Malaysian Resources Corp Bhd (MRCB) is said to be closing a deal with Pelaburan Hartanah Bhd (PHB) to develop an 8.09ha site in Jalan Bangsar, Kuala Lumpur.

A Business Times report said that the plan is to build several office towers, boutique outlets, serviced apartment-cum-hotel and a retail mall on the site. The project is expected to generate over RM5 billion in gross development value (GDV).

The site formerly housed Lever Brothers' soap and margarine factory and was owned by Railway Asset Corp (RAC) before it was sold to the PHB in 2011.

"It will be an extension of the KL Sentral development in Brickfields, and may be linked to the Bangsar LRT station," said a source.

However, it is still unclear if the project will be acquired solely by MRCB or developed jointly with PHB.

"PHB may give the land to MRCB in exchange for properties in the development and cash. It may also develop the land jointly with MRCB," added the source. PHB has reportedly analysed proposals from five property developers before it came up with its shortlist including MRCB, SP Setia Bhd and Mah Sing Group Bhd.

Previndran Singhe, Chief Executive Officer of Zerin Properties, said that the site could generate RM600 psf if converted into commercial use.

"If it has not been converted to commercial use, then I reckon it could be worth RM400 psf to RM450 psf," he said.

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