CYBERJAYA: Malaysian Resources Corp Bhd (MRCB), a key player in transit-oriented developments (TOD), will develop a new city in Cyberjaya, which will feature assets worth RM11 billion.
The project, called Cyberjaya City Centre (CCC), would span over 20 years, said MRCB executive director Imran Salim.
CCC will be developed in four to five phases on 62.5ha of commercial and enterprise land owned by Cyberview Sdn Bhd, the master developer for Cyberjaya.
MRCB’s property arm, MRCB Land Sdn Bhd, and Cyberview signed a 60:40 joint-venture (JV) agreement yesterday to develop the first phase of CCC.
The JV was inked by MRCB group managing director Tan Sri Mohamad Salim Fateh Din and Cyberview managing director Faris Yahaya. It was witnessed by Finance Ministry Treasury secretary-general and Cyberview chairman Tan Sri Dr Mohd Irwan Serigar Abdullah.
MRCB, which has a market capitalisation of about RM2.13 billion, closed unchanged yesterday at RM1.19.
Imran said Phase 1 will be developed on a 22.3ha land and will generate a gross development value (GDV) of RM5.35 billion. It will feature a 200,000 sq ft convention centre, a 300- to 400-room business hotel, low and high-rise office buildings, and a retail podium.
Construction would begin in the first half of next year after the inking of the JV agreement.
“The master plan is already in place but the actual type of products and pricing will be determined later. Right now the focus is to kick-start Phase 1 and complete the convention centre in time for the World Congress of Information Technology 2020.
“We don’t want to compete with the KL Convention Centre. We want to have our own niche and we are targeting multinational companies and small and medium enterprises in Cyberjaya, and start-ups and the global market for CCC.
“I am bullish on the prospects. I don’t see a downturn or slowdown. We have land in Dengkil and that area is booming. (Malaysia) Vision Valley is coming up so you will see more developments heading down south and towards KLIA. All these would create economic spillover,” Imran said.
Imran said with a 60 per cent share in CCC, it would up MRCB’s total GDV to about RM40 billion, coupled with other ongoing developments in Greater Klang Valley and Penang such as the PJ Sentral Garden City, Kwasa Sentral and the Penang Sentral transportation hub.
The CCC will also contain an integrated lifestyle and retail arena, and service residential complexes. It will be integrated with the MRT Line 2 between Sungai Buloh and Putrajaya and will provide seamless pedestrian connectivity with a walkway from Putrajaya Sentral.
MRCB’s focus on TOD will serve the CCC well, in terms of identifying the requirements for seamless connectivity within the development and with other areas based on its flagship TOD project, Kuala Lumpur Sentral CBD, in Brickfields.