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Company Update – MRCB (BUY, maintain) - Chalking up more sales in PJ Sentral Phase 1




Affin Hwang Investment Bank Bhd


14 Apr 2013





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PJ Sentral Phase 1: Acquisition still pending but chalking up more sales While the disposal of the lands are still pending completion, Nusa Gapurna Development (NGD) has signed an agreement to sell Tower 6 in its PJ Sentral Phase 1 (PJS1) development at a record price of RM850 psf for ~RM250m to MyIPO. This would be the third en-bloc deal in the development, after the sale of Tower 3 to MBSB for RM239m and the signing of a 21-year lease at a rental of RM5.30 psf to Celcom. In effect, sale/lease of half of the estimated GDV of RM2.2bn for the development has been secured. After the launch of PJS1 in July this year, the Old Klang Road (OKR) and Subang Jaya (SJ) developments with GDVs of ~RM2.4bn and RM377m will be launched in 4Q2013 and 2Q2014, respectively (see Fig 2 – 6). The PJS1, OKR and SJ lands are being acquired by MRCB for a consideration of RM459m – which, together with RM270m for Gelanggang Harapan Construction (GHC) and Global Solutions, will be paid for in cash (RM111m) and MRCB shares (398.7m new shares with free warrants).

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