Selangor State Development Corp to build 65-storey tower

Malaysia 30 Jun 2014
Selangor State Development Corp to build 65-storey tower

Selangor State Development Corp to build 65-storey tower with gross development value of RM800mil

Selangor State Development Corp (PKNS) is to build a 65-storey tower that is slated to be the tallest building in Petaling Jaya with a gross development value of RM800mil in the much-talked about RM3bil PJ Sentral development.

We are excited to build our own towers and to get at least a slice of that land back and retain our presence in Petaling Jaya as our original headquarters was located there. The state wants the building to be iconic and we will definitely deliver that.”

 

After more than eights months of court battle, PKNS reached an out-of-court settlement with Malaysian Resources Corp Bhd (MRCB) and Nusa Gapurna Sdn Bhdtwo weeks ago over the sale of its 30% stake in PJ Sentral Development Sdn Bhd.
In the out-of-court settlement, MRCB will pay RM85.3mil in cash to PKNS for its 30% stake in PJ Sentral.

In return, PKNS will pay PJ Sentral RM91.1mil for the rights to build and own the tower within the development after MRCB had completed all the basic infrastructure and piling works.

Azlan stated PKNS would start construction of the building after MRCB had completed all the basic infrastructure and piling.

“The buildings are poised to be an efficient and environmental-friendly property with Green Building Index (GBI) gold and Leadership in Energy and Environmental Design (LEED) certification.

Azlan went on to say that the construction of the towers would be done in an open tender basis and MRCB could put in its bid if it was interested.

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