The construction of Malaysia’s upcoming Light Rail Transit 3 (LRT3), which will run from Klang to Bandar Utama, is scheduled to start between March and May 2017.
According to Prasarana Malaysia Bhd’s President and Group CEO Datuk Seri Azmi Abdul Aziz, they have already begun acquiring land for the development in some locations. Moreover, biddings are already in progress and the work packages will be awarded throughout this year and by 2018.
The company plans to complete LRT3’s first phase by August 2020, while the entirety of the transport project is expected to be ready in six to seven months thereafter.
Meanwhile, Prasarana is targeting RM1 billion in revenue in 2017, surpassing the nearly RM900 million it recorded last year. It also hopes to increase the proportion of revenue coming from its non-fare assets to 30 percent to so that it won’t have to frequently raise its fare prices. Currently, non-fare income accounts for 15 percent to 20 percent of its revenue.
In a bid to boost its earnings, the company has expanded into property development. Its investments in this segment includes a 40-storey building on top of the Dang Wangi LRT station, as well as residential and mixed-use projects at Melawati bus depot and along Jalan Klang Lama. It has also set-up retail outlets, convenience stores, and automated teller machines (ATMs) at some of its stations.
Image sourced from Lipstiq
Diane Foo Eu Lynn, Senior Content Specialist at PropertyGuru, edited this story. To contact her about this or other stories email diane@propertyguru.com.my
