CONSTRUCTION-BASED Menara Rezeki Sdn Bhd has achieved another milestone with regard to its joint venture with Jiankun International Bhd in the RM1.2 bil PKNS Flat re-development project in Kampong Bharu, off Jalan Tun Razak, Kuala Lumpur.
With its effort, Menara Rezeki has to-date secured a consent exceeding 80% from residents which exceeded the stipulated condition for the re-development to take place.
Recall that in early 2022, Menara Rezeki had held a closed-door meeting with the residents and the Kampong Bharu PKNS Flat Action Committee to detail out the project’s proposal and offer/compensation in the event that the said re-development is implemented.
One of the conditions given by the Perbadanan Pembangunan Kampong Bharu (Kampong Bahru Development Corporation) to Menara Rezeki is to obtain at least 50% agreement from residents/landowners to enable land acquisition to take place.
“The consent given by the landowners shows that they want this re-development as it will add value to their existing land,” commented the Kampong Bharu PKNS Flat Action Committee chairman Abdul Sani Ishak.
“They are also waiting for the project to kick start as soon as possible in line with the rapid development of Kuala Lumpur and especially in the vicinity of Kampong Bharu.”
Both Jiankun and Menara Rezeki have 70% and 30% stake respectively in Menara Rezeki Properties Sdn Bhd which is the re-development project’s joint venture vehicle.
At a glance, this is a solid joint venture as the managing director of Menara Rezeki Datuk Saiful Nizam Mohd Yusoff is also the executive director of Jiankun.
It is also important that both companies successfully develop this project which is seen as a community project that can improve the living standards of residents in line with the compensation offer which includes a 52-storey condominium tower development facility to be owned by existing residents/landowners.
In this regard, Saiful Nizam said both JV partners had taken into consideration the needs and problems of each existing landowner prior to devising a detailed plan for their benefits.
“With the capability of Menara Rezeki and its partners, I am very excited to see this re-development project become a reality in four years from now,” he noted.
Aside from the 52-storey apartment tower built for the existing owners of the PKNS flats, another three towers will be built for mixed development with residential and retail units.
The 3.69-acre re-development site is also located strategically, bounded on the side by Jalan Tun Razak. As a result, it is a prime site for re-development given its excellent connectivity, infrastructure, public transport, and proximity to Kuala Lumpur’s central business district.
“The re-location 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 who are currently occupying the flats and lands,” justified Saiful Nizam.
“This will also preserve the identity of the community as the existing residents will continue to stay in the new development.” – June 30, 2022
