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KUALA LUMPUR: BBCC Development Sdn Bhd (BDSB), the developer of the RM8.7 billion Bukit Bintang City Centre (BBCC) project along Jalan Pudu, Kuala Lumpur, is targeting a modest RM250 million sales in 2019 in view of subdued property market.
“The market is quite soft at this juncture. We hope to garner RM250 million sales next year from this development, BBCC,” said BDSB chief executive officer Low Thiam Chin.
“We continue to see good take-up rates at our service apartments here,” Low told reporters after hosting a working visit by the Entrepreneur Development Minister Datuk Seri Mohd Redzuan Md Yusof.
Also present were Entrepreneur Development Deputy Minister Datuk Wira Dr Mohd Hatta Ramli, Entrepreneur Development Ministry secretary general Wan Suraya Wan Mohd Radzi and Eco World Development chief operating officer Sundarajoo Somu.
The serviced apartments in BBCC, namely Lucentia 1 and Lucentia 2, totals 666 units, ranging from 450 to 880 sq ft, as well as strata offices.
Construction of these two blocks is expected to be completed by the first quarter of 2021.
Prices average RM1,650 per sq ft (psf) for the first 47-storey building with 393 units. For the 36-storey building with 273 units, the prices average at RM1,750 psf.
This 19.4 acres BBCC project is the redevelopment of the former Pudu jail site that will take up to 10 years.
Eco World Development and UDA Holdings Bhd, each holds a 40 per cent stake in BBCC Development, while the EPF owns the remaining 20 per cent.
UDA Holdings managing director Datuk Ahmad Abu Bakar, who was also present, said the Malaysian Grand Bazaar (MGB) retail element within BBCC offers 100,000 sq ft retail space that has already managed to attract 40 tenants, ahead of its opening in 2021.
The heritage-inspired MGB is designed to be a top tourist attraction.
It is a dedicated platform to propel the entrepreneurship of local craftsman, traders and artistes to the next level. “We hope to attract more participants from Sabah and Sarawak,” Ahmad said.
Mohd Redzuan said financing is not an issue for prospective tenants at the MGB since they can access loans, credit guarantees and grants via agencies under his ministry.
“Prospective tenants who are Bumiputera entrepreneurs can apply for loans via agencies under the purview of my ministry,” the minister said.
Agencies under the purview of Ministry of Entrepreneur Development include SME Corp, SME Bank, Bank Rakyat, Perbadanan Usahawan Nasional Bhd (PUNB) and National Entrepreneurial Group Economic Fund (Tekun Nasional).
New Straits Times, on December 5, 2018