Jiankun International, Menara Rezeki in joint venture to undertake RM1.2b GDV project in Kampung Baru | Malay Mail

Jiankun International, Menara Rezeki in joint venture to undertake RM1.2b GDV project in Kampung Baru | Malay Mail

26/1/2022 6:24:00 PM

Jiankun International, Menara Rezeki in joint venture to undertake RM1.2b GDV project in Kampung Baru | Malay Mail

KUALA LUMPUR, Jan 26 — Jiankun International Bhd plans to undertake a RM1.2 billion gross development value (GDV) redevelopment project in Kampung Baru through a joint venture (JV) agreement with Menara Rezeki Sdn Bhd and Menara Rezeki Properties Sdn Bhd. In a filing with Bursa Malaysia today,...

channel for the latest updates.KUALA LUMPUR, Jan 26 — Jiankun International Bhd plans to undertake a RM1.2 billion gross development value (GDV) redevelopment project in Kampung Baru through a joint venture (JV) agreement with Menara Rezeki Sdn Bhd and Menara Rezeki Properties Sdn Bhd.

In a filing with Bursa Malaysia today, Jiankun said the JV was to redevelop the PKNS Kampung Baru flats and surrounding mixed residential and retail development area, in three phases.“The group is desirous to jointly develop, construct and complete a low-entry affordable commercial development project on the 1.49-hectare leasehold land, which shall consist of predominantly 2,960 units of service apartments at an average built-up size of 400 to 600 square feet,” it said.

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Why a PKNS flat (flat for poor people) need to be replaced with condo for rich people? You want to displace all poor people to kampung?

Telegram channel for the latest updates. KUALA LUMPUR, Jan 26 — Jiankun International Bhd plans to undertake a RM1.2 billion gross development value (GDV) redevelopment project in Kampung Baru through a joint venture (JV) agreement with Menara Rezeki Sdn Bhd and Menara Rezeki Properties Sdn Bhd. In a filing with Bursa Malaysia today, Jiankun said the JV was to redevelop the PKNS Kampung Baru flats and surrounding mixed residential and retail development area, in three phases. “The group is desirous to jointly develop, construct and complete a low-entry affordable commercial development project on the 1.49-hectare leasehold land, which shall consist of predominantly 2,960 units of service apartments at an average built-up size of 400 to 600 square feet,” it said. In a separate statement today, executive director Azmi Osman said the proposed redevelopment project includes relocating existing residents into new apartments that will be built and a comprehensive compensation offered. “This will enable the demolition of the flats to be done responsibly,” he said. The group also noted that under the proposed redevelopment plan, a 52-storey apartment tower will be built for the existing owners of the Kampong Baru flats, while Tower 1, Tower 2, and Tower 3 will be mixed development with residential and retail units. Executive director/chief executive officer Edwin Silvester Das said that aside from helping Jiankun to grow as a company, the project is expected to rejuvenate the Kampung Baru area. “The redevelopment will encourage investment, improve local infrastructure and provide added multiplier effects to benefit the local community,” he said. Meanwhile, the group said Das has a strong track record as a turnaround specialist, with a long and distinguished banking and corporate career in Malaysia and abroad for more than 35 years. The group also noted that it has already taken the initiative to obtain a letter of support from a local bank for a credit facility to finance the project’s redevelopment based on the preliminary project scope shared. “This puts Jiankun in a position to start the year strongly. Aside from that, the recovery of the property sector amidst the gradual reopening of the economy and shift towards normalisation in the post-Covid world will also benefit the group in the long run,” it added. — Bernama You May Also Like Related Articles