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38,435 Posts
good news..registration/sales preview start next month(limited units)
Size from 1,300sqft - 3,300sqft
price from RM1200psf.
xpected completion in 4years
Grade A office tower
both Quill Tower and St Regis will start construction in 3rd/4th Q 2010.


38,435 Posts
Discussion Starter · #3 ·
KL Sentral to launch strata offices, serviced units in 2011
by Andrew Wong

MALAYSIAN Resources Corp Bhd (MRCB), developer of the RM15 billion Kuala Lumpur Sentral featuring the city's only fully integrated urban rail hub, will be unveiling its last two real estate products aimed at mid-size investors next year.

In the first half, it will officially take the wraps off a 43- storey stratified office tower on Lot B with a gross development value of RM1.3 billion, while by mid-year it will launch its last residential component on Lot D that will have a GDV of RM1.2 billion.

The two projects were showcased to institutional investors including pension funds at a recent roadshow organised by Malaysia Property Inc, an agency under the Ministry of Finance, in Seoul, South Korea, at the end of last month.

Office units

The 80,762sq ft site making up Lot B will be built with 1.1 million square feet of Grade A space that will be made available for sale on a stratified basis.

"In all, there will be 272 office lots, with sizes ranging from modular 1,366sq ft units to whole floors of 40,880sq ft," said MRCB head of property Wong Dor Loke.

The indicative price of RM1,300psf will put the entry price for investment at around RM1.7 million. If 80 per cent of this amount were borrowed for a 30-year tenure at current interest rates, investors would be looking at a monthly loan repayment of under RM6,900 - equivalent to about RM5psf.

"Investors should be able to receive annual returns of seven to nine per cent nett," said Wong, as "a rent of RM9psf can be expected".

Currently, he said the Grade B Plaza Sentral office block is already fetching an average of RM7psf.

To keep demand and rents strong, the Lot B building will be built to comply with MSC Cybercentre status that will give selected businesses access to a raft of economic benefits under the Multimedia Super Corridor's 10-point Bill of Guarantees.

It will also be a green building, complying with the standards of the Malaysian Green Building Index.

"This will be the last opportunity to own a stratified office in Kuala Lumpur Sentral since Plaza Sentral was launched in 2003," said Wong.

Expected to be ready by 2014, he pointed out that of the 255 modular office units available for sale in the low zone, over 60 per cent have already been sold to the tune of RM350 million.

To early-bird investors, MRCB is offering a 1.5 per cent rebate (existing owners of a Kuala Lumpur Sentral product will enjoy an additional 0.5 per cent discount) and will absorb interest payment on their behalf for loan drawdowns made during the construction stage.

Serviced residences

The residential component on the 102,300sq ft Lot D site will be made up of 680 serviced residences spread over a pair of 45-level towers, with built-up areas ranging from 930sq ft (for a one-plus- one bedroom unit) to 3,200sq ft four-plus-one).

"In keeping with demand for homes in Kuala Lumpur Sentral, the majority of the units will be small," said Wong.

"The project will be opposite St Regis and will feature a rooftop sky club and great views of KLCC and Perdana Botanical Gardens ... most of the units will also come with private lift lobbies."

Prices for the freehold units are expected to start from RM1,100psf or RM1.02 million, with completion scheduled for Q3, 2015.

The serviced residences could compete almost head-on with SP Setia Bhd's yet-to-belaunched serviced apartments in KL Eco City, a mixed development taking shape on the former Kampung Abdullah Hukum leasehold site beside Mid Valley City and less than two kilometres from Kuala Lumpur Sentral.

This project was also showcased in Seoul and it is understood to have units starting from 700sq ft, priced from RM1,200psf.

SP Setia has engaged world renowned architectural firm The Jerde Partnership of Venice Beach in Los Angeles, the United States, to masterplan KL Eco City, while the lead architect for the serviced apartments is understood to be local talent BEP Akitek.

