UDA welcomes bumiputera investment in BBCC project

UDA welcomes bumiputera investment in BBCC project

Kuala Lumpur: UDA Holdings Bhd is inviting bumiputera investment in its RM8 billion gross development value mixed development project, the Bukit Bintang City Centre (BBCC), under the construction and retail section.

UDA Chairman Datuk Johari Abdul Ghani said under government rules, any new retail development must have at least a 50 per cent participation from among bumiputera businesses.

"We are looking for bumiputera investors with a good track record, in terms of handling retail businesses, as well as building and maintaining any past development projects.

"We are aware that most bumiputeras do not carry an international or well known brand.So, we've decided to build the Malaysian Grand Bazaar, specifically to give them an opportunity to market their products," he told reporters here Wednesday.

He was speaking after the signing of the BBCC's tripartite agreement here Wednesday for the development of the project.

The Malaysian Grand Bazaar will showcase the best of Malaysian food, handicraft, arts, heritage and culture, together with a wide variety of local designer and homegrown brands.

Johan, said however, only qualified bumiputeras, in term of experience and track record, will be considered got the Malaysian Grand Bazaar and the development site, to ensure the quality of the BBCC as the next tourist attraction.

Meanwhile, the BBCC project, a redevelopment of the 7.85-hectare former Pudu Jail site, will be a partnership between UDA, Eco World Development Group Bhd and the Employees Provident Fund board.

The project will commence in the second quarter of this year and stretch over eight years.

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UDA welcomes bumiputera investment in BBCC project