KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) has signed a privatisation deal with the government and Syarikat Tanah dan Harta Sdn Bhd to carry out government construction work in return for land- Its 70 per cent-unit Country Annexe Sdn Bhd (CASB) will carry out three construction projects valued at RM128-7 million, MRCB said in a statement to Bursa Malaysia- The projects are Little India upgrading works in Brickfields, the construction of Pines Bazaar, a three-storey building consisting of office space and 28 units of stalls and Ang Seng Development which involves the construction of 212 units of new government Class F quarters to replace the government quarters at Jalan Rozario, Kuala Lumpur- In return, CASB will receive two pieces of land at the intersection of Lorong Chan Ah Tong and Jalan Tun Sambanthan, measuring 14,297 square metres and 5,642-71 sq m- The land is valued at some RM601 per square feet- CASB will have the opportunity to develop the exchange land into a mixed property development- The estimated gross development value of the mixed property development on that land is some RM1 billion- CASB is a 70:30 special purpose vehicle between MRCB and DMIA Sdn Bhd to construct the projects- DMIA is principally engaged in construction and property development activities- It did not say who the owners of DMIA or Syarikat Tanah were-...

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