PETALING JAYA: DRB-Hicom Bhd
has kick-started the works for Phase Two of the Angkasapuri Media City project and expects to complete the phase by 2029.
The new completion date marks a delay of about three years from 2026, after Phase One was only completed in June 2023 as compared to the initial target of end-2021.
In its 2023 Annual Report released yesterday, DRB-Hicom said Media City Development Sdn Bhd (MCDSB) has “engaged consultants and activated its marketing team” to commence the first parcel of Phase Two of the Media City Project.
MCDSB holds a 23-year concession to develop, operate, and maintain Angkasapuri Media City in Kuala Lumpur.
DRB-Hicom wholly-owns the parent company of MCDSB, Media City Ventures Sdn Bhd.
The conglomerate, which is controlled by billionaire tycoon Tan Sri Syed Mokhtar Albukhary, previously acquired Media City Ventures for almost RM186mil.
The RM860mil Angkasapuri Media City encompasses office space and technical areas measuring 62,027 sq m. It is to be fully equipped with technological equipment, system and centralised broadcast material archives.
Separately in the annual report, DRB-Hicom said its 100%-owned Northern Gateway Infrastructure Sdn Bhd has been invited by the government to participate in a bilateral project for the development of new Malaysia-Thailand border access at the Immigration, Customs, Quarantine and Security (ICQS) Complex in Bukit Kayu Hitam, Kedah.
This signifies “a business opportunity in the near future”, it said.
Northern Gateway holds a 28-year concession for the development and long-term maintenance of the ICQS complex in Bukit Kayu Hitam, which began in June 2014.
In the aerospace segment, DRB-Hicom’s subsidiary Composites Technology Research Malaysia Sdn Bhd (CTRM) is exploring diversification into non-aerostructures.
This includes venturing into the radome market. Radomes are large dome-shaped structures which protect the radars from the bad weather conditions.
“CTRM expects growth in orders and its product portfolio, driven by stable deliveries of single-aisle aircraft and market traction for widebody.
“CTRM took off in 2023 with a surge in revenue, winning contracts and partnerships, and achieving awards for its strategic initiatives,” it said in the annual report.
Meanwhile, on its Islamic banking arm Bank Muamalat (M) Bhd, DRB-Hicom said it plans to introduce “entirely digital products and services” by the end of 2024.
“This will leverage the new digital core banking and digital front-end to offer Straight Through Processing, lifestyle banking, and artificial intelligence-driven recommendations that are harnessed to assist customers in making well-informed financial decisions.”
As for its logistics services business via Pos Logistics Bhd, DRB-Hicom noted that the company is executing transformative initiatives aimed at achieving substantial performance improvements within the next three to five years.
“This strategic endeavour involves the exploration of novel business models and taking the lead in sectors with limited competition.
“Towards this goal, Pos Logistics is expanding its capabilities in freight forwarding and logistics services and venturing further into warehousing solutions.
“It intends to offer modern and automated warehouses tailored to the specific needs of the automotive, aerospace and fast-moving consumer goods industry,” according to the conglomerate.
DRB-Hicom also maintained a positive outlook for its properties segment, pointing out that it is intensifying its focus on the development of industrial properties in tandem with growing market demand.
In addition, it noted that the development of the Automotive High Tech Valley project in Tanjong Malim will further boost the segment.
“Moving forward, new developments such as Hicom Vertex Industrial Park, Hicom Glen Industrial Park and Hicom Johor Industrial Park are expected to be launched in the near future,” it said.
