Second block of serviced apartments at Bukit Bintang City Centre to be unveiled in 2H2017

KUALA LUMPUR (June 20): BBCC Development Sdn Bhd will be launching the second block of serviced apartments at Bukit Bintang City Centre (BBCC) in the third quarter of 2017.

It will consist of 270 units with a total gross development value (GDV) of about RM300 million, BBCC Development CEO Datuk Richard Ong told reporters after the ground-breaking ceremony of BBCC today.

The selling prices of the second block will be similar to the first block, which is selling at some RM1,600 psf, he added.

Since its official launch in December last year, BBCC has enjoyed positive market response for the first block of serviced apartments called Lucentia Residences, comprising 393 units. Also lauched were 341 strata office units dubbed The Stride. The serviced apartment and the office are about 70% and 30% sold, respectively.

Ong pointed out that the company hopes to make one more significant announcement before the end of this year with regards to an investment into one of the components in BBCC.

"After our joint venture with Mitsui Fudosan Asia to build and operate the mall, we are seeing more international companies and groups seeking to participate in other components, such as hotels, serviced apartments and offices," he said.

BBCC Development is in the midst of negotiations with interested parties from Japan, Singapore, Spain, Australia and the UK, he added.

Officiated by Prime Minister Datuk Seri Najib Razak, the ground-breaking ceremony marked the commencement of works for BBCC and the Mitsui Shopping Park Lalaport KL, part of phase 1 of the mega development.

"BBCC is an example of the key projects that support the government Economic Transformation Programme for Greater KL and the Klang Valley. Within a few years — by 2020, in fact — this site is going to be transformed into a world-class integrated development," Najib said in his speech.

BBCC is expected to be completed by December 2020.

“In the next four years, BBCC will be completing 50% of the entire development, which is about 3½ million sq ft of gross built-up area.

“We are very confident with the commencement of work as it will allow us to showcase what we are selling here. That will give the public confidence in the development," said Ong.

Located on 19.4 acres at the former Pudu Jail site, BBCC will have a total gross built-up area of 6.7 million sq ft with a GDV of RM8.7 billion.

The mixed development comprises the Mitsui Shopping Park Lalaport KL mall, an entertainment hub, five blocks of serviced apartments, a four-star hotel, two blocks of strata offices and an 80-storey 3-in-1 signature tower housing corporate offices, a five-star hotel and luxury residences.

With an estimated GDV of RM4 billion to RM4.5 billion, phase 1 consists of the shopping mall, the entertainment hub, the four-star hotel, one strata office and two blocks of serviced apartments. These components account for 50% of the total built up area of BBCC.

The 1.4 million sq ft Mitsui Shopping Park Lalaport KL itself has a GDV of RM1.6 billion and will be the flagship commercial component in BBCC. it is scheduled to open in 2021 and is a 50:50 joint-venture development between Mitsui Fudosan Asia and BBCC Development.

BBCC Development is a consortium of the Employees Provident Fund (EPF), UDA Holdings Bhd and Eco World Development Group Bhd.