PLANS to revive the mostly vacant Pantai Plaza are expected to commence in August and to be completed in stages.
Located along the Federal Highway, the plaza, renamed as Bangsar Trade Centre (BTC) will have a wholesale centre for food and beverage and hospitality industry.
Malaysia Building Society Bhd (MBSB) signed a RM120mil debt settlement agreement with Twin Pavilion Development Sdn Bhd to revive Pantai Plaza.
The agreement will also settle the debts of the plaza’s previous owner, Atlas Corporation Sdn Bhd.
Twin Pavilion Development chairman Tan Sri Ramli Ngah Talib said plans for the plaza included a corporate office tower, convention and exhibition centre, strata office suites and a hotel.
“We estimate 10,000 visitors daily with the potential to increase this figure exponentially when the surrounding commercial properties such as KL Eco City come into full occupancy,” he said at the signing ceremony, adding that the project has a gross development value of RM850mil.
Ramli added that each component in BTC will support the wholesale centre where manufacturers, suppliers, knowledge and financial providers are brought together.
Twin Pavilion Development chief executive officer Lee Seng Khoon said they would be refurbishing the plaza as well as some construction work.
“The existing podium with a space of 400,000 sq ft will be refurbished to house the wholesale centre where suppliers will be able to connect with buyers,” he said.
Lee added that they would be constructing towers, providing an additional 1mil sq ft of floor space.
“After the project’s completion, we will still be very much involved in this area as we will be retaining a majority of the mall and office space,” he said.
MBSB chairman Tan Sri Abdul Halim Ali who was also present at the event, said the agreement would also see MBSB extending end-financing assistance totalling RM120mil.
“We hope that BTC will become a new landmark that Kuala Lumpur can be proud of,” he added.
Federal Territories and Urban Wellbeing minister Datuk Raja Nong Chik Raja Zainal Abidin had witnessed the signing and launched the project.
He said the continuous urban renewal of the city was a necessity.
“Renewal can provide a city the opportunity to reclaim quality urban spaces.
“However, it does not mean merely putting cosmetic improvements into ageing buildings but to create sustainable urban development through innovation that adds value to the surrounding community,” he said.