KUALA LUMPUR: The Malaysian Basketball Association's (Maba) building here will be redeveloped into a new head office cum hospitality centre with an estimated RM800 million in gross development value.
Maba today signed a joint venture agreement with Exsim Development Sdn Bhd to redevelop the building into a 60-storey twin towers to be called Maba Suitez @ KL City