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BBCC developers ink deal with Mitsui Fudosan for RM1.6bil mall
KUALA LUMPUR: The developers of the Bukit Bintang City Centre (BBCC) project have teamed up with a Japanese real estate giant, Mitsui Fudosan Asia, to open a new retail mall at the former Pudu jail site.
The project has an estimated gross development value of RM1.6bil.
Mitsui Fudosan Asia will have a 50% stake in the joint-venture (JV) company, while the remaining 50% will be owned by shareholders of BBCC Development Sdn Bhd, namely, UDA Holdings Bhd, ECO WORLD DEVELOPMENT GROUP Bhd and the Employees Provident Fund Board.
The Mitsui Shopping Park Lalaport retail mall project, which will have a built-up area of 1.4 million sq ft when completed, will be launched in January.
Construction of the retail mall is expected to be completed in 4½ years.
“The groundbreaking JV with Mitsui Fudosan Asia takes the partnership-for-growth model adopted to develop this iconic project to yet another level.
“The commitment and significant investment by a renowned world-class retail player such as Mitsui Fudosan Asia to spearhead the retail offering at BBCC ensures that our retail mall will be par excellence, not only in terms of design but also in its tenant mix and management standards,” said Eco World Development Group chairman Tan Sri Liew Kee Sin at the JV signing ceremony here yesterday.
Mitsui Shopping Park Lalaport is poised to be the new centre of attraction for KLites and tourists with its indoor retail space, as well as an outdoor lifestyle street featuring high-end brands, restaurants and cafes.
In addition, there will be a four-acre landscape park on the rooftop of the mall.
There will also be a retail and commercial space in BBCC dubbed as Malaysia Grand Bazaar, which will showcase Malaysian goods, handicraft and souvenirs.
In line with making BBCC a new tourist attraction, there will be coach parking facilities to accommodate up to 40 coaches.
The mall will be accessible with three tunnels bringing shoppers directly into the underground parking of 2,400 bays.
The tunnels will be located at Jalan Changkat Thambi Dollah, Jalan Hang Tuah and Jalan Galloway.
Mitsui Fudosan Asia is the largest Japanese real estate conglomerate involved in the development of housing properties, office buildings, shopping centres, hotels, sport and leisure facilities as well as resort facilities.
The group manages over 100 retail properties in Japan and abroad.
With more than three decades in retail mall operations, Mitsui Fudosan Asia has a wealth of experience in mall design, management and operation skills, as well as strong relationships with a large network of Japanese and international retailers.
Published
The Star, on October 14, 2016