BBCC Development Sdn Bhd To Launch Second Block Of Service Apartments In Q3 2017

BBCC Development Sdn Bhd To Launch Second Block Of Service Apartments In Q3 2017

KUALA LUMPUR, June 20 — BBCC Development Sdn Bhd, the developer of the Bukit Bintang City Centre (BBCC) here, will launch the second block of its services apartments in the third quarter of this year.

Chief Executive Officer, Datuk Richard Ong, said the new block, comprising 270 units, would likely have a gross development value of RM300 million.

Besides enjoying spillover from the overwhelming response received from the previous block, the commencement of the groundwork today would strengthen market assurance towards the project, thus spur buying, he said.

“A lot of interest has started to come in and is attracting buyers. They need to see that the site is progressing,” he told a press conference after the groundbreaking ceremony of BBCC and Mitsui retail mall by Prime Minister Datuk Sri Najib Razak.

Ong said about 70 percent of the 393 units of the first block of services apartments had been sold since it was launched in December last year

The RM8.7 billion BBCC project, located on what was the old Pudu Jail, is being undertaken by a consortium comprising UDA Holdings Bhd, Eco World Development Group Bhd and the Employees Provident Fund Board.

The 7.85-hectare project comprises a retail mall, an entertainment hub, a four-star hotel, two blocks of strata office, and five blocks of serviced apartments and an 80-storey three-in-one signature tower housing corporate offices, which a five-star hotel and luxury residences.

Phase one, scheduled to be completed by December 2020, will consist of a retail mall, entertainment hub, hotel, one strata office and two blocks of serviced apartment components, equivalent to 50 percent of the entire project.

The RM1.6 billion retail mall, named Mitsui Shopping Park LaLaport KL, would be owned and operated by MFBBCC Retail Mall Sdn Bhd, a 50:50 joint-venture company between BBCC Development and Mitsui Fudosan Asia.

On the other note, Ong said, the consortium was in the midst of the discussion with several potential international investors from Spain, Australia and the UK keen to form a partnership in developing BBCC.

“At this moment we do not set the limit. We just see what comes along and will access it thoroughly. Most importantly, it (the investment) bring value to our development,” he said.

 

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