Pending full approval of the development by the authorities, prospective investors can register their interest in a unit by surfing to

2,859 Posts
lokasi pic kat atas tu kan monash university tower ke?

13,453 Posts
MRCB bids for CBSB
By Lam Jian Wyn of
Thursday, 30 December 2010 20:03

KUALA LUMPUR: Malaysian Resources Corporation Bhd (MRCB) has proposed to acquire an 18% stake in Cosy Bonanza Sdn Bhd (CBSB) and 2.48 million redeemable preference shares (RPS) as well as 3.77 million RPS-A in CBSB from Kuwait Finance House (Malaysia) Bhd (KFH) for RM7.77 million.

In a Bursa Malaysia filing on Thursday, Dec 30, the group said it had entered into a KFH Musyarakah buy-out agreement with KFH and Quill Sentral Sdn Bhd in relation to the acquisition.

MRCB said the purchase consideration will be paid on or before the completion date of Dec 31.

KFH had delivered the share certificate and all other documents related to the transfer of the sale shares to MRCB on Thursday in exchange for the consideration paid by the latter on Dec 29, rendering CBSB a subsidiary of MRCB.

CBSB is a property development company and is the legal owner of a 7,503-acre land in KL Sentral known as Lot B, which has been approved for development of an office tower with a total gross floor area (GFA) of 1.5 million sq ft (sf) and an estimated gross development value (GDV) of over RM1 billion.

As at Dec 31, 2009, the net book value of Lot B was RM133 million.

MRCB said the purchase consideration, which represents a premium of RM1.5 million over the cost of the sale shares was determined on a willing buyer-willing-seller basis considering the prevailing market value of the land without development and CBSB’s prospects.

The group added that as CBSB’s holding company, it will have significant control over its management and operations and will stand to fully benefit from all future revenues and profits.

"With the anticipation of official sales launch in early 2011, the board believes that the acquisition represents a good opportunity to further strengthen the future income of the MRCB group," it said.

The group will fund the purchase through cash raised in its rights issue in March.

38,435 Posts
Discussion Starter · #15 ·
Q Sentral adds sparkle to MRCB's crown
By Lam Jian Wyn of The Edge Malaysia
Sunday, 06 February 2011 00:00

Malaysian Resources Corp Bhd (MRCB) is adding another jewel to its crown with Q Sentral at its land transport hub, KL Sentral.

The 42-storey office building is being built on the 1.85-acre Lot B by Cosy Bonanza Sdn Bhd, a joint venture between MRCB (65%) and Quill Sentral Sdn Bhd (35%).

The name Q Sentral is derived from the Chinese concept of life force known as “qi”, MRCB CEO Mohamed Razeek Hussain tells City & Country.

Qi is the flow of energy around and through the body, linking each part and forming a cohesive, functioning unit.

“The design of Q Sentral is based on the concept of qi, represented by the letter Q, to create a resonating flow of energy throughout the building while establishing a cohesive and functioning environment,” Mohamed Razeek explains.

The RM1.2 billion Grade A office tower will have a gross floor area (GFA) of 1.4 million sq ft. Selling prices of this strata-titled development range from RM1,190 psf to RM1,500 psf.

The building is divided into the high zone and the low zone. The low zone contains 16 office units (from 1,366 to 3,420 sq ft) per floor over 17 floors. The high zone is being sold on a per floor basis with sizes from 15,000 to 40,880 sq ft. In total, the building contains 297 units, Mohamed Razeek says.

Prior to its launch on Jan 8, about 50% of Q Sentral had been sold to registrants of interest, representing RM600 million in sales.

“We have a good mixture of both investors and those intending to house their operations and offices here upon completion in 2014,” says Mohamed Razeek.

The developer will also be aiming for Green Building Index (GBI) and MSC certifications for the building. To boost the investibility of KL Sentral and enhance the experience of those who live and work there, MRCB is targeting some of the highest green ratings for its developments. Besides Q Sentral, the KL Sentral Park Business Suites, retail centre Nu Sentral and 348 Sentral — popularly known as the Shell building — have already been granted green building status.

