PETALING JAYA: Jiankun International Bhd will redevelop 3.69 acres in Kampung Baru, Kuala Lumpur, where the Flat PKNS Jalan Tun Razak is currently located.

       In a mixed project with an estimated RM1.2bil gross development value, property developer Jiankun said it will demolish the Flat PKNS and build a 52-storey apartment tower for the existing residents on the site.

       Three other towers will also be built, with residential and retail units. The redevelopment will be done in three phases.

       Yesterday, the group entered into a joint-venture agreement with Menara Rezeki Sdn Bhd and Menara Rezeki Properties Sdn Bhd to undertake the proposed redevelopment

       This will be the largest project undertaken by Jiankun to-date, according to the group in a statement

       The group added that it has obtained a letter of support from a local bank for credit facility based on the preliminary project scope shared.

       Menara Rezeki and Menara Rezeki Properties are owned by Datuk Saiful Nizam Mohd Yusoff, who is also an independent and non-executive director of Jiankun.