UDA, EcoWorld, EPF and Mitsui Fudosan form joint-venture to own and operate the Retail Mall at BBCC
Kuala Lumpur: Bukit Bintang City Centre (BBCC) achieved a new milestone today with the entry of a joint-venture (JV) between its shareholders and Mitsui Fudosan Asia for the establishment, ownership, management and operation of a joint-venture company (JVCo) that will own and operate the estimated RM1.6 billion Retail Mall at BBCC.
Mitsui Fudosan Asia will own 50% of the shares in the JVCo with the remaining 50% owned by the shareholders of BBCC Development Sdn Bhd namely UDA Holdings Berhad, Eco World Development Group Berhad and the Employees Provident Fund Board, or via their respective wholly-owned subsidiary companies.
Mitsui Fudosan is the largest Japanese real estate conglomerate involved in the development of housing properties, office buildings, shopping centers, hotels, sport and leisure facilities as well as resort facilities. The Group boasts impressive credentials in retail development, currently managing over 100 retail properties in Japan and abroad. With more than three decades in retail mall operations, Mitsui Fudosan brings with them a wealth of experience in mall design, management and operation skills as well as their strong relationships with a large network of Japanese and international retailers.
Quote from Dato’ Dr Mohd Shafei Abdullah, Chairman of UDA Holdings Berhad
“UDA is proud to initiate the redevelopment of this historic site which is an integral part of the Government’s Economic Transformation Programme (ETP) for Greater KL/Klang Valley to act as a key driver of economic growth to propel the country’s economy further. The masterplan for BBCC reflects the very best of Malaysian ingenuity working hand in hand with international expertise and will offer the highest quality living, working and business environment in line with the nation’s ambitions for Kuala Lumpur to be a truly world-class city.
As part of our socioeconomic responsibility, UDA will also provide opportunity for Bumiputera participation in the BBCC project. At least fifty percent (50%) of contract work will be awarded to qualified Bumiputera contractors, consultants and suppliers in line with the ETP which seeks to have more Bumiputera participation in mega projects.
This effort is in line with the government’s ETP in strengthening the national economic development ecosystem to be strong and resilient. UDA also welcomes qualified Bumiputera retailers with strong retail branding to participate in the Malaysia Grand Bazaar in BBCC.
As Chairman of the BBCC Consortium, I welcome Mitsui Fudosan to join us in this exciting partnership to offer another first for Malaysia in retail experience. We are confident that with the expertise and vast experience of all our valued partners, together we’ll be able to realise the grand vision of BBCC as the new heartbeat of Kuala Lumpur.”
Quote from Tan Sri Liew Kee Sin, Chairman of Eco World Development Group Berhad
“At EcoWorld we believe strongly in forging strategic partnerships to accelerate growth and value creation for our customers and shareholders. BBCC was started through the combined efforts of three strong Malaysian brands namely UDA, EPF and EcoWorld working synergistically together.
Today’s ground-breaking joint-venture with Mitsui Fudosan 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 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.”
Quote from Takehito Fukui, Deputy Managing Director and Chief Regional Officer to Malaysia of Mitsui Fudosan Asia
“We are delighted to take another leap forward in our joint-venture with UDA, EcoWorld, and EPF. We are confident that we will be successful in creating a new destination in the heart of KL by combining the various expertise of the partners.”
“The entry into this JV with Mitsui Fudosan Asia is the culmination of the Head of Terms Agreement we signed with them earlier in March this year. Since then, we have been working very hard with Mitsui Fudosan’s team of experts to come up with detailed plans and designs for the Retail Mall to make it an outstanding must-visit highlight for the entire development,” said Datuk Richard Ong, Chief Executive Officer of BBCC Development Sdn Bhd.
The retail mall will be developed under the Mitsui Shopping Park Lalaport brand. This regional mall concept, first conceived by Mitsui Fudosan over 35 years ago, has evolved from a “place where people gather” to a “place where people interact”. Boasting world-class facilities, the mall at BBCC will be a hybrid mall combining a Lalaport-type indoor shopping mall and an outdoor Lifestyle Street featuring high-end brands, restaurants and cafes.
The Retail Mall is planned to be an architectural masterpiece inspired by the concept of simplicity and materiality, effortlessly blending understated Japanese design features with the warmth of natural elements. This nod to Nature is further fuelled by BBCC’s desire to create a sanctuary in the midst of the densely built urban environment through a 4-acre landscape park on the rooftop of the mall, poised to be the new centre of attraction for KLites and tourists alike.
With Mitsui Fudosan Asia’s participation, there is strategic opportunity for the project to attract new-to-market Japanese and Asian brands by leveraging on their established network of retailers. In addition, Mitsui Fudosan Asia is committed to introduce the unique brand of Japanese hospitality and service quality which is renowned the world over.
The mall will be easily accessible with 3 tunnels bringing shoppers directly into the underground parking featuring over 2,400 carparks. Mall-goers will also be able to reach the mall via the Hang Tuah monorail and LRT stations as well as the future Merdeka MRT station.
“Now that we have a strong partner like Mitsui Fudosan Asia driving the development, construction and operation of the Retail Mall, we can be assured, as the developer, that BBCC will have a world class retail amenity to anchor and further boost its profile as the destination of choice – be it for retail, entertainment, work or living,” said Ong.
Physical works have already started on BBCC and its Phase 1 Strata Office & Serviced Apartments will be officially launched on 15 October 2016. The Stride is a 45-storey block of strata offices catering to small business owners, entrepreneurs and SMEs who need medium size individual office suites that comes with premium grade facilities such as grand lobby, shared meetings and conference facilities and security features. The Lucentia Serviced Apartments comprise two blocks of residences with 665 units in total and sizes starting from 450 sq ft onwards. These smaller units are ideal for singles and young urbanite families who prefer a vibrant city lifestyle with conveniences such as public transport connectivity, shopping and entertainment right at their doorsteps.