Contact Center Solutions Industry News

[January 05, 2006]

Boustead to develop prime site

(Business Times (Malaysia) Via Thomson Dialog NewsEdge)THE Boustead Group will submit its plan for the mixed development project on its prime land in Jalan Bukit Bintang, Kuala Lumpur, this year. The land, which is one of the few undeveloped sites in the heart of Kuala Lumpur, is at the corner of Jalan Bukit Bintang and Jalan Pudu, opposite the Royale Bintang Kuala Lumpur.

Executive director of Boustead Properties Bhd Datuk Ghazali Mohd Ali said the land will be used for development of mixed commercial and a recreational hotel.

"We have six parcels of land which we are in the process of amalgamating. After the amalgamation we will submit the plan," Ghazali said. "(The area) is large enough and is in the right location. It's is part of the Golden Triangle at the other end of Bukit Bintang," he said. He said it will take about two-and-a-half years before anything can be seen on the ground. Ghazali, however, pointed out that Boustead's main focus continues to be Mutiara Damansara as the group still has a substantial land area to be developed.

He was speaking to reporters yesterday after the signing ceremony between Boustead Curve Sdn Bhd and MJ Department Stores Sdn Bhd, the operator of the Metrojaya department stores.

Also present at the ceremony were Boustead Holdings Bhd group managing director Tan Sri Lodin Wok Kamaruddin, Boustead Group chairman Gen (R) Tan Sri Mohd Ghazali Che Mat, Metrojaya chief executive officer Robert Heng and Metrojaya chairman Datuk Ahmad Kairummuzammil Mohd Yusoff.

Metrojaya will relocate from Menara Bakti in Section 14, Petaling Jaya, to The Curve this April.

Heng said he expects a substantial increase in sales after moving to The Curve, as Metrojaya retails products that are in the same category as those available at its outlets at the Mid Valley Mega Mall and BB Plaza. "This is the new shopping district. We expect a lot more sales than in Section 14," Heng said.

Meanwhile, Lodin said Boustead's financial arm hopes to apply for an investment bank licence in the current quarter.

"Bank Negara Malaysia has announced that merchant banks can merge with stockbroking companies to form investment banks. We are in the process of applying for a licence to operate an investment bank by merging our Affin Merchant Bank with Affin Securities," Lodin said.

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