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Majority of residents approved the RM1.2 billion Kampong Bharu redevelopment project

Publish date: Fri, 01 Jul 2022, 11:40 AM

KUALA LUMPUR: Menara Rezeki Sdn Bhd (MRSB), the Kampong Bharu redevelopment project developer, has achieved 80 per cent agreements from landowners to enable land acquisition to take place for the project.

In early 2022, MRSB held a closed-door meeting with the residents and the PKNS flat action committee, Kampong Bharu, to present the project proposal and offer in the event this development project is implemented.

One of the conditions given by Perbadanan Pembangunan Kampong Bharu (PKB) to MRSB is to get at least 50 per cent of landowners' agreements to enable land acquisition. 

With the efforts of MRSB, the agreement of the offer has exceeded 80 per cent to date, exceeding the stipulated conditions, with the support of PKNS flat action committee chairman Abdul Sani Ishak.  

"The agreement given by the owners shows that they want this redevelopment as it will add value to their existing land.

"They are also waiting for the project to kick start as soon as possible, in line with the rapid development of Kuala Lumpur, especially Kampong Bharu," Abdul Sani said in a statement today.

MRSB is undertaking the RM1.2 billion PKNS flat redevelopment project in Jalan Tun Razak, Kampong Bharu, Kuala Lumpur, with a joint venture with Jiankun International Bhd (JKI).

Under the JV company, Menara Rezeki Properties Sdn Bhd (MRPSB), JKI and MRSB have 70 per cent and 30 per cent stakes, respectively.

It is also crucial for both the companies to develop this project, which is seen as a community project that can improve residents' living standards in line with the compensation offer and 52-storey condominium tower development facilities to be owned by existing owners.

"We considered the needs and problems of each existing landowner and devised a detailed plan.

"With the capability of MRSB and its partners, I am very excited to see this redevelopment project become a reality four years from now," MRSB managing director Datuk Saiful Nizam Mohd Yusoff said.

Under the redevelopment plan, MRSB will build a 52-storey apartment tower for the existing owners of the PKNS flats.

Meanwhile, MRSB will build another three towers for mixed development with residential and retail units.

The 3.69-acre site is also strategically located on the side of Jalan Tun Razak.

As a result, it is a prime site for redevelopment given its excellent connectivity, infrastructure, public transport, and proximity to Kuala Lumpur's central business district area.

The redevelopment project will be undertaken by MRSB in a joint venture (JV) agreement with JKI, utilising a company known as Menara Rezeki Properties Sdn Bhd (MRPSB) as a JV company.

Another positive note is the financial support offered to MRSB by two of the local banks in Malaysia on this redevelopment project.

"The relocation of existing residents is important as it enables the demolition of Flat PKNS Jalan Tun Razak in Kampong Bharu to be done responsibly without affecting residents currently occupying the flats and lands.

"This will also preserve the identity of the community as the existing residents will continue to stay in the new development," said Saiful, who is also the executive director of JKI.

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