PKNS redevelopment project in Kg Baru gets 80% approval

Menara Rezeki is to get at least 50% agreements of the landowners/parcels to enable land acquisition to take place

by TMR / Pic by TMR

MENARA Rezeki Sdn Bhd has achieved another milestone with regards to the joint venture with Jiankun International Bhd on the RM1.2 billion PKNS Flat Redevelopment Project, Jalan Tun Razak, Kampung Baru in Kuala Lumpur.

In a statement on Thursday, the company said the agreement on the redevelopment offer has exceeded 80% to date, exceeding the stipulated conditions.

One of the conditions given by Perbadanan Pembangunan Kampong Bharu to Menara Rezeki is to get at least 50% agreements of the landowners/parcels to enable land acquisition to take place.

“We took into consideration the needs and problems of each existing landowner and devised a detailed plan. With the capability of Menara Rezeki and its partners, I am very excited to see this redevelopment project become a reality four years from now,” Menara Rezeki MD Datuk Saiful Nizam Mohd Yusoff said.

Under the proposed redevelopment plan, there will be a 52-storey apartment tower built for the existing owners of the PKNS flats. Meanwhile, another three towers will be built for mixed development with residential and retail units.

“The relocation of existing residents is important as it enables the demolition of Flat PKNS Jalan Tun Razak in Kampung Baru to be done responsibly without affecting residents that are currently occupying the flats and lands. This will also preserve the identity of the community as the existing residents will continue to stay in the new development,” Saiful Nizam added.

Earlier this year, Menara Rezeki held a closed-door meeting with the residents and the PKNS Flat Action Committee to present in detail the project proposal and offer if this development project is implemented.

“The agreement given by the owners shows that they want this redevelopment as it will add value to their existing land. They are also waiting for the project to kick start as soon as possible, in line with the rapid development of Kuala Lumpur, especially Kampung Baru,” the committee chairman Abdul Sani Ishak said in the same statement.

Jiankun International and Menara Rezeki have 70% and 30% stakes in Menara Rezeki Properties Sdn Bhd (MRPSB) respectively.

The redevelopment project will be undertaken by Menara Rezeki in a joint venture (JV) agreement with Jiankun, utilising a company known as MRPSB, as a JV company.