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MRCB (1651): MALAYSIAN RESOURCES CORP BHD to develop RM1.3b GDV mixed-use project in Auckland

KUALA LUMPUR (March 9): Malaysian Resources Corp Bhd (MRCB) is set to make its mark in New Zealand via a partnership with Panuku Development Auckland to develop the Aotea Central Over Station Development (OSD) with a gross development value (GDV) of RM1.3 billion (NZ$452 million) in Auckland City Centre.

The urban regeneration development above City Rail Link's Aotea Station spreads across 1.08 acres with a total gross floor area of approximately 45,292 square meters.

The site is formerly a car park used for Auckland Council fleet parking at the intersection of Mayoral Drive and Wellesley Street. The new development will comprise a 21-storey building with a mixture of retail and commercial space and 63 luxury apartments with integrated access to Aotea Station. The location and views, coupled with unrivalled convenience and amenities, will attract astute investors and owner-occupiers.

The OSD will begin after the construction of the City Rail Link’s Aotea Station, which is due to be completed in 2024.

In a statement, MRCB group managing director Imran Salim said he was pleased that Panuku has provided the opportunity for the group to contribute to Auckland’s development landscape.

"MRCB is thrilled to extend its transport-oriented development (TOD) expertise to deliver an iconic landmark development in New Zealand. With our knowledge, skills, and experience in developing the award-winning Kuala Lumpur Sentral CBD, we envision that the OSD will be an exemplary mixed-use TOD that positively contributes to and enhances the city’s growth,” said Imran.

He added that the OSD will be an inclusive urban regeneration project that focuses on the capacity for participatory, integrated, and sustainable infrastructure, in line with the group’s commitment to the United Nations sustainable development goals.

Meanwhile, the Mayor of Auckland Phil Goff said the development is set to have a positive impact on the city centre.

According to him, the project will replace what was once a car park with modern, well designed, and high-density housing and shops as well as commercial spaces in the heart of the city. Central Auckland is destined to become an even more vibrant place to live and work for the 40,000 residents and 130,000 people who work there.

"Ensuring the right type of development partner was key. On behalf of the Auckland Council, we sought a particular type of development partner who would understand the rare opportunity to contribute to the regeneration of this unique mid-town location. MRCB has a long history of quality TODs in Malaysia and is committed to transforming the Mayoral Drive site to appeal to those wanting vibrant inner-city living and a low carbon lifestyle right in the centre of Auckland,” said Panuku chief executive David Rankin.

According to the statement, Panuku is a council-controlled organisation established to deliver urban regeneration in Auckland. They work across multiple locations and scales — from large long-term urban regeneration projects to small projects on specific sites — to meet the needs of the city’s long-term growth, including the requirement for more affordable homes.

http://www.theedgemarkets.com/article/mrcb-develop-rm13b-gdv-mixeduse-project-auckland

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