Wholly owned by MRCB, the RM602 million KL Sentral Park Business Suites is a 12.17-acre development on Lot E, which lies next to Stesen Sentral facing Q Sentral.

Featuring five blocks of office suites and retail space, the project has an estimated GFA of 982,658 sq ft and a net lettable area of 518,000 sq ft.

It has the Singapore Building and Construction Authority’s (BCA) Green Mark Platinum rating and GBI certification. Its green features include a north-south orientation to reduce radiant heat, low-emissivity glass, a green wall, photovoltaic cells, a 130,000 sq ft atrium and a district cooling system. It will also employ regenerative lifts, where the kinetic energy derived from the constant braking of the lifts is used to power them.

So far, 70% of the offices have been taken up by the Small and Medium Enterprises Corporation Malaysia (SME Corp).

Meanwhile, The RM1 billion Nu Sentral, which comprises a retail mall and office tower with over one million sq ft in GFA, is GBI and BCA Green Mark accredited for the overall development, while the office component has a LEED Silver certification. Major tenants of the mall thus far are Parkson and Golden Screen Cinemas.

The RM914 million 348 Sentral, comprising a 33-storey office tower and adjoining 21-storey serviced residences with 1.17 million sq ft of GFA, is LEED Gold and GBI Gold certified.

“We spend about 6% to 8% in additional cost on greening a building because we want to keep the overall [rental] value of KL Sentral at about RM8 psf and beyond,” says Mohamed Razeek.

MRCB senior vice-president and head of property Wong Dor Loke says office rents have doubled since 2003 with new leases in KL Sentral Park at RM8.50 psf, while capital appreciation has more than doubled to RM1,100 psf from RM460 psf over the same period.

DTZ Debenham Tie Leung (M) Sdn Bhd executive director Brian Koh tells City & Country that the going rent at KL Sentral ranges from RM6.50 to RM6.80 psf, which is comparable to similarly graded offices in the city centre.

He notes that the ongoing works to enhance connectivity and earn green credentials will serve to boost KL Sentral’s competitiveness as the new central business district.

“Like any part of Kuala Lumpur, in the short term (2011, 2012) there will be a decline in rents on higher supply coming in around that period. However, prices are expected to recover around 2014 to 2015,” he says.

Touted as the new CBD, KL Sentral is home to 160 international companies, including Shell, SBM Malaysia (a member of the SBM Offshore Group), Hilton Hotel, Le Meridien Hotel and the Hana Daol Fund, demonstrating its appeal to foreigners.

This is coupled with the six-star, 200-room St Regis Hotel and Residences as well as appearance of The Ascott Group Ltd in the near future.

The former will be developed by One IFC Sdn Bhd, jointly held by CMY Capital Sdn Bhd (60%), MRCB (30%) and Jitra Perkasa Sdn Bhd (10%).

With a GDV of RM1.5 billion and a GFA of 1.4 million sq ft, it is scheduled for completion in the first quarter of 2015.

The Ascott Group has been appointed as managers of the 143-unit serviced-residential component of 348 Sentral.

“The critical mass of tenants will become evident in 2012 as more buildings come onstream. On this platform KL Sentral will comfortably weather the expected competition ... as it did the 2008 economic downturn,” Mohamed Razeek says.

MRCB and IJM Land Bhd, the listed property division of leading construction and infrastructure outfit IJM Corp Bhd, grabbed headlines in November 2010 with the announcement of a proposed merger. However, it was announced on Dec 30 that the merger had fallen through as both parties failed to agree on the terms of the definitive agreement to the merger. “Business as usual and we are moving forward,” says a group spokesman in an email response.

The proposed merger would have resulted in Malaysia’s second largest property developer with a landbank of over 9,000 acres and a market capitalisation of over RM7 billion.
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