PLATINUM SENTRAL ( Formerly Lot E & KL Sentral Park ) | Kuala Lumpur (KL Sentral) | General News & Updates

From The Star

UM Land, MRCB to develop high-end condo project in KL Sentral

United Malayan Land Bhd (UM Land) and Malaysian Resources Corporation Bhd (MRCB) have formed a 70:30 joint-venture company, Panorama Prominent Sdn Bhd, to undertake the development of a luxurious condominium project at Kuala Lumpur Sentral.

The project would feature two 36-storey towers of 600 luxurious condominium units with an approximate gross development value of between RM270mil and RM280mil, MRCB and Kuala Lumpur Sentral Sdn Bhd chairman Datuk Seri Syed Anwar Jamalullail said.

The project, to be launched by the end of this year, was due for completion by 2008, he told reporters at the signing of the joint-venture and shareholders agreement and the accord for the land acquisition by Panorama Prominent in Kuala Lumpur yesterday.


Datuk Seri Syed Anwar Jamalullail.

''Today's signing represents not only an extension of our existing collaboration with CapitaLand Ltd, which is one of UM Land's major shareholders, but also the beginning of a new relationship with other major shareholders of UM Land,'' he said.

Under the sale and purchase agreement, Panorama Prominent would buy 2.04 acres, known as Lot L, from Kuala Lumpur Sentral for RM38mil. MRCB has jointly developed, with CapitaLand Ltd, the first condominium project at Kuala Lumpur Sentral, called Suasana Sentral. The project, with a gross development value of about RM243mil, was completed in February 2002. The luxurious 400-unit condominium project is fully sold.

Anwar said the proposed condominiums would benefit from the successful take-up of Suasana Sentral, reflecting the growing demand for property within the convenience of a city-within-a-city in a world-class transportation hub.

UM Land joint deputy chairman Datuk Ng Eng Tee said although the company's core competency was in township development, the group was also focusing on niche property development to complement its existing product range.