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New Straits Times
3 days ago
- Sport
- New Straits Times
'Olympic House can rise ahead of schedule'
KUALA LUMPUR: Olympic Council of Malaysia (OCM) president Tan Sri Norza Zakaria said he believes the Olympic House at the Kuala Lumpur Sports City in Bukit Jalil could be completed ahead of schedule. Prime Minister Datuk Seri Anwar Ibrahim has urged developer Malaysian Resources Corporation Bhd (MRCB) to ensure the project progresses faster than planned. Olympic House, which will replace the present OCM headquarters on Jalan Hang Jebat, Kuala Lumpur, is scheduled for completion within 24 to 36 months. Norza said the OCM was relieved to have completed the initial phase, marked by the project's groundbreaking ceremony in Bukit Jalil on Thursday. "As we know, the project requires a design and Development Order (DO) approval process, which we will work closely with MRCB to expedite," said Norza. "That process typically takes six months or more, but with the leadership of Sports Minister Hannah Yeoh, Prime Minister Datuk Seri Anwar Ibrahim, and Kuala Lumpur Mayor Datuk Seri Maimunah Mohd Sharif, we may be able to accelerate it. "Once that is done, the construction period should take between 24 and a maximum of 36 months. We will provide regular updates, as a monitoring committee led by OCM secretary-general Datuk Nazif and supported by Squash Racquets Association of Malaysia president Gerard Monteiro is overseeing the project." The Olympic House, which will span 5.38 acres with a gross floor area of 140,973 square feet, is designed to bring together all 58 national sports associations (NSAs) under one roof, fostering closer collaboration and improving governance in sports administration. The purpose-built facility will include modern amenities such as an auditorium, resource centre, gymnasium, museum, gallery, café, surau and more. Norza said the Olympic House would serve as a symbol of progress for Malaysia's sports community, especially for the younger generation. "We can't remain stuck in the nostalgia of the past. To modernise sports, we need a proper structure to house the 58 NSAs," he said. "A museum should be interactive — a place people are drawn to. If it's just a space with outdated concepts that doesn't appeal to the aspirations of young people, no one will visit." "That's why we are strongly committed to making this a landmark project. If you visit Lausanne today, you'll see how the International Olympic Committee (IOC) building and museum are designed to inspire. We want to create something along those lines. "Our KL Sports City will soon feature another iconic building that future generations can look to with pride — one that embodies the aspirations of Malaysian sports."
New Straits Times
4 days ago
- Sport
- New Straits Times
Olympic House is part of KL Sports City
KUALA LUMPUR: The Olympic House will be the crowning glory of the Kuala Lumpur Sports City in Bukit Jalil. Designed and developed by Malaysian Resources Corporation Berhad (MRCB), the master developer of the Kuala Lumpur Sports Complex, the Olympic House will span 5.38 acres with a gross floor area of 140,973 square feet. The new headquarters will bring together 58 national sports associations (NSAs) under one roof to foster closer collaboration and enhance governance in sports management. The purpose-built facility will feature modern amenities including an auditorium, resource centre, gymnasium, museum, gallery, cafe, surau, and more. Youth and Sports minister Hannah Yeoh said that the Olympic House completes the KL Sports City. "We want KL Sports City to be a hub for all things related to sport. This area is frequented by many young people, especially women and sports enthusiasts, so the presence of the Olympic House completes KL Sports City," said Yeoh after completing the groundbreaking ceremony in Bukit Jalil, on Thursday. "We already have Malaysia's first women's clinic for athletes, a childcare centre for female athletes and coaches, and now the Sportswriters Association of Malaysia (SAM) also has a space here at KL Sports City. "We have upgraded the Putra Stadium to accommodate more sports. And now, with the Olympic House, I believe that the national sports associations and affiliated bodies will have a base to work closely with the wider sports community here. "My hope is that the gallery under OCM becomes a draw for the public – especially those waiting around for concerts. Thousands gather here for hours with nothing to do. With a gallery or a sports museum, they can learn about our sporting history and heroes. "I'm seeking the cooperation of the Kuala Lumpur mayor to ensure the smooth development of the Olympic House. By the time the 2027 Sea Games come around, we want certain sections of the project ready for launch."
