KUALA LUMPUR (JULY 21): Bukit Bintang City Centre (BBCC) project, the consortium project spearheaded by UDA Holdings Bhd, Eco World Development Group Bhd and the Employees Provident Fund (EPF), plans to launch its first phase by the end of this year, reports The Edge Financial Daily.
“We will build our show gallery by the end of this month [which] will take three months to complete. We will launch our first phase of the project sometime in December,” said UDA chairman Datuk Johari Abdul Ghani.
Kuala Lumpur City Hall (DBKL) had approved the development order (DO) for the masterplan this month.
Johari said once DBKL approves the detailed DOs, tenders for the construction works will also start soon. The detailed DOs are for each component of the first phase of the project -- shopping mall, strata offices, hotel and high-rise residences.
He also noted that the joint-venture agreement with EPF, Mitsui Fudosan Co Ltd and Sony subsidiary Zepp Entertainment are currently in the final stages of negotiations.
UDA has pledged to award half of the construction works of the development to bumiputera companies.
The BBCC project, which sits on the tract of former Pudu Prison, has an estimated total development cost of RM5 billion. It has a gross development value (GDV) of RM8 billion.
Both Eco World and UDA hold a 40% equity stake in the special purpose vehicle (SPV) that undertakes the development project on a 19.4-acre (7.85ha) parcel of prime land strategically located between Jalan Pudu and Jalan Hang Tuah, near the bustling Bukit Bintant area. The EPF holds 20%.
As the landowner, UDA will receive RM1 billion in development rights from the SPV for the redevelopment.
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