KUALA LUMPUR: Bukit Bintang City Centre Development Sdn Bhd has entered into a joint venture (JV) with Mitsui Fudosan Asia for the development of the Mitsui Shopping Park Lalaport retail mall at Bukit Bintang City Centre (BBCC).
The 1.4 million sq ft mall will have a gross a development value (GDV) of RM1.6bil. BBCC is the RM8.7bil redevelopment of the 19.4-acre site in the Kuala Lumpur city centre where the former Pudu Prison used to be.
Mitsui Fudosan Asia will own 50% of the shares in the JV company while the remaining 50% will be owned by shareholders of Bukit Bintang City Centre Development, namely UDA Holdings Bhd, Eco World Development Group Bhd and the Employees Provident Fund Board.
Mitsui Shopping Park Lalaport, which is expected to be launched in January next year, is poised to be the new centre of attraction for KLites and tourists alike with its indoor retail space as well as an outdoor lifestyle street.
There will also be a retail and commercial space in BBCC dubbed as the Malaysia Grand Bazaar.
The Malaysia Grand Bazaar will showcase Malaysian goods, handicraft and souvenirs.
"Today's ground-breaking joint venture with Mitsui Fudosan takes the partnership-for-growth model adopted to develop this iconic project to yet another level.
"The commitment and significant investment by a renowned world class retail player such as Mitsui Fudosan Asia to spearhead the retail offering at BBCC ensures that our retail mall will be par excellence, not only in terms of design, but also in its tenant mix and management standards," says Eco World Development Group Bhd chairman Tan Sri Liew Kee Sin.
Mitsui Fudosan is the largest Japanese real estate conglomerate involved in the development of housing properties, office buildings, shopping centres, hotels, sport and leisure facilities as well as resort facilities.
The group boasts impressive credentials in retail development, currently managing over 100 retail properties in Japan and abroad.