By Ranjit Singh
MITSUI Fudosan (Asia) Malaysia Sdn Bhd (MFAM) and BBCC Development Sdn Bhd (BBCCD) have agreed to form a joint venture, MFBBCC Serviced Suites Sdn Bhd (JVCo), to buy a serviced residence block in the Bukit Bintang City Centre (BBCC) development for RM242 mil.
MFAM will have 51% and BBCCD 49% in the JVCo, which will manage and operate the property including granting tenancies of units within the property. BBCC is a project between UDA Holdings Bhd, Eco World Development Group Bhd (EcoWorld Malaysia) and the Employees Provident Fund Board.
The development spans 7.85ha at the site of the former Pudu Jail and is poised to be the new gateway into Kuala Lumpur’s Golden Triangle and the future centre of Greater Kuala Lumpur. The serviced residence block comprises a 44-storey building that will have 269 units comprising 1, 2 and 3-bedroom apartments with built-ups from 532 sq ft to 1,188 sq ft. The block is expected to be completed by end-2023.
In a statement today UDA Holdings Bhd chairman Datuk Jalaluddin Alias said, “With Phase 1 of BBCC well underway and set for its first handover in 2021, the en-bloc sale of the serviced residence under Phase 2 affirms the project’s attractive propositions and potential as the upcoming nucleus of the city centre.
“The regeneration of this historical site has surpassed expectations in terms of unlocking value and we have our business partners and shareholders to thank for this. It is our hope that the project continues to set new standards not only in development but also in experiences, living up to its tagline of Where Life is Spectacular.”
MFAM managing director Takehito Fukui said, “MFAM’s continued partnership with the project’s shareholders is a natural progression from our Phase 1 involvement of developing The Mitsui Shopping Park Lalaport retail mall project. It has been an exciting journey and we are delighted to be part of BBCC’s Phase 2 growth and looking forward to achieving more in years to come.”
Eco World chairman Tan Sri Liew Kee Sin said, “BBCC has recorded many firsts since its launch in 2016 – from our 1st joint venture with MFAM to develop The Mitsui Shopping Park Lalaport, to the creation of the Malaysia Grand Bazaar, Zepp KL Concert Hall and numerous other amenities that will transform inner-city living, working, retail and entertainment at the very heart of Kuala Lumpur.
“As the development manager, we could not be prouder of BBCC’s achievements, especially this latest milestone. Our nation is going through unprecedented times now with Covid-19, which has spared few countries globally and disrupted the global economy and foreign direct investments (FDI) around the world.
“However, we are fortunate to have the support of valued partners like MFAM who have stuck with us through thick and thin and are committed to working alongside us to assure the continued success of the BBCC development which they are an integral part of.” - June 10, 2020