PETALING JAYA (June 10): Mitsui Fudosan (Asia) Malaysia Sdn Bhd (MFAM) and BBCC Development Sdn Bhd (BBCCD) have signed a joint venture agreement to acquire a serviced residence block in the Bukit Bintang City Centre (BBCC) development, Kuala Lumpur, for RM242 million.

The joint venture company, known as MFBBCC Serviced Suites Sdn Bhd (MFBBCC), will be 51% held by MFAM and 49% by BBCCD. MFBBCC will manage and operate the property including granting of tenancies within the property.

Part of phase two of BBCC, the 44-storey serviced residence block will house 269 units and is expected to be completed by end-2023. Layout types include one- to three-bedroom apartments with built-ups ranging between 532 sq ft and 1,188 sq ft. The serviced apartment is set to provide facilities such as a swimming pool, yoga deck, gym, library, children play area, business centre and multi-purpose room.

The deal follows the partnership between MFAM and BBCCD on The Mitsui Shopping Park Lalaport retail mall project in BBCC.

Phase two of BBCC will also include another residential tower and two blocks of commercial buildings. Located on a 19.4-acre site, the RM8.7billion BBCC mega project is a joint-venture project between UDA Holdings Berhad, Eco World Development Group Bhd and the Employees Provident Fund Board (EPF).

BBCC’s masterplan comprises a retail mall, an entertainment hub, four blocks of serviced apartments, a lifestyle hotel, three blocks of strata and corporate offices and an 80 storey 3-in-1 signature tower that will comprise corporate offices, a 5-star hotel and luxury residences. Phase one of the project is scheduled to be completed ahead of its delivery slated in the first quarter of 2021.

“The signing today signifies our partner's continued confidence not only in the BBCC project, but also their belief in Malaysia’s long term growth prospects and the attractiveness of our country as an emerging global destination for real estate investment,” said EcoWorld Malaysia chairman Tan Sri Liew Kee Sin in a press statement today.

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