New Straits Times
20-07-2025
- Business
- New Straits Times
Don't worry 'we have RM40 million in the bank', says OCM supremo
KUALA LUMPUR: Olympic Council of Malaysia (OCM) president Tan Sri Norza Zakaria has assured that the umbrella body has solid financial footing ahead of their move to Bukit Jalil. OCM has inked a land swap deal with Malaysian Resources Corporation Berhad (MRCB) to build their new headquarters - dubbed the Olympic House - on a 5.38 acre plot of land that will be leased (30 years) from the government. In return, MRCB will take ownership of OCM's current headquarters — Wisma OCM (0.73 hectare) at Jalan Hang Jebat - in return for building a new RM93 million state of the art facility for OCM. Certain quarters recently questioned OCM's decision as the latter will not get any cash out of the deal, adding that it could potentially strain OCM financially in the future once the 30-year lease in Bukit Jalil expires. Norza said the move is part of their plans to modernise OCM and assured that they have a "healthy balance sheet". "We have received criticism with some saying it is not a good business decision," said Norza yesterday (July 19). "We are, however, not sacrificing anything. We will get a better building in a better location close to our stakeholders. We will not be stuck in traffic between a school and Petaling Street anymore. "As I have said before, we could just take RM20 to RM30 million and build a small office in Balakong or Bukit Beruntung and keep the rest of the money, but do we really want that? "Our balance sheet is healthy, we have RM40 million in the bank. We are also under the International Olympic Committee (IOC). Every year we get (RM) three to five million in funding coming in through sponsorships and so on, so we are okay (financially). "Our objectives and our core business are different (from other organisations). We are in the process of modernising OCM and we want to establish a well respected organisation. We have to lead by example. "This issue has been addressed with our affiliates and they are fully supporting the move to Bukit Jalil." Norza added that a hotel will also be incorporated into the Olympic House project to generate recurring income for OCM. The new headquarters will also feature offices for over 32 national sports associations, an auditorium, a media conference room as well as various other modern facilities. OCM yesterday announced that a committee has been formed to oversee the Olympic House project to ensure that OCM receives a facility worthy of the RM93 million valuation. The committee is led by OCM secretary-general Datuk Nasir Ali with Squash Racquets Association of Malaysia (SRAM) president Gerard Monteiro as deputy chairperson. Datuk Amarjit Singh Gill (cycling), Datuk Awalan Abdul Aziz (lawn bowls) and Akhramsyah Sanusi (chess) will serve as committee members. The Olympic House is expected to be completed by the end of 2027 at the earliest.
New Straits Times
19-07-2025
- Business
- New Straits Times
OCM endowment fund set to boost Malaysian sports
KUALA LUMPUR: The Olympic Council of Malaysia (OCM) is looking to establish a National Sports Endowment Fund to boost funding for Malaysian sports. OCM president Tan Sri Norza Zakaria said Malaysian sports can no longer expect the government to fund sporting initiatives and must look for more support from the corporate sector. OCM held their first executive council meeting for the 2025-2029 term in Bukit Kiara today (July 19). "The executive council unanimously approved the proposal to establish a National Sports Endowment Fund to serve as a long-term investment platform," said Norza during a press conference here today. "The fund will draw contributions from the private sector which includes corporations, foundations and individuals who wish to provide assistance to national sports associations, athletes and coaches. "The fund is also to help sports that require hand-holding, sports which find it hard to secure sponsorship. "But to attract these contributors, we need to provide them incentives (such as tax incentives). We will need to come up with these incentives and propose them to the government for approval. "There must be clarity when it comes to incentives, only then will the private sector come. Without clarity, it will not be easy to entice them." Norza added that the management of the fund will be free of political interference. "The fund must be run by professionals and be free of political interference. We will have a board of trustees," said Norza. "We hope to get this fund up and running by the end of the year, or by the first quarter of next year at the latest." OCM has also set up a committee - dubbed the Olympic House Project Steering Committee - to oversee the construction of their new headquarters in Bukit Jalil. The committee is led by OCM secretary-general Datuk Nasir Ali with Squash Racquets Association of Malaysia (SRAM) president Gerard Monteiro as deputy chairperson. Datuk Amarjit Singh Gill (cycling), Datuk Awalan Abdul Aziz (lawn bowls) and Akhramsyah Sanusi (chess) will serve as committee members. "This committee will oversee the entire project to ensure that we get a new facility that is worth RM93 million (and not get shortchanged) and to also make sure that the entire process is transparent," added Norza. The new OCM headquarters will be built on a 5.38 acre plot - leased from the government - by Malaysian Resources Corporation Berhad (MRCB), funded via a land swap deal with the latter. MRCB will in exchange take the 0.73 hectare plot of land - valued at RM93 million - along Jalan Hang Jebat, Kuala Lumpur where OCM's current headquarters, completed in 1991, are situated. OCM has also set up various standing committees to oversee different sectors for the 2025-2029 term. OCM Standing Committees for 2025-2029 term: Selection, membership, media (all chaired by Tan Sri Norza Zakaria), marketing and sponsorship, winter sports (both Datuk Nur Azmi Ahmad), East Malaysia (Azizul Annuar Adenan), general purpose and awards (Datuk Sumali Reduan), museum, hall of fame and welfare (Datuk Iruan Zulkefli), gender equity (Nurul Huda Abdullah), building and facilities (Datuk Dr Chong Kim Fatt), relocation of OCM headquarters task force (Datuk Nasir Ali), finance (Datuk Ahmad Feisal Ahmad Tajuddin), education and training (Moira Tan), medical and anti-doping (Datuk Dr S.S Cheema), legal advisory, rules and discipline (Datuk Seri Firuz Jaffril)
New Straits Times
18-07-2025
- Business
- New Straits Times
CIMB holds MRCB forecast pending progress on Ipoh Sentral JV
KUALA LUMPUR: CIMB Securities Sdn Bhd is maintaining its earnings forecast for Malaysian Resources Corp Bhd (MRCB), pending the fulfilment of key conditions under its joint venture development agreement (JVDA) with Ipoh Sentral Sdn Bhd (ISSB). Among the conditions is the submission of ISSB's development plan to the relevant authorities. "We expect material contributions from Ipoh Sentral to only kick in from FY28F onwards," the firm said in a note. The JVDA was signed this month, following an earlier memorandum of agreement between MRCB and ISSB on January 23, 2025, to jointly develop the Ipoh Sentral mixed-use project. The development will span two parcels of land totalling 67 acres, currently owned by Railway Assets Corp, which is in the process of transferring the land to its wholly owned subsidiary, Railway Asset Holdings Sdn Bhd (RAHSB). ISSB is a 50:50 joint venture between RAHSB and Silver Smart, a wholly owned entity of the State Secretary Perak (Inc). The land development and management rights were assigned to ISSB under an earlier agreement signed on Nov 29, 2024. Based on a transit-orientated development (TOD) concept, Ipoh Sentral is located adjacent to the historic Ipoh train station. Marketed as a transformative hub for the city, the project will feature a dynamic mix of residential, commercial, office, and hospitality components. With an estimated gross development value (GDV) of RM6.3 billion and projected development costs of RM5.6 billion, the project is expected to yield a total profit of RM630 million, or about RM32 million annually, CIMB Securities said in a note. In exchange for the development rights, MRCB will pay ISSB RM348 million over 20 years, with a minimum guaranteed payment of RM198 million. Through the JVDA, MRCB and ISSB will form an incorporated joint venture company to lead the 20-year development. The initial phase will focus on enhancing public spaces and amenities, while subsequent phases will introduce residential, commercial, retail, and transit components. MRCB saw a weaker performance in the first quarter of 2025 but remains optimistic about its prospects, buoyed by RM5.6 billion in newly secured contracts expected to boost revenue in the coming years. For the quarter ended March 31, the group posted a 54 per cent year-on-year decline in revenue to RM218.2 million, while profit before tax fell to RM4.9 million from RM19 million previously. Despite the lower earnings, CIMB Securities has reiterated its "Buy" rating on MRCB, with an unchanged target price of 83 sen. Year-to-date, the stock has posted a marginal 1 per cent gain. After hitting a low of around 38 sen in March, it has been on a steady recovery, trading between 52 sen and 55 sen this week. This puts MRCB's market capitalisation at roughly RM2.37 billion. Ipoh Sentral is one of two key catalytic projects MRCB is undertaking in Ipoh, the other being the Ipoh Raya Integrated Park.
