BBCC Development sells hotel block for RM290mil
It will be branded as first Canopy by Hilton hotel in South-East Asia
KUALA LUMPUR: BBCC Development Sdn Bhd has sold its 28-storey hotel block in Bukit Bintang City Centre (BBCC) to Hass Holdings Sdn Bhd for RM290mil.
The hotel will be managed by Hilton and branded as the first Canopy by Hilton hotel in South-East Asia under a hotel management agreement between Hass Holdings and Hilton.
Both agreements were signed simultaneously yesterday by the parties involved.
BBCC is a joint venture development between UDA Holdings Bhd, Eco World Development Group Bhd and the Employees Provident Fund.
UDA chairman Datuk Seri Dr Mohd Shafei Abdullah said Hilton’s presence is testament of the attraction of the urban regeneration project which will elevate the stature of Kuala Lumpur as a tourist destination.
BBCC Development chief executive officer Low Thiam Chin said Canopy by Hilton will be a great addition to BBCC’s portfolio of lifestyle components which currently includes a retail mall, two blocks of serviced apartments and a 2,500-pax concert hall.
The 456-room hotel will have a Canopy Central cafe and bar as well as a fitness centre. It is scheduled to be completed by the fourth quarter of 2021 as part of the company’s first phase. Together with the hotel tower, BBCC targets to deliver about 50% of the total gross built-up area of 6.7 million sq ft within the same year, said Low.
Low added that BBCC would be home to another hotel.
“We actually have two hotels and we don’t mind having another brand,” he said.
The hotel is part of BBCC’s first phase which includes a strata office, two blocks of serviced apartments, a retail centre and a Malaysia Grand Bazaar that will showcase a selection of Malaysia’s tradition-inspired products and a concert hall.
Low said they have also started developing the RM1.6bil Mitsui Shopping Park Lalaport KL, which is a joint venture between BBCC and Mitsui Fudosan Asia.
“This 1.4 million sq ft retail mall will be the flagship commercial component in BBCC,” Low said.
On the sales level of serviced apartments Lucentia 1 and 2 so far, Low said only bumiputra units are available in Lucentia 1 while Lucentia 2, which was launched some weeks ago, has a take-up rate of about 40%.
BBCC is a mixed integrated development with an estimated gross development value of RM8.7bil and is set to be completed by 2025.