KUALA LUMPUR: Construction of the Paragon@KL Northgate shopping centre in Selayang, which has a gross development value is RM3.6bil, is expected to be completed within three years starting the fourth quarter of 2017.
A joint statement among the parties involved said Anzo Holdings Bhd’s unit Harvest Court Construction Sdn Bhd would join forces with Hong Kong- and Shanghai-listed China Metallurgical Group Corp’s (MCC Group) subsidiary MCC Overseas (M) Sdn Bhd as the main contractors for the construction of the project along Jalan Kuching.
KL Northgate Sdn Bhd, the developer of the Paragon@KL Northgate mixed development, has issued a letter of intent (LOI) inviting Harvest Court Construction to jointly undertake the construction and part of the conditions is that Anzo must cooperate with MCC Overseas.
Last week Anzo announced the receipt of the letter of intent to Bursa Malaysia, saying that the contract work would amount to a maximum of RM1.21bil.
MCC Group is China’s leading multidisciplinary and multinational company under the direct supervision of China’s State Asset supervision and Administration Commission (SASAC). It is China’s pioneer in the iron and steel industries, and it has since grown into one of the world’s largest metallurgical companies.
MCC Group was one of the earliest Chinese enterprises to enter Malaysia, setting up MCC Overseas in 1992 with the mission to serve Malaysia with cutting edge technologies and services from China.
Paragon @KL Northgate is a part of an 18-acre mixed-use development with high-rise towers with a total gross floor area of 3.9 million sq ft.
The entire mixed development, whose construction is expected to be completed in six years (starting Q4 2017), includes the five-storey shopping mall with gross floor area of 1.8 million sq ft and a one-storey basement carpark as well as four storeys of podium carpark, 54 units of 3½- & 4½-storey shop offices, a block of 31-storey residence tower (400 units). a block of 27-storey hotel tower (316 rooms), one block of 30 storey hotel tower (500 rooms), one block of 37 storeys service suites (350 units), ballroom & hologram hall, cinema, ice-skating rink, virtual reality game park, indoor water theme park and hot spring recreation park.
Negotiations following the letter of intent are underway. In its Bursa announcement last week, Anzo said the time frame for finalisation of contract document and final contract pricing was estimated to be within three months.
Anzo receives the letter of intent for Paragon@KL Northgate. (From left) MCC Overseas (M) Sdn Bhd commercial director Tan Sun Kiong, MCC Overseas (M) deputy managing director Danny Tsen, Anzo Holdings Bhd deputy managing director Datuk Seri Abdul Azim Bin Mohd Zabidi, Anzo executive chairman Datuk Eddie Chai, and KL Northgate Sdn Bhd director Ng Yin Meng.