KUALA LUMPUR: Malaysian Resources Corporation Bhd (MRCB) plans to develop a premium high-rise residential project with a gross development value (GDV) of RM300 million at Jalan Kia Peng.

The group had acquired the one-acre leasehold land parcel in the city centre on Jan 7, it said in a statement on Thursday, Feb 17.

"Although the land status is leasehold, but due to its prime location and scarcity of land at this posh area as well as its proximity to numerous world-class facilities and amenities — namely the Petronas Twin Towers, KLCC Suria Shopping Cente and other prime office towers — it would make this new development ideal for luxury residences," said MRCB chief executive officer Datuk Mohamed Razeek Hussain.

The project is expected to be developed over a three-year period.

The group's property division, MRCB Land Sdn Bhd, currently has over RM5 billion worth of property development and an order book of RM1.8 billion for its engineering and construction divisions.

Its projects are in Kuala Lumpur, Selangor, Penang, Pahang, Perak, Negeri Sembilan, Johor, Sarawak, Sabah and Melbourne, Australia.

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