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MRCB has completed the acquisition of land in Perak for its Simpang Pulai development

Published: Friday, 15 October 2021

Malaysian Resources Corp Bhd (MRCB) has completed the acquisition of 18 parcels of leasehold land near Ipoh, Perak, from major shareholder Tan Sri Mohamad Salim Fateh Din.

In a stock exchange filing, MRCB said the acquisition was completed on October 13, 2021.

MRCB's indirect wholly-owned subsidiary, Seri Iskandar Development Corp Sdn Bhd (SIDEC) had on August 27, 2021, entered into a deal to acquire the leasehold land measuring a total of 20.02 acres from Gelanggang Harapan Sdn Bhd, controlled by Salim.

The property and construction group said previously that the land parcels are located opposite a proposed mixed development undertaken by SIDEC in Simpang Pulai.

MRCB intends to integrate the newly acquired land parcels with the Simpang Pulai development and enhance the commercial components.

The estimated additional gross development value for the Simpang Pulai development is roughly RM307 million.

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