Eco World sticks to 1Q2016 launch date for RM8.7 bil Bukit Bintang City Centre

SHAH ALAM (Oct 15): Eco World Development Group Bhd is keeping its timeline to launch the RM8.7 billion Bukit Bintang City Centre (BBCC) project in Kuala Lumpur, where the Pudu Prison once stood, in the first quarter of 2016.

Eco World chief executive officer Datuk Chang Khim Wah (pictured) said the sales gallery for the development is currently under construction, and will be open to the public soon.

“Bukit Bintang project is going full steam ahead. The sales gallery is being built at this point in time. We shall be ready for operations quite soon, we are getting things ready now,” he told reporters, after the group’s extraordinary meeting (EGM) today.

Chang said more news on the project will be announced "very soon".

BBCC is a joint development between Eco World, Uda Holdings Bhd and the Employees Provident Fund (EPF), in which Uda and Eco World each hold a stake of 40% in the special purpose vehicle, BBCC Development Sdn Bhd for the project, and EPF holds the rest.

Earlier at the EGM, Eco World shareholders gave their approval for the developer to proceed with its RM10 billion Eco Marina development in Batu Kawan, Penang.

“Eco Marina is a project we are buying from Penang Development Corp (PDC), consisting of 299.64 acres of development land and leasing of 150 acres of golf course land. The expected takeoff date for this project is sometime towards the end of 2016,” said Chang.

He added that Eco Marina will be located between the golf course on the southern side, and the sea on the northern side, making for a unique development.

He said the proposed township will be similar to Eco World’s Eco Majestic township in Semenyih and Eco Sanctuary in Kota Kemuning, Shah Alam, both located in Selangor.

“We are targeting the Penangites through this project (Eco Marina). The first few phases will be for the end-user, as well. We are encouraging most of the people staying the island to move here, as we are offering gated and guarded landed properties.

“We are also providing for those staying in the area surrounding the mainland, because there are a lot of industrial parks in the area, making it a high employment area,” said Chang.

The later phases will include commercial elements and high-rise buildings.

“When we get to the commercial side of the development, it will be a different ball game.

"A lot of the Singaporeans and the foreigners might come, because the golf course will be ready by then and also other waterfront activities. Only then will the foreigners be coming in,” said Chang.

According to him, the golf course will take four years to build, with the handing over for the high-rise buildings to be done a year after the completion of the golf course.

As at 2.39pm today, Eco World shares were traded down 1 sen or 0.69% at RM1.43, with 988,700 shares done. Its market capitalisation stood at RM3.43 billion. -- theedgemarkets.com

Check out some properties in Bukit Bintang, Kuala Lumpur here.