Malaysian Resources Corporation Berhad (MRCB), through its wholly owned subsidiary Country Annexe Sdn Bhd (CASB), has entered into a joint venture with Ipoh Sentral Sdn Bhd (ISSB) for the development of Ipoh Sentral, a mixed-use project in Perak with an estimated gross development value (GDV) of RM6.25 billion.
The formal joint-venture development agreement, signed on Friday, follows the earlier execution of a memorandum of agreement on 23 January 2025. The collaboration aligns with MRCB’s corporate strategy, which emphasises sustainable growth, diversification of its property portfolio and the delivery of developments centred around community needs.
In a filing with Bursa Malaysia, MRCB stated that the partnership capitalises on the company’s core competencies and industry experience to strengthen financial performance and deliver long-term value for shareholders, stakeholders and local communities.
MRCB highlighted the strategic value of the project, citing the rising demand for transit-oriented development (TOD) as a key driver of sustainable revenue growth and investment attractiveness. The proposed TOD will serve as a modern transportation hub designed to integrate various transport modes, reinforcing the group’s position as a leader in mixed-use, infrastructure-led developments.
The company added that the Ipoh Sentral project is expected to generate recurring income throughout its development cycle and act as a platform to showcase MRCB’s capabilities in property development, engineering and construction.
In addition to expanding its TOD portfolio, the collaboration will also substantially increase MRCB’s landbank, granting access to valuable land parcels and reinforcing its long-term development pipeline.
-Bernama
