UDA Optimistic Of Attracting More Foreign Investors For Bukit Bintang Project
Date：2015/02/06
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KUALA LUMPUR -- UDA Holdings Bhd is optimistic of attracting more foreign investors for its mixed development project, Bukit Bintang City Centre (BBCC), said its chairman, Datuk Johari Abdul Ghani.
He said the project, which has a gross development value of RM8 billion, has so far attracted Mitsui Fudosan (Asia) Pte Ltd, the largest Japanese real estate conglomerate and Zepp Live Entertainment Inc, an unit of Sony Music Entertainment Japan.
Johari said Mitsui would sign the agreement next week which would then allow it to start the development and operation of the lifestyle mall.
"We are still in discussions with more investors. There are many investors from China who are interested in the end-block investment in terms of strata office and others.
"Currently, there is no cap on foreign investments, but the government has a limit on foreigners buying residential units costing above RM1 million," he told a media briefing after the signing ceremony of the BBCC's tripartite agreement here Wednesday.
The BBCC project, a re-development of the 7.85-hectare former Pudu jail site, is a partnership comprising UDA, Eco World Development Group Bhd and the Employees Provident Fund (EPF).
The project will comprise a mixed residential and commercial development consisting of strata offices, office towers, a hotel and serviced residences.
There will also be a lifestyle centre which will include a Malaysian grand bazaar, a retail mall, food and beverages as well as entertainment components.
A special-purpose vehicle, BBCC Development Sdn Bhd, was formed to undertake the project, with UDA 40 per cent of the stakes, Eco World (40 per cent) and EPF (20 per cent).
Barring any unforseen circumstances, Johari said, the project would commence in the second quarter 2015 with the development order expected to be secured within six months.
The project is expected to be completed in eight years, he said.
He said the strategically-located BBCC would receive strong interest from buyers and tenants and the take-up rate would be high.