KUALA LUMPUR: The Bukit Bintang City Centre (BBCC) project, a joint development by Eco World Development Group Bhd (Eco World), UDA Holdings Bhd and the Employees Provident Fund (EPF), will give priority to Bumiputera participation.
“The BBCC project is 40 per cent owned by Eco World, 40 per cent by UDA Holdings and the rest by the EPF.
“As per the joint-venture agreement signed by all the parties, priority will be given to Bumiputera participation,” said Deputy Finance Minister Datuk Johari Abdul Ghani during the official opening of the BBCC sales gallery, here, yesterday.
“This is because the BBCC project is one of the headline projects under the government’s Economic Transformation Programme to further develop Greater Kuala Lumpur as a key engine of economic growth.
“At a gross development value (GDV) of RM8.7 billion, the BBCC is poised to generate huge multiplier effect on the economy in the forms of job creation, investment, tourism attractions, construction activities and retail business,” he said.
Johari said the development would not lack suitable Bumiputera contractors, given the existing number of reputable ones in the market.
“We have already received numerous Bumiputera contractors registering their interest in this project and we expect more to join in the future.”
Meanwhile, foreign direct investment (FDI) is set to contribute to half of BBCC’s GDV in the first phase of the its development, totalling RM4 billion.
“BBCC is a magnet for FDI and even at this stage of its development, it has already attracted Japan’s largest diversified real estate group, Mitsui Fudosan, as well as Zepp Hall, a unit of Sony Music Entertainment — the world leader in entertainment industry,” said BBCC Development Sdn Bhd chief executive officer Datuk Richard Ong.
“Zepp Hall will inject RM2 billion into the first phase of BBCC, while Mitsui Fudosan will contribute RM100 million.”
The BBCC project will be developed on a 7.85ha site that previously housed Pudu Jail.