Model development:
Developer to launch second residential block over the weekend
Bukit Bintang City Centre Development Sdn Bhd CEO Low Thiam Chin with a scale model of the Bukit Bintang City Centre project. Low took over from Datuk Richard Ong in July.
KUALA LUMPUR: With a change at the helm, it is good to do a review and Low Thiam Chin, who took over from Datuk Richard Ong as CEO of Bukit Bintang City Centre Development Sdn Bhd (BBCC), is pleased to know that he is taking over a project that is shaping up very nicely.
Ong is now BBCC adviser. BBCC was formed just two years ago to undertake the development at the former Pudu Prison site.
In a span of two years, there have been quite a bit of deal-making and the number of deals signed underscores the speed and efficiency level the developer is moving.
The project is jointly developed by EcoWorld, UDA Holdings Bhd and the Employees Provident Fund in a 40:40:20 joint venture.
The launch of serviced apartment Lucentia 2 this weekend, about 10 months after the launch of Lucentia 1 and the strata offices, is another milestone.
Low, who took over in July, said the two Lucentia blocks would have a total of 666 units with sizes ranging from 450 to 880 sq ft.
Prices averaged at RM1,650 per sq ft for the first 47-storey block comprising 393 units. About 30% of the buyers are foreigners.
The second 36-storey block has 273 units and will average RM1,750 per sq ft. Lucentia is expected to be completed by the first quarter of 2021.
Low said Lucentia would have its own private driveway and drop-off point. This will given its residents both privacy and security.
On the overall progress of the project, Low said negotiations with the various anchors had been smooth. “We are on track,” he said.
The agreement with Mitsui Fudosan, who took a 50% stake in the mall, has been signed. Mitsui Fudosan, having a substantial stake, would ensure “a different story” for the project, Low said.
Mitsui Fudosan is one of the largest property developers in Japan. “They will also ensure the introduction of new Japanese retailers into this market,” said Low. The retail mall will have a net lettable area of 900,000 sq ft and is targeted to open in early 2021.
The presence of Zepp Hall as an entertainment anchor would also give the place a buzz, said Low. It will take up about 70,000 sq ft.
Regus, the operator of co-working space, has signed up for space in the strata office block. That office block was launched in December 2016.
Low said negotiations are ongoing with hotel operators as well as en bloc investors.
“En bloc purchases will help us save on interest and marketing fees,” said Low, an accountant by training. There has been interest from both local and foreign investors, due in part to the connectivity offered by the development.
The company will build three pedestrian links to connect the project with the Berjaya Times Square, Sq Wang complex and Furama Hotel. It is also putting in a new transport hub, which will link the project to the light rail transit and monorail lines.
BBCC will also build a 300-metre pedestrian link to a mass rapid transit station that will be located at Permodalan Nasional Bhd’s skyscrapper Merdeka PNB 118.
“You have to see the future value of this place,” said Low.
The entire RM8.7bil project is expected to be completed by 2025.