Ikhmas Jaya bags RM189mil contract from BBCC Development

Bukit Bintang City Centre

PETALING JAYA: Ikhmas Jaya Group Bhd has secured a contract worth RM188.6mil from BBCC Development Sdn Bhd to carry out substructure works for the Bukit Bintang City Centre (BBCC) project in Jalan Pudu, Kuala Lumpur.

The piling and foundation specialist said in its filing with Bursa Malaysia that unit Ikhmas Jaya Sdn Bhd had accepted the terms and conditions of the letter of award from BBCC Development, the developer of the RM8.7bil BBCC project. 

The works, comprising earthworks, piling, and diaphragm wall & reinforced comcrete works, is expected to start on June 8 and is slated for completion in two years.

“We are honoured to be given the opportunity to be a part of this prestigious project, which is jointly owned by Eco World Development Group Bhd, UDA Holdings Bhd and the Employees Provident Fund (EPF),” group managing director Datuk Ang Cheng Siong said in a statement.

Ikhmas Jaya, whose works are under Parcels 2 and 3, said works under Parcel 2 comprised an eight-storey block of entertainment podium, a five-storey carpark, a 43-storey office tower and a 27-storey hotel with 359 rooms.

Parcel 3, meanwhile, includes an eight-storey car park, a six-storey car park and two blocks of serviced apartments, among others.

Ikhmas Jaya said the project was expected to contribute positively to its earnings and net assets for the financial years ending Dec 31, 2017, 2018 and 2019.

Sitting on 19.4 acres, the BBCC project is a redevelopment of the former Pudu jail site that will take between eight and 10 years. 

BBCC Development is a special-purpose vehicle (SPV) set up to facilitate the project. Eco World and UDA Holdings hold a 40% stake each in the SPV, while the EPF has a 20% stake.