KUALA LUMPUR: Malaysian Resources Corporation Bhd (MRCB) unit Metro Spectacular Sdn Bhd has signed an agreement with Mayor of Kuala Lumpur to acquire three parcels of land here for RM335.5 million.
The proposed land acquisition was in line with MRCB’s plan to increase its landbank to sustain its core business as a property development, engineering and construction company, it told Bursa Malaysia.
"The strategic location of the land and connectivity to public transport infrastructure has made it a sought-after address in Kuala Lumpur, and the board is confident of its prospects, after taking into consideration the scarcity of prime land in the capital city for sizeable commercial development," MRCB said.
The acquisition will be financed via a combination of internally generated funds and/or external borrowings. The proposed land acquisition is expected to be completed by the fourth quarter of 2017. -- BERNAMA