24-storey Menara MBMR to replace iconic Federal Auto buildingJuly 9, 2011
ONE of Klang Valley’s most recognisable landmarks for the past 40 years — the Federal Auto building along Jalan Syed Putra (previously known as Jalan Klang), will make way for a prestigious new building — the 24-storey Menara MBMR.
The 0.5ha site next to Mid Valley City that had housed a Volvo showroom and service centre since 1971 will be redeveloped into a state-of-the-art office tower with a gross development value of RM240mil.
The project is being developed by Inai Benua Sdn Bhd, a subsidiary of MBM Resources Berhad (MBMR), in partnership with Teknikhas Sdn Bhd and Meridian Residences Sdn Bhd.
When completed in the third quarter of 2014, Menara MBMR is set to be a visible new landmark in the Klang Valley with a brand new, ultra-modern Volvo showroom on the ground and mezzanine floors.
The top six floors of the new office tower will also house the corporate headquarters of MBMR, which is aggresively transforming itself into one of the leading automotive groups in Malaysia.
MBMR chairman Datuk Abdul Rahim Abdul Halim said the project was part of the group’s strategic move to realise the value of its prime assets.
“In the last financial year, MBMR group performed well. We hope the commencement of this new project will mark the beginning of our growth.
“It is also important not to forget the past. The Federal Auto showroom has been an iconic building for the past 40 years.
“The surrounding part of the building will be rebuilt and the new tower will be addressed as 1, Jalan Syed Putra which will house the MBMR group corporate office,” he said.
MBMR managing director Looi Kok Loon said the group had been disposing off older and smaller properties that no longer meet their growing needs. “With strategic parcels of land that we own and on which we operate showrooms such as this, we will look into redeveloping them to unlock their true value in line with our expansion plans,” said Looi.
He added that nearly 70% of Menara MBMR had already been sold although the project was only officially launched on May 23 this year.
“Menara MBMR presents a tremendous value proposition to our target market of small and medium corporates.
“It is perfect for those who are seeking to purchase their own premium office space and upgrade to a prestigious new address,” added Looi.
MBM Resources Berhad (MBMR) is part of the Med-Bumikar Mara Sdn Bhd (MBM) group of companies, with diverse interests including manufacturing, leisure and motor trading. Its motor-related businesses are grouped under Bursa Malaysia main board-listed MBMR.
Menara MBMR is the only freehold, Green Building Index (GBI)-certified Grade A office building in the vicinity of Mid Valley City. It offers a total of 135 units of office space, with sizes ranging from 1,060sq ft to 3,836sq ft. Each unit comes with its own individually-controlled and dedicated air-conditioning system and executive toilet facilities. These make it highly cost-effective and convenient for offices that operate beyond regular hours.
Menara MBMR which is aiming for MSC status, will also have a full-fledged serviced office to cater to automotive-related ICT start-ups that the MBMR Group plans to nurture. “Given that our core business is in automotive retailing, we have built up a huge network of showrooms and service centres in the country,” said Looi.
MBMR Group’s other big project is building an auto village in Johor Baru which will be completed in the next 12 months.
“This will be our second auto village after Glenmarie, which showcases Volvo and Volkswagen. As we move forward we will not only focus on showrooms but invest in setting up service centres as well.”
As to whether the announcement by Bank Negara on the increase of interest rates would affect their business, Looi said, “We have yet to see a difference as the impact on the dollar sum is very minimal. The demand in our line of business is still strong.”
Originally posted in TheStar