The Bukit Bintang City Centre (BBCC) project is poised to generate a huge multiplier effect on the economy and become a magnet for foreign direct investment (FDI), said Deputy Finance Minister Johari Abdul Ghani.
The deputy minister said the BBCC project is significant on many fronts as it is one of the headline projects under the government’s Economic Transformation Programme (ETP) to further develop Greater Kuala Lumpur/Klang Valley as a key engine of economic growth.
“With a gross development value (GDV) in excess of RM8.7 billion, BBCC is poised to generate a huge multiplier effect on the economy in the form of job creation, investment, tourism attractions, construction activities and retail businesses,” he said before opening the BBCC sales gallery today.
Johari said the project will become a significant milestone and contribute positively towards further cementing Kuala Lumpur’s status as a truly global city, and is poised to become a magnet for FDI.
“Even in this early stage of its development, I am pleased to note that BBCC has already attracted serious interest from two global brands namely Mitsui Fudosan Japan and Zepp Hall, a unit of Sony Music, to be a part of the project,” he said.
Mitsui Fudosan is the largest diversified real estate group in Japan, while Sony is a world leader in the entertainment industry.
“Against the backdrop of uncertainties in the global economic climate, the government and the business community need to work harder to attract FDI into the country,” he said.
BBCC will be a game changer and create history as a transformational development that will breathe new life into the surrounding areas and stimulate the future growth of Kuala Lumpur, said the deputy minister.
“BBCC is taking the lead role to transform a brown field site into a modern integrated inner-city hub with international appeal.
“I urge more developers to emulate BBCC’s efforts and spearhead more sought-after developments capable of not only rejuvenating inner-city living among the locals but also attracting a global populace and elevating Kuala Lumpur to the top echelons of the world’s best cities,” he said.
Phase 1 of the BBCC project, with a combined GDV of RM4 billion, is gearing up for launch by the second quarter of 2016, according to the consortium company, BBCC Development Sdn Bhd (BBCCD).
BBCCD was established to redevelop the 7.85ha site of the former Pudu Jail. The shareholders are UDA Holdings Bhd and Eco World, with a 40% stake each, and the Employees Provident Fund, which owns the remaining 20% stake.
The former Pudu Prison, which stood for 100 years before it was closed in 1996 by the government and eventually demolished in 2009, was first entrusted to UDA for redevelopment.