KUALA LUMPUR: Exsim Development Sdn Bhd and the Malaysian Basketball Association (Maba) have kicked off construction of their RM800mil redevelopment project at the former Wisma Mabasite, marking a financially transformative milestone for the national basketball body.
The 1.328-acre site along Jalan Hang Jebat will be redeveloped into Maba Suitez, a 60-storey twin-tower serviced apartment project comprising about 1,300 units.
The development features serviced apartments with built-up areas of 484 sq ft to 657 sq ft, and office suites starting from 323sq ft.
Indicative selling prices range between RM1,800 and RM2,200 per square foot, though final pricing is only expected to be confirmed next March. The project is slated for completion in 2031.
At the groundbreaking ceremony, Maba president Datuk Seri Lee Tian Hock, who is also founder and group executive deputy chairman of Matrix Concepts Holdings Bhd
, described the redevelopment as a turning point for the association’s long-term financial stability.
“This RM800mil project is expected to generate at least RM170mil for Maba. We’ll use RM120mil of that to repurchase serviced apartments for rental, which should generate about RM6mil in steady annual income,” Lee said.
“This means future leaders of Maba can focus entirely on developing the sport, free from financial worries.”
Lee said the proceeds and recurring income will allow the association to build sustainable financial assets, moving it away from decades-long reliance on donations and ad-hoc funding.
“Funding is the lifeblood of sports development. We need to shift our mindset from being just dreamers to becoming proactive builders of our own revenue streams,” he said.
“Our ultimate goal is clear: to become a financially self-reliant organisation. This redevelopment is a genuine game changer for Malaysian basketball’s future.”
The new Maba headquarters – to be housed within the development – will span 3,000sq ft and include a dedicated half-court for three on three basketball, symbolising the organisation’s push to modernise while preserving its heritage.
Lee reiterated that ageing infrastructure had made redevelopment unavoidable.
“After serving us for over 50 years, Wisma Maba faces serious structural problems. Our stadium also has its own issues, with a leaky roof and an ageing cooling system. We can’t live on past achievements, we must have the courage to build a new legacy,” he said.
Positioned opposite the Merdeka 118 precinct and within walking distance to both the MRT Merdeka and LRT Plaza Rakyat stations, Maba Suitez is expected to draw demand from buyers seeking central Kuala Lumpur connectivity.
With construction underway, the project marks not only a revival of a prime Kuala Lumpur site but also a major financial reset for local basketball, ensuring the association can invest steadily in grassroots talent, competitions, and national-level development for years to come.
