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Article by CT Print
Courtesy of TnT Exclusive
News that the Naza brothers are to finalize their exit from Jetson soon (Star, Thurs 23 Sept) is poised to set the property-construction industry ablaze with excitement as expectations rise that Naza-TTDI is now able to finally set a date for the launch of the megalith and magical MATRADE project.
Sources have told us at TnT that the Prime Minister himself has consented to a date in November for the launch event of the year.
We are placing a wager that the momentous event will be held on
Thursday, the 11th of November.
The MATRADE development will see the Naza-TTDI undertaking the construction, including planning and design, of an RM800 million expo centre off Jalan Duta, which will include world-class infrastructure to take in the biggest and longest exhibitions anyone dares to organize.
The project will also include construction of several mega-towers on an 63 acre land that was swapped with the government under of the largest of PFI (private financed initiative) deals.
This week's Pemandu road show confirms that part of the so-called greater KL redevelopment will include MATRADE, the US$5 billion Sungai Besi redevelopment projects, and the RM10 billion UDA-led Pudu redevelopment. This is in addition to the 1 Malaysia Financial District that is to take shape around the Jalan Imbi-Tun Razak area, which used to house colonial era government quarters. The 1MFD is to complement the Sungai Besi development, and Tnt has been made to understand that it will be the most likely project to launch as early as next year after Matrade.
These projects are the first under the government's RM1.3 trillion or US$444 billion Economic Transformation Program that will see Malaysia achieved developed status by year 2020.
Under our radar for some time now, the next Taikor (look out for our Taikor watch) and his sibling could be our own ‘boys to men’ fairy tale. Having had to take over the reigns of Naza on the premature demise of the family patron Tan Sri Nasimuddin Amin, the brothers are finally carving their own niches.
The MATRADE project is a major addition to the Naza-TTDI's on-going Platinum Park Project along one of KL’s most expensive realty, Jalan Stonor. The ground-breaking ceremony for the Platinum project was also officiated by Prime Minister Mohd Najib Tun Abdul Razak
The two Naza brothers have along the way acquired a 33% stake in Jetson (Kumpulan Jetson Berhad) in a move analysts and market observers saw as a statement of intent by the brothers to start making their mark. They had bought their shares ion Jetson from the company's co-founders - Isnin Rahim (then chairman and executive director) and brothers Teh (group managing director) and Tee Keng Kok (executive director), among others.
According to sources quoted by the Star, the Naza brothers decided to exit Jetson in view of some "unsettled financial issues" facing Jetson. It was learned that the brothers have been approached by suitors hoping to take Jetson's place. Among them are foreign players.
Meanwhile, the industry will also be celebrating UDA's 40th anniversary (next year) with a big bang. The redevelopment of the former Pudu Jail site by UDA will herald the return of the entity that was behind the development of Bukit Bintang and the sprawling Bandar Tun Hussein.
UDA was launched in 1971 by Tun Abdul Razak, and is currently under Chairman Datuk Nur Jazlan Mohamed, son of former Information Minister Tan Sri Mohamed Rahmat, a well supported man in UMNO.
The former Pudu Jail site, along with the Sungai Besi Airbase, slated for urban renewal under 1 Malaysia Development Berhad will certainly create a greater landscape that is set to propel KL further. 1MDB is headed by CEO Shahrol Azral, the son of a fireman who rose through the ranks from his days as an executive partner in the dynamic Accenture group.
The one thing that stands out in this greater Kl expansion is that it is spearheaded by young capable Malaysians, and the future it brings along with it makes it all the more interesting for us to keep watch on.
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