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Kuala Lumpur: Mitsui Fudosan (Asia) Malaysia Sdn Bhd (MFAM) and BBCC Development Sdn Bhd (BBCCD) entered into a JV agreement to form a JV company known as MFBBCC Serviced Suites Sdn Bhd (JVCo) to purchase a serviced residence block in the Bukit Bintang City Centre (BBCC) development for RM242 million. MFAM will hold 51% and BBCCD 49% in the JVCo, which will manage and operate the property including granting of tenancies of units within the property.
BBCC is a joint-venture project between UDA Holdings Berhad, Eco World Development Group Berhad (EcoWorld Malaysia), and the Employees Provident Fund Board. Located on a 19.4-acre site, the development is poised to be the new gateway into the Kuala Lumpur golden triangle and future centre of greater Kuala Lumpur. The serviced residence block is a 44-storey building that will have a total of 269 units comprising 1, 2 and 3-bedroom apartments with built-ups from 532 sq ft to 1,188 sq ft. The units are from level 5 onwards whilst levels 2 to 4 will house the carparks and facilities like a swimming pool, yoga deck, gym, library, children play area, business centre and multi-purpose room.
It is part of Phase 2 of BBCC which will also include another residential tower and two blocks of commercial buildings. The serviced residence block is expected to be completed by the end of 2023.