Mitsui Fudosan to come in as possible equity partner for Bukit Bintang City Centre RM1.6b mall

KUALA LUMPUR: BBCC Development Sdn Bhd today signed a head of terms agreement with Mitsui Fudosan (Asia) Pte Ltd, that proposes Mitsui Fudosan to take up a 50% stake in the 1.4 million square feet RM1.6 billion development cost lifestyle retail mall in the Bukit Bintang City Centre project.
It also signed a similar agreement with Zepp Hall Network Inc for the set up of a live concert hall which can hold more than 2,000 audience. Zepp Hall is a subsidiary of Sony Music Entertainment (Japan) Inc. and its core business is venue operations.
The third signing earlier was a Memorandum of Understanding with The Ascott Ltd, the largest international serviced residence owner-operator in the world with experience in managing over 45,000 units in 290 properties.
"The mall construction is anticipated to begin early next year, but we would be commencing the work for the project towards the third quarter of this year," said BBCC CEO Datuk Richard Ong.
"Because this is a large project, we will start of with other infrastructure work, once that is in progress, then the mall (construction works) will come in," he added.
BBCC is a mixed development project comprising a mall, entertainment block, strata offices, office tower, two hotels, serviced residences and serviced apartments. The project will be built on 19.4 acres at the former Pudu Jail site and is expected to take eight to 10 years to be completed.