04 January 2013

Prasarana plans to list its rail business, working on RM2b property projects.

Our partners PRASARANA were in the news yesterday and today - and they have announced some big plans and ideas going ahead. Our joint venture development was mentioned too - so do read the article ya. =)
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KUALA LUMPUR: Syarikat Prasarana Negara Bhd (Prasarana) is working on almost RM2bil of property and commercial development and plans to list its rail business on Bursa Malaysia to put the company on a stronger financial footing. 

Its latest property projects involved mixed-developments in Brickfields and Ara Damansara worth RM1.2bil and RM700mil in gross development value (GDV) respectively. Prasarana awarded the Ara Damansara development last year to Trans Resources Corp Sdn Bhd in a joint venture and will announce the contract owner for the Brickfields project by the end of next month. 

This is on top of its previous residential and commercial developments, which were a joint venture with Crest Builder and Detik Utuh Sdn Bhd to develop RM1.04bil of retail, offices and serviced residences adjacent to the Dang Wangi LRT station. It expected to gain RM220mil from its 21.2% share in the project. 

Another JV is with Naza TTDI Ventures to build RM155.3mil of residences in Taman Tun Dr Ismail, Kuala Lumpur. Prasarana said it wanted to focus on property development to enhance its revenue stream and diversify income, while improving and unlocking the value of the land at its existing and upcoming rail stations. To that end, the country's public transport asset owner and operator is currently scouting for more locations along its rail line. 

In line with this, the group has created a new entity called Prasarana Integrated Development Sdn Bhd (Pride) to manage the property business. It is also expected to work with the Government for Project Perumahan Rakyat 1Malaysia (PR1MA). “We have had several discussions with PR1MA chief executive officer Datuk Abdul Mutalib Alias to collaborate on affordable homes at some of the land,” group managing director Datuk Shahril Mokhtar said at a briefing. Shahril said the group was keen to list its rail business on the stock market by 2018 when the current Sungai Buloh-Kajang mass rapid transit (MRT) system is completed.


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