MRCB buys PWTC land for RM355.5 mil from DBKL

MRCB‘s 51% indirectly owned subsidiary, Metro Spectacular Sdn Bhd (“MSSB”) has announced that they will buy over a 10-acre land currently used as PWTC Exhibition Hall for RM355.5 mil (765 psf). The subject site comprises of 3 plots of land with combined land area of 10-acre. Of the three parcels of land, only one parcel measuring 17,988.915 sqm has a freehold tenure, the other two are leasehold 99-year, expiring in 2080 and 2109 respectively. MSSB will pay RM355.5 mil to Datuk Bandar Kuala Lumpur (DBKL), who is the land owner. The other 49% shareholder of MSSB is URP City Sdn Bhd. The shareholders and directors of URP City Sdn Bhd is unknown.

This development is believed to be part of PWTC redevelopment project, where MRCB is the project delivery partner. Upon completion in four years time, PWTC KL will have new office buildings, the Putrade Hall and a six-star hotel with a 70-storey tower, as well as the redevelopment of the Tun Razak 1 and 2 halls and the upgrading of the existing buildings namely, the Menara Dato Onn building, the Merdeka Hall, the Tun Hussein Onn Hall and the Tun Dr Ismail Hall. The 70-storey tower which will be built on the Putra Bus Terminal site, with a floor area of 1.2 million square feet (111,484m²) facing the old PWTC building will also become the new Umno headquarters building.

Land Details:

Lot no:  PT184, Lot 20000 and PT188, Seksyen 48, Bandar Kuala Lumpur, Daerah Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur
Land area: Total 40,720.518 sqm (10-acre)
PT184 – 20,491.603 sqm
Lot 20000 – 2,240 sqm
PT188 – 17,988.915 sqm
Tenure: PT184 & Lot 20000 – Leasehold 99-year, PT188 – Freehold
Zoning: Commercial
Land price: RM335.5 mil (RM765 psf)
Date of transaction: 15 June 2017
Vendor: Datuk Bandar Kuala Lumpur (DBKL)
Purchaser: Metro Spectacular Sdn Bhd (51% owned by MRCB Land Sdn Bhd)

Location Map:

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