BBCC progresses faster than expected

The transformation of the former Pudu jail site into the multi-billion-ringgit Bukit Bintang City Centre (BBCC), which started in 2016, is moving faster than expected.

According to project owner BBCC Development Sdn Bhd, 25 per cent of Phase 1 construction and all infrastructure works for the development were completed as at end-October 2018, ahead of its delivery which is slated in the first quarter of 2021.

BBCC, which sits on 7.85ha of land, will have a total gross built-up area of 6.7 million sq ft with a gross development value of RM8.7 billion.

The project comprises Mitsui Shopping Park Lalaport KL, Canopy by Hilton (a 28-storey lifestyle hotel), an entertainment hub, four serviced apartment towers, three blocks of strata and corporate offices and an 80-storey 3-in-1 signature tower housing corporate offices, a five-star hotel and luxury residences.

BBCC will have about 7,000 commercial and residential carparks within the entire development upon its full completion, which is expected by 2025.

Phase 1 consists of the RM1.6 billion Mitsui Shopping Park, 43 levels of strata office (The Stride), the entertainment hub that comprises Zepp KL by Sony, Malaysia Grand Bazaar (MGB) and Regus, and two towers of serviced apartments (Lucentia 1 and 2).

It will also see the construction of traffic tunnels to Jalan Galloway from Jalan Hang Tuah and another on Jalan Changkat Thambi Dollah, including a new transportation hub to link the Hang Tuah light rail transit station and the Merdeka mass rapid transit station.

The Phase 1 components account for 50 per cent of the total built-up area of BBCC.

“We are happy with the current pace of works and are looking forward to achieving the next milestone for this iconic development,” said BBCC Development chief executive officer Low Thiam Chin.

BCCC Development is a joint venture between Eco World Development Group Bhd, UDA Holdings Bhd and the Employees Provident Fund.

Since the official launch of BBCC in December 2016, the company has enjoyed positive market response for the serviced apartments comprising 666 units and the strata office consisting of 341 units.

Last year, BBCC Development inked an agreement with Hass Holdings Sdn Bhd to facilitate the sale of the 28-storey hotel block to the latter for about RM290 million. The 456-key hotel block will be managed by Hilton and branded Canopy by Hilton (the first in Southeast Asia) under a hotel management agreement between Hass Holdings and Hilton.

Mitsui Fudosan Asia, in a joint venture with the shareholders of BBCC Development, has started work to develop the RM1.6 billion Mitsui Shopping Park Lalaport KL.

The lifestyle mall will attract new-to-market Japanese and Asian brands as well as international retailers with globally-recognised brands to become a top shopping destination in this region.

Federal Territories Minister Khalid Abdul Samad, who visited the site last month, said he was impressed with the progress and traffic plans by BBCC Development.

Khalid said his ministry would give its full support for the completion of the BBCC project.

Published

New Straits Times, on December 6, 2018

https://www.nst.com.my/property/2018/12/437922/bbcc-progresses-faster-expected