28 June 2012

Crest Builder JV To Develop MRB Land.

Well... we secured the LOI already, finally. Well... the below are all self explanatory.

Crest Builder Holdings Berhad, through its 51% subsidiary, Landasan Bayu Sdn Bhd, received a Letter of Intent from Lembaga Getah Malaysia (Malaysian Rubber Board) for the Proposed Development on Lot 76, Seksyen 88, Bandar Kuala Lumpur. Lot 76, located at the intersection of Jalan Ampang and Jalan Jelatek, measures approximately 19,247.34 square metres in area. Landasan Bayu Sdn Bhd, is a 51:49% joint venture between Crest Builder Sdn Bhd and Tindakan Juara Sdn Bhd. 

The Development 
The Proposed Development is a mixed development, comprising three 28 storey Apartment and SOHO Towers, a 33 storey Corporate Tower and a 6 storey Boutique Retail Mall, complete with the infrastructure, common facilities and common services. 

The Development is expected to commence physical works in 2013, and is expected to be completed in 2018. 

The Development Value 
The Proposed Development is expected to have an estimated Gross Development Value (GDV) of RM 1,332,677,650.00, based on a plot ratio of 1:8.0. The estimated Gross Floor Area of the Development is expected to be about 1.65 million square feet. 

The Proprietor's Entitlement 
Under the Proposed Development Agreement, Lembaga Getah Malaysia (MRB) is entitled to RM 299,852,471, in a mixture of both cash entitlement as well as completed property entitlement.


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