MRCB Land Sdn. Bhd. and Cyberview Enter Joint Venture Agreement to Develop the First Phase of Cyberjaya City Centre
Oct 29 15
MALAYSIAN Resources Corp. Bhd announced that it will develop a new city in Cyberjaya, which will feature assets worth RMB 11 billion. The project, called Cyberjaya City Centre (CCC), would span over 20 years. 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 agreement to develop the first phase of CCC. The company said Phase 1 will be developed on a 22.3ha land and will generate a gross development value (GDV) of MYR 5.35 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 company said with a 60% share in CCC, it would up MRCB's total GDV to about MYR 40 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 TOD project, Kuala Lumpur Sentral CBD, in Brickfields.
MRCB & Cyberview To Acquire Lands For Cyberjaya City Centre
Oct 28 15
Cyberview Sdn Bhd and Malaysian Resources Corporation Berhad (KLSE:MRCB) entered into a joint venture agreement to develop the first phase of Cyberjaya City Centre (CCC). Malaysian Resources will hold 70% stake and Cyberview Sdb and will hold 30% stake in the JV and the proceeds of MYR 348.75 million from the subscription will be used to acquire lands within CCC Development Area 1 for MYR 150 per square foot.