KUALA LUMPUR: Jiankun International Bhd has entered into a joint venture agreement with Menara Rezeki Sdn Bhd and Menara Rezeki Properties Sdn Bhd to redevelop existing Flat PKNS Jalan Tun Razak in Kampung Bharu here with a gross development value (GDV) of RM1.2 billion.
Executive director Azmi Osman said the project would include relocating existing residents into new apartments, besides comprehensive compensation payment.
"This will enable the demolition of Flat PKNS Jalan Tun Razak to be done responsibly without affecting residents that are currently occupying the flats and lands," he said in a statement today.
Under the proposed redevelopment plan, Jiankun said there would be 52-storey apartment towers built for the existing owners of the Flat PKNS Jalan Tun Razak.
In contrast, Tower I, II and III are mixed development with residential and retail units.
The 1.5ha site is located strategically, bounded on the side by Jalan Tun Razak, a prime site for redevelopment given its excellent connectivity, infrastructure, public transport, and proximity to Kuala Lumpur's central business district area.
Menara Rezeki managing director Datuk Saiful Nizam Mohd Yusoff said the redevelopment would be the largest property development project undertaken by the company.
Jiankun executive director and chief executive officer Edwin Silvester Das said the redevelopment would help to rejuvenate the Kampong Baru area.
"The redevelopment will encourage investment, improve local infrastructure and provide added multiplier effect that benefits the local community," he said.
Jiankun has taken the initiative to obtain a letter of support from a local bank for a credit facility to finance the project.