KUALA LUMPUR: Malaysian Re-sources Corp Bhd (MRCB) is plan-ning a high-rise mixed development in Brickfi elds on land currently oc-cupied by 100 government quarters.

MRCB executive vice-president Datuk Dell Akbar Khan said de-velopment plans for the project "are still on the drawing board" since the property developer has yet to own it.

Still, Dell Akbar said it would "most likely be a mixed develop-ment featuring a covered walkway that connects to Kuala Lumpur Sentral".

He said MRCB plans to develop three towers of about 40 storeys each. The project may comprise residential, commercial and re-tail portions.

Dell Akbar was speaking at a press briefing in conjunction with the start of the demolition of the quarters.

He said MRCB would start bringing down the structures as soon as today to allay residents' concerns over the area's security.

According to Dell Akbar, MRCB has obtained approval from the authorities to demolish the buildings, which would take two months to complete. He said the demolition cost is estimated at RM500,000.

Under MRCB's agreement with the government, the company is obliged to develop the Little India, Pine Bazaar and Ang Seng Quarters enclaves in Brickfi elds.

Upon completion, the govern-ment will transfer to MRCB (fun-damental: 1.3; valuation: 0.8) the ownership of the 3.5-acre (1.41ha) tract besides a nearby 1.5-acre site.

The Edge Research's fundamen-tal score reflects a company’s profitability and balance sheet strength, calculated based on his-torical numbers. The valuation score determines if a stock is at-tractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations. Go to www. theedgemarkets.com for more de-tails on a company's financial dashboard.

This article first appeared in The Edge Financial Daily, on May 27, 2015.