BDSB TARGETS RM250M SALES
Company sees good take-up for serviced apartments despite subdued property market, says CEO
BBCC Development Sdn Bhd (BDSB), the developer of the RM8.7 billion Bukit Bintang City Centre (BBCC) project in Jalan Pudu, Kuala Lumpur, is targeting a modest RM250 million sales next year in view of subdued property market.
“The market is quite soft at this juncture. We hope to garner RM250 million sales next year from the BBCC development,” said BDSB chief executive officer Low Thiam Chin.
“We continue to see good takeup for our serviced apartments,” said Low after hosting a working visit by Entrepreneur Development Minister Datuk Seri Mohd Redzuan Md Yusof.
Also present were Deputy Entrepreneur Development Minister Datuk Wira Dr Mohd Hatta Ramli, Entrepreneur Development Ministry secretary-general Wan Suraya Wan Mohd Radzi and Eco World Development chief operating officer Sundarajoo Somu.
The serviced apartment segment of BBCC, namely Lucentia 1 and Lucentia 2, comprises 666 units ranging from 450 to 880 sq ft, as well as strata offices.
Construction of the two blocks is expected to be completed by the first quarter of 2021.
Prices average RM1,650 per sq ft (psf) for the 47-storey tower with 393 units. For the 36-storey tower with 273 units, the prices averaged at RM1,750 psf.
The 7.85ha BBCC project involves the redevelopment of the former Pudu Jail site and will take about 10 years to complete.
Eco World Development and UDA Holdings Bhd hold a 40 per cent stake each in BBCC Development, with the Employees Provident Fund owning the remaining 20 per cent.
UDA Holdings managing director Datuk Ahmad Abu Bakar, who was also present, said the Malaysian Grand Bazaar (MGB) retail element within BBCC would offer 100,000 sq ft of retail space and had already attracted 40 tenants, ahead of its opening in 2021.
The heritage-inspired MGB is designed to be a top tourist attraction. It is a dedicated platform to propel local craftsmen, traders and artistes to the next level.
“We hope to attract more participants from Sabah and Sarawak,” said Ahmad.
Mohd Redzuan said financing was not an issue for prospective tenants at the MGB since they could access loans, credit guarantees and grants via agencies under his ministry.
“Prospective Bumiputera tenants can apply for loans via agencies under the purview of my ministry,” said the minister.
Agencies under the purview of Entrepreneur Development Ministry include SME Corp, SME Bank, Bank Rakyat, Perbadanan Usahawan Nasional Bhd and National Entrepreneurial Group Economic Fund.