Jiankun's RM1.2b GDV mixed development JV in Kampung Baru called off

KUALA LUMPUR (March 21): Jiankun International Bhd said the joint venture agreement it inked with Menara Rezeki Sdn Bhd, related to the redevelopment of Flat PKNS Jalan Tun Razak in Kampung Baru, has been terminated.

In a brief announcement to Bursa Malaysia, Jiankun said it received a notice of termination from Menara Rezeki on Monday (March 21), but did not elaborate on why the agreement was revoked.

The agreement, which was entered into on Jan 26, was for the redevelopment of the flats into a mixed residential and retail development with a gross development value (GDV) of RM1.2 billion, over 27 times its market capitalisation of RM43.81 million, based on its closing price of 20.5 sen on Monday.

The 3.69-acre site along Jalan Tun Razak was to be redeveloped into 52-storey apartment towers and three towers with retail and residential components.

The project was previously slated to be the largest undertaken by Jiankun.

Source: TheEdge - 22 Mar 2022