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Discussion Starter · #1 ·
Tentative Project Name: Redevelopment of BB Plaza
Height: 260m+
Floor Count:60-storey condo atop a newly built shopping mall (Mall floor count unknown)
Developer: Tradewinds + UDA
Categorize: Mixed-Use
Location: Jalan Bukit Bintang , Kuala Lumpur

Redevelopment of BB Plaza to create RM3b GDV
7 JULY 2014 @ 12:28 AM

THE redevelopment of Bukit Bintang Plaza (BB Plaza), here, will comprise a 60-storey luxury condominium atop a three-level mall, which will generate around RM3 billion in gross development value.

The redevelopment will be incorporated with an underground mass rapid transit (MRT) station that is currently under construction, said UDA Holdings chairman Datuk Johari Abdul Ghani.

A joint-venture company, set up by UDA Holdings and Tan Sri Syed Mokhtar Albukhary-controlled Tradewinds (M) Bhd, is undertaking the redevelopment work.

Johari said Mohamed Ali Alabbar, who is the chairman of Tradewinds International Sdn Bhd and Dubai-based Emaar group, the Middle East’s premier property developer, will head the joint venture.

Mohamed Ali Alabbar is the man behind prodigious projects such as the Burj Khalifa, the world’s tallest building, and The Dubai Mall, the world’s largest shopping and entertainment destination.

He has played a pivotal role in positioning Dubai as the world-class city.

“We will capitalise on his experience and how he has developed downtown Dubai. We must bring in experts... we can’t employ them, but we can bring them in as our partners to sell the products,” Johari said in an interview recently.

The iconic BB Plaza, which has been a vital asset for UDA Holdings for more than three decades, is being redeveloped to make way for the MRT station and to blend in with the transformation of Jalan Bukit Bintang.

Jalan Bukit Bintang is bracing itself for a major transformation where many of its aging buildings are revamping their looks to attract new investors and tenants.

The 37-year-old Sungai Wang Plaza, Yayasan Selangor building, the Lot 10 shopping centre and the Plaza Low Yat, have either started or are in the midst of planning a refurbishment.

The Yayasan Selangor building, which is currently vacant, will be transformed into a boutique hotel and linked to the MRT station.

Johari said works to demolish the 35-storey BB Plaza are expected to commence by the middle of next year.

“There are still tenants operating in the mall. Once we are able
to negotiate with all of them to move out and also when the building plans are approved, we will demolish the structure,” he said.

13,787 Posts
Discussion Starter · #2 ·
UDA to develop Tradewinds’ land bank

By Afiq Isa of
Monday, 04 August 2014 13:20 Bookmark and Share

KUALA LUMPUR: UDA Holdings Bhd is close to sealing a deal with Tradewinds Corp Bhd to develop part of the latter’s 2,000-acre (4,942.11ha) land bank in prime locations in Peninsular Malaysia.

This would pave the way for a relisting of UDA Holdings, said its chairman Datuk Johari Abdul Ghani.

“We are in the process of working out the details,” he told The Edge Financial Daily.

The potential relisting of UDA is to raise fresh capital to develop Tradewinds’ land bank, located in Johor, Selangor and Penang, Johari said.

“We will then have the requisite land bank and capital needed for UDA to grow. We are looking at a listing within 24 to 36 months after the deal is agreed on,” he said.

UDA’s move to regain its listing status may be due to the difficulty raising working capital from other sources. Over the past few years, the government has repeatedly indicated its unwillingness to pump new capital into the state-owned property firm, which is mired in debt as well as a stagnating pipeline of projects.

Johari said the partnership with Tradewinds will be synergistic for both groups as well as provide a platform for the enhancement of bumiputera interests.

When he was appointed chairman in July last year, he had remarked that the relisting is a possibility for UDA, which is keen to expand its operation but is short of land bank and capital.

“Tradewinds has a huge land bank, while we have only about 250 to 300 acres at present. Financially, we do not have much gearing at the moment, while our assets are worth over RM2 billion,” said Johari.

According to Johari, the nature of the partnership with Tradewinds post-relisting is still undecided, but he has not ruled out anything.

“[It could be] an asset injection, for example. However, we do not intend to buy the land outright from Tradewinds as the funds are earmarked for the development of Tradewinds’ land bank.”

Launched by former prime minister Tun Abdul Razak in 1971, UDA had played a major role in the growth of Kuala Lumpur via strategic joint ventures with independent property developers. The group was corporatised into a public-limited company and was listed on the Kuala Lumpur Stock Exchange in 1999.

However, it was delisted in 2007 by Khazanah Nasional Bhd, which subsequently transferred all its shares to the Ministry of Finance Inc.

Meanwhile, Tradewinds was taken private by controlling shareholder Tan Sri Syed Mokhtar Al-Bukhary in August last year.

While UDA no longer receives special concessions, unlike during its heyday as an urban redeveloper, Johari was quick to point out that the group still has a mandate to increase bumiputera participation in the property sector.

“After 44 years and after developing close to 7,000ha of land, this is no longer the same UDA as before. However, we still have a mandate to serve as a platform for bumiputera stakeholders to participate in,” he said.

“We are a standalone property developer, same as the others. For example, UDA does not receive a government guarantee if it were to secure a commercial loan,” Johari pointed out.

The group is jointly redeveloping the Bukit Bintang Plaza with Tradewinds. The new project will comprise 60 storeys of luxury condominium units above a shopping mall, which will have a total gross development value of RM3 billion.

The joint venture is headed by Tradewinds chairman Mohamed Ali Alabbar and the Emaar group, which is a Dubai-based property developer.

Johari did not divulge the details, such as the role of each group and whether one of them has a majority stake.

“It’s still early days. We will announce later,” he said.

UDA has been seeking to unlock the value of its prime land assets. Apart from BB Plaza, last month the group signed a deal with Eco World Development Group Bhd and the Employees Provident Fund to develop the Bukit Bintang City Centre on the site of the former Pudu jail.

This article first appeared in The Edge Financial Daily, on August 4, 2014.

13,787 Posts
Discussion Starter · #3 ·
Rebuilding of BB Plaza under way

By Vasantha Ganesan / The Edge Malaysia | June 1, 2015 : 5:00 PM MYT

THREE years after talk emerged that Bukit Bintang Plaza in Kuala Lumpur will be demolished for redevelopment, the proposal appears to be finally getting off the ground via a 70:30 partnership between Tan Sri Syed Mokhtar Albukhary’s Tradewinds Corp Sdn Bhd and Ministry of Finance-owned UDA Holdings Bhd.

Their joint-venture company — Zurah Ventures Sdn Bhd — will tear down the 18-storey building that was constructed in the 1970s at the intersection of Jalan Sultan Ismail and Jalan Bukit Bintang in Kuala Lumpur and erect in its place a 56-storey structure that will feature a 12-storey retail podium with duplexes and penthouses atop it.

However, even as the plan for the brand-new building is in motion, BB Plaza has to resolve some issues with the tenants of Sungei Wang Plaza. Anyone who has visited either mall will know that they “share” an invisible wall that both separates and connects them. In fact, to park in Sungei Wang Plaza, one has to go through BB Plaza.

The Edge understands that a contract between Sungei Wang and BB Plaza that was signed years ago gives the former the right of way through BB Plaza. “If BB Plaza is torn down, this right of way will be removed,” says a source. “The solution would be for the right of way to be reinstated after the redevelopment.”
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