Following up on MX-1 in Sungai Buloh which was won by Malaysia Resources Corp (MRCB). They are the lead partner and in an announcement said that they will be injecting RM816.6 million into the RM8 Billion GDV project. Size of the project is 26ha. A special purpose vehicle (SPV) would be set up for this and this deal will see MRCB issuing a profit guarantee of RM2 billion to this SPV also known as Kwasa Development (2) Sdn Bhd. According to MRCB’s managing director, MX-1 will be new township that will serve the living and working requirements of 135,000 residents. Infrastructure works will start by first quarter of 2015.
In case everyone has forgotten about this piece of Rubber Research Institute Malaysia (RRIM) land. The overall size of the land is 3,335 acres. Of course MRCB would not be the only one developing it, I do not think any developer would have the financial muscle to do it. Thus, other developers such as Mah Sing, Dijaya etc have also been moving into the development of this piece of land. Today, I went out for lunch with a few colleagues, all of whom are younger than me and only one out of 5 owns a property today. Others said they are thinking of buying one and one said, ‘If I buy landed, it has to be in Sungai Buloh hor. It is just so far’. I told him, many years ago, when you tell people you are buying Damansara Mutiara, they would look at you strangely. This was the same as those who bought Mont Kiara or even Sunway during its earliest days. As long as there are developments being planned, there’s no such thing as too far away.
Then he asked, what about Rawang? I said, ‘last year my wife said Rawang is so far away’ and I agreed. Haha. That’s why I bought my current place. Then I told him that I think in 4-5 years time if my current place appreciates to my personal target, then I may think of Rawang. After all, the distance of 30 odd km away from my office meant that I needed just an additional 10 minutes versus my current home. If this 10 minutes can allow me to sell my home at a good profit and buy a similar property in Rawang for much lesser, then I am motivated to do it. He asked, ‘won’t you miss your current place?’. I smiled but I did not reply. I think for me, properties are supposed to offer me comfort and potential to earn profits. I have not yet reached the stage where I intend to buy a place and stay until the last of my days. Emotional attachments, I save only for my loved ones. I have no special emotional attachments to any properties I bought thus far.
written on 20 Aug 2014
Next suggested article: I want, but it’s too far, nobody wants and it’s not developed