Malaysian Rubber Board eyes $491.40 million development project

 The Malaysian Rubber Board (MRB) is mulling an exercise to develop another piece of its land in Ampang, Kuala Lumpur, and at least four developers have expressed firm interest in the project, according to industry sources.

The sources added that the project would entail condominiums and office blocks with an estimated gross development value of some RM1.5bil ($491.40 million ).

The land is located on Lot 211 and Lot 25 in Ampang and is situated close to the Sommerset Apartments and the Nationwide Express building.

The four parties said to be interested in this project are Equine Capital Bhd, KUB Malaysia Bhd, Malaysian Resources Corp Bhd and Crest Builder Holdings Bhd.

Some sources believed that Equine, a company said to be linked to Malton Bhd's Datuk Desmond Lim Siew Choon, is a front runner to bag the joint-venture deal.

This comes shortly after sources had told StarBiz that MRB would be awarding a RM1.4bil development on 2.2ha in Jalan Ampang, to Crest Builder Bhd and its 49% joint-venture partner Detik Utuh Sdn Bhd.

“MRB is embarking on a strategy to monetise its landbank. It is not interested in outright purchases of its land as it is looking for a longer-term business model with recurring income,” said a source.

MRB's most high-profile landbank that will be tendered out soon is the development of the Rubber Research Institute Malaysia land measuring 1,215ha in Sungai Buloh, Selangor.

MRB's landbank includes Menara Getah Asli, which fronts the Petronas Twin Towers in Jalan Ampang, the Rubber Research Institute building in Jalan Ampang, and two others, one each in Jalan Stonor and Jalan Lidcol.