukun Juang two deadline extensions to meet the conditions precedent, with the latest deadline coming up on Wednesday next week. After giving the second extension, the ministry inked a supplemental agreement with MRCB and Syarikat Tanah dan Harta Sdn Bhd modifying certain deliverables.

“The privatisation agreement has become unconditional on Feb 4,” the company said.

Under the agreement, Rukun Juang will upgrade the NSC in Bukit Jalil and turn the area into a sports hub, festuring, among others, a sports-focused retail mall, a convention centre, a sports museum and youth hostel.

The government will pay the company in both cash and kind - with three parcels of leasehold land nearby spanning 37.4ha as well as RM31.88mil in cash.

Masterplanning has started.

Borrowed some billions a few days back from EPF too for this project

This post has been edited by mthc: May 19 2017, 12:00 AM

Sure would be started..
Because already got the funding from major shareholders

EPF forms a new company which will buy the land from MRCB subsidiary. The new company will be 80:20 EPF and MRCB.


EPF, MRCB in RM20.67 billion mixed development project in Bukit Jalil
BY M. HAFIDZ MAHPAR | The Star | Wednesday, 31 May 2017 | MYT 10:56 PM
http://www.thestar.com.my/business/busines...in-bukit-jalil/


MRCB's subsidiary Rukun Juang is regenerating the Bukit Jalil National Stadium (above) and other facilities at the National Sports Complex, for which it will receive three parcels of land in the vicinity of the complex.


KUALA LUMPUR: The Employees Provident Fund (EPF) is taking an 80% stake in a joint venture (JV) with Malaysian Resources Corp Bhd’s (MRCB) subsidiary Rukun Juang Sdn Bhd to develop a RM20.67bil mixed development project in Bukit Jalil, Kuala Lumpur.

The land to be developed comprises the three parcels of land measuring 76.14 acres to be given by the Government to Rukun Juang as consideration for it undertaking the ongoing Kuala Lumpur Sports City privatisation project, which involves the refurbishment and upgrading of facilities at the National Sports Complex in Bukit Jalil.

In a filing with Bursa Malaysia, MRCB said its 85% owned subsidiary Rukun Juang would subscribe to ordinary and redeemable preference shares in the JV company, Bukit Jalil Sentral Property Sdn Bhd,

Rukun Juang will take a 20% stake while EPF’s unit Tanjung Wibawa Sdn Bhd will end up with 80%.

Bukit Jalil Sentral will buy the land from Rukun Juang for up to RM1.43bil, or RM430 per sq ft.

The shareholders - EPF and Rukun Juang - have agreed that Bukit Jalil Sentral will appoint a subsidiary of MRCB to be the management contractor for the design and construction of the future development to be carried out on the land.

They also agree to pay for the actual financing cost incurred by Rukun Juang in undertaking and implementing Project 1 (first phase) of the privatisation project.

On the rationale for the proposed JV, MRCB said it would be able to carry out a large-scale property development at a prime location and benefit from the support and profiling accorded to the proposed development by its JV partner, which is also its major shareholder (33.4% stake in MRCB) and a sophisticated investor, namely EPF.

“Preliminary management estimates indicate a potential gross development value for the future development of the lands of about RM21bil over a development period of 20 years.

“Although MRCB’s interest in the lands and the future development on the lands would be diluted (to an effective shareholding of 17%) as a result of EPF’s participation in the joint-venture company, the proposed JV allows MRCB to carry out multiple property development projects concurrently and, at the same time, have the flexibility to reallocate its cash flows and resources efficiently among its projects,” the company said.

MRCB said the proposed JV would also reduce MRCB’s financial burden of having to finance the entire development project on the lands.

The proposed JV is expected to be implemented by the fourth quarter of 2017.

MRCB also has another JV with EPF, which is to develop the RM8bil town centre of the proposed Kwasa Damansara township on 64.3 acres in Sungai Buloh (the original size was 64.07 acres but is now larger following a subdivision).

MRCB is expected to have a controlling stake (70%) in the joint-venture company, Kwasa Sentral Sdn Bhd, but has yet to complete paying the balance subscription for its majority stake totalling RM737.88mil.

no more bukit komanwel park & jogging track beside sri petaling LRT station

is this project still ON ?

https://theedgemalaysia.com/node/769661

After stalling for almost 10 years, finally there could be light at the tunnel.

Now even Xiaohongshu agents are starting to heat up this project.