BBCC close to securing office tower anchor tenant

KUALA LUMPUR: BBCC Development Sdn Bhd, the developer of the Bukit Bintang City Centre (BBCC) project, expects to secure an anchor tenant for the corporate offices within its 80-storey signature tower soon.
BBCC Development CEO Datuk Richard Ong (pix) said it has received a lot of interest for the corporate offices but it is still working out some details.
“We should be looking at getting some ‘firmness’ pretty soon. We take it one thing at a time. What’s important now is to really gear up to start work. Work (on BBCC) will be massively commencing in March and April,” he told reporters at the signing of a lease agreement with Zepp Hall Network Inc last Friday. The signature tower, which is in the second phase of BBCC, offers about one million sq ft of net space.
The tower comprises corporate offices at the lower zone, a five-star hotel in the middle zone and luxury apartments at the top.
Meanwhile, BBCC Development and Zepp Hall, a subsidiary of Sony Music Entertainment (Japan) Inc, will jointly invest RM100 million on a Zepp branded concert hall within the entertainment hub of BBCC.
Last Friday, the two parties signed a 20-year lease agreement for the 70,000 sq ft concert hall which is scheduled to open by end-2020.
“We are looking at about RM100 million to build the hall. Within that, some of the work will be done by Zepp Hall. They will fit out and equip the hall and we as the developer will build the structure that contains the hall.”
The lease price has yet to be determined, as it would depend on the type of performances and artistes who will perform at the hall in four year’s time, This would determine the turnover of the concert hall. The parties are considering the concept of turnover plus base rent for the lease price. The concert hall will be Zepp Hall’s first in Malaysia and outside of Japan. Zepp Hall has five concert halls across Japan, with a sixth hall opening in Osaka this Friday.
BBCC is a RM8.7 billion project being undertaken by a consortium comprising UDA Holdings Bhd, Eco World Development Group Bhd and the Employees Provident Fund Board.