Income from PJ Sentral by year end

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KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) expects to recognise income from the PJ Sentral development by the end of this year.

According to management, the group has sold two buildings within the multi-billion development on an en-bloc basis, for a total value of RM489 million.

“The profit margin for the two buildings is about 20% to 25%, so we’re looking at a gain of about RM100 to RM125 million,” said MRCB’s chief financial officer Ann Wan Tee. He added that profit will be recognised over a period of three to four years, beginning from the end of 2014.

MRCB’s group chief operating officer Mohd Imran Salim, meanwhile, said the group is looking to grow its total gross development value (GDV) by RM1 to RM2 billion in 2014 and 2015.

“We currently have land bank of 87 acres (35.21 ha), with about RM23.1 billion in GDV in total. We will be looking to grow, in terms of GDV, by RM1 to RM2 billion,” he said.

Mohd Imran said that MRCB will be looking primarily at Klang Valley and Penang for land bank acquisitions. He said the group will focus on mixed developments, especially those with potential to integrate with public transportation infrastructure, such as in KL Sentral.Mohd Imran: Group is looking to grow its total gross development value by RM1 to RM2 billion in 2014 and 2015.This article first appeared in The Edge Financial Daily, on June 30, 2014.