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24/10/2017

BBCC sells hotel tower block for RM290 Million

Kuala Lumpur: Bukit Bintang City Centre (BBCC), a joint-venture development between UDA Holdings Bhd, Eco World Development Group Berhad and the Employees Provident Fund (JV Consortium), has reached another significant milestone in its journey of bringing the best in retail, entertainment and hospitality brands into the development.

BBCC entered into a sale and purchase agreement with Hass Holdings Sdn Bhd today for the sale of its 28-storey hotel tower block for approximately RM290 million. The hotel will be managed by Hilton and branded as the first Canopy by Hilton hotel in Southeast Asia under a hotel management agreement between Hass Holdings and Hilton. Both agreements were signed simultaneously by the parties involved.

“Today is indeed a most joyous occasion as BBCC welcomes Canopy by Hilton, Hilton’s neighborhood centric lifestyle brand, to be a part of our integrated development. This is testament of the attraction of this urban regeneration powerhouse which will further elevate the stature of Kuala Lumpur as a top tourist destination on the global map. On behalf of the JV consortium, I would like to express our sincere thanks to Hass Holdings and Hilton for choosing BBCC as the destination for their new venture,” said Datuk Seri Dr. Mohd Shafei Abdullah, Chairman of UDA Holdings Bhd and Chairman of BBCC Development Sdn Bhd.

CEO of BBCC Development Sdn Bhd Low Thiam Chin said Canopy by Hilton, Kuala Lumpur Bukit Bintang will be a great addition to BBCC’s portfolio of lifestyle components, living up to its tagline of “Where Life is Spectacular”. The entry of this globally renowned hotel group will further enrich the development’s overall value proposition which aspires to offer its residents and visitors the best of Malaysian and international experiences in one holistic integrated package.

On the local front, BBCC aims to highlight the beauty and uniqueness of local arts and creations to tourists from around the world through its Malaysia Grand Bazaar (MGB) which will be located within the Entertainment Hub situated beneath the hotel tower block.

A significant component of BBCC’s Entertainment Hub, MGB offers 100,000 sq ft of customisable retail space designed to showcase a wide yet carefully curated selection of Malaysian artisanal, hand-crafted and tradition-inspired products as well as authentic local delicacies. The heritage-inspired architecture, complemented by seasonal cultural performances, craft demonstrations and interactive arts activity will further serve to make MGB a must-visit tourist attraction for all visitors to Kuala Lumpur upon its completion.

BBCC’s Entertainment Hub will also include a first-of-its-kind Zepp Kuala Lumpur concert hall with a 2,500 pax capacity and boasting state-of-the-art sound, visual and lighting technology from its parent Sony Music Entertainment Japan.

On the retail side, Mitsui Fudosan Asia, in a joint-venture with the shareholders of BBCC 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.

Mohd Shafei added that the JV consortium is also confident that BBCC has all the right ingredients to become the nucleus of growth for Greater Kuala Lumpur which it aims to achieve by recreating an authentic urban experience which draws people back to the city to appreciate its unique heritage and cultural charm in a modern and world class setting.

The development has been gaining positive traction in sales and in attracting global investors to be part of the BBCC transformation journey. Mohd Shafei added that BBCC continues to generate keen interest from local and global investors and that the JV consortium is looking forward to announcing more key partnerships in the near future.