PETALING JAYA: Mitsui Fudosan (Asia) Malaysia Sdn Bhd (MFAM) and BBCC Development Sdn Bhd (BBCCD) have formed a joint venture (JV) to purchase a serviced residence block in the Bukit Bintang City Centre (BBCC) development for RM242mil.
Eco World Development Group Bhd, which is jointly developing the BBCC development, said MFAM and BBCCD would hold a 51% and 49% stake respectively in the JV company, which will manage and operate the property including the granting of tenancies of units.
“The serviced residence block is a 44-storey building that will have a total of 269 units comprising one, two and three-bedroom apartments with built-ups from 532 sq ft to 1,188 sq ft.
“The units are from level five onwards while level two to four will house the carparks and facilities like a swimming pool, yoga deck, gym, library, children play area, business centre and multi-purpose room, ” it said in a statement.
Eco World said the serviced residence block is part of Phase 2 of BBCC, which will also include another residential tower and two blocks of commercial buildings.
“The serviced residence block is expected to be completed by the end of 2023, ” it said.
Eco World is jointly developing BBCC with UDA Holdings Bhd and the Employees Provident Fund Board. Located on a 19.4-acre site, the development is poised to be the new gateway into the Kuala Lumpur golden triangle and future centre of greater Kuala Lumpur.
In the same statement, EcoWorld chairman Tan Sri Liew Kee Sin said the deal proved the strength and fidelity of the long bilateral ties forged between Malaysia and Japan over many years.
“Japan is not only one of the country’s top sources of foreign direct investment (FDI), its contribution towards the growth of our manufacturing, services, retail, real estate and banking sectors have been immense.
“The signing therefore signifies our partner’s continued confidence not only in the BBCC project but also their belief in Malaysia’s long-term growth prospects and the attractiveness of our country as an emerging global destination for real estate investment.”
Liew noted that Malaysia has been affected by the Covid-19 pandemic, which has spared few countries globally and disrupted the global economy and 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.”
UDA Holdings chairman Datuk Jalaluddin Alias said the regeneration of the BBCC site has surpassed expectations in terms of unlocking the value.
“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.”
BBCC sits on 19.4 acres of land and has a total gross build-up area of 6.7 million sq ft with a gross development value of RM8.7bil.
The masterplan comprises a retail mall, an entertainment hub, four blocks of serviced apartments, a lifestyle hotel, three blocks of strata and corporate offices as well as an 80 storey 3-in-1 signature tower that will comprise corporate offices, a five-star hotel and luxury residences.
Did you find this article insightful?