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PHB turns down proposals for Bangsar land development
Aug 08, 2012
Pelaburan Hartanah Bhd (PHB) declined proposals from several companies to develop an 8.09ha site on Jalan Bangsar, Kuala Lumpur, said Datuk Kamalul Arifin Othman, Chief Executive Officer of PHB.
The company has received proposals from Malaysian Resources Corp Bhd, UEM Land Holdings Bhd, SP Setia Bhd, Land & General Bhd and Mah Sing Group Bhd.
According to Business Times, MRCB appeared to be the front-runner for the land development which has an estimated gross development value (GDV) of more than RM5 billion.
However, Kamalul said the company has not made a discussion with any parties.
"We are just waiting for approval from the City Hall for the masterplan that we submitted to them early this year," Kamalul said.
"Once the masterplan has been approved, we will decide on what to do next."
Kamalul added that the contract for the development of the land may be awarded to a single property developer or distributed to several parties, adding that PHB may take a stake in the project through a joint venture.
"This is a huge project that requires proper master planning. We want it to be the next mega development for Kuala Lumpur," said Kamalul.
Meanwhile, one of the interested developers, Mah Sing said the company will wait for PHB's decision over their submitted proposal.
"PHB has not come back to us. So we believe we still have a chance to bank the job," said Tan Sri Leong Hoy Kum, Managing Director at Mah Sing.
"We think the contract would be awarded after the elections," he added.