MRCB ... Jul10

Sources say MRCB is helping its parent company, the Employees Provident Fund (EPF), to prepare the masterplan to develop the Rubber Research Insitute (RRI) land in Sungai Buloh.

MRCB is actively “assisting” EPF in drawing up the masterplan for the 3,300-acre land. However, MRCB qualified its statement by saying that EPF is also assisted by other parties.

EPF was given the mandate by the government to develop the RRI land that is estimated to fetch a gross development value of over RM10 billion. The announcement by Prime Minister Datuk Seri Najib Razak in March 2010 put to rest the status of the parcel of land which attracted interest from several well-connected developers and individuals.

MRCB had said that given the time and efforts already put into the project, it hoped to gain a “more significant role (vis-à-vis other property players)” in the project. It is believed that MRCB will rank a level above other developers in the project.

With EPF holding 41.9% in MRCB, the developer had been touted as a leading candidate to develop the RRI land. MRCB is known for its KL Sentral development which is at the tail end of completion.

The development of the RRI land is not expected to take off within the next year 92011) as relocation of the staff quarters and work station at RRI has yet to start. In the meantime, MRCB has some RM1.2 billion worth of works at KL Sentral.

Apart from the RRI land, MRCB was also the front runner to develop the government’s 150-acre parcel at Jalan Cochrane. The land at Jalan Cochrane may now (2010) be auctioned.