KUALA LUMPUR: UDA Holdings Bhd has been tasked with reviving its ageing and underutilised assets and transforming them into premium commercial spaces with affordable rents for micro, small and medium enterprises (MSMEs), says Entrepreneur Development and Cooperatives Minister Steven Sim.
He said UDA, which has operated for more than 50 years, owns various pieces of land and buildings that have become old or underutilised.
“I am interested in UDA’s efforts to unlock the value of its assets.
“UDA has been around for more than half a century, so it has certain assets, some of which have become old.
“Don’t let them be abandoned or simply left as they are,” he said during a visit to Chinatown 1974 here yesterday.
Sim said Chinatown 1974 was an example of how ageing assets could be given a new lease of life to create opportunities for businesses and entrepreneurs.
“This is a building that I think is more than 43 years old, and it had been unoccupied for five years.
“Now, it has not only been given a new lease of life but also houses eight businesses,” he said.
He said the revitalisation also brought wider benefits to the surrounding area by attracting tourists, boosting nearby property values and creating employment and entrepreneurial opportunities.
Sim said the approach was important to ensure MSMEs could access premium commercial spaces at affordable rental rates, particularly in city centres.
He said similar efforts would continue at locations including Heritage Valley in Kuala Lumpur, A-Walk in Melaka and Pudu Sentral, as well as other major cities nationwide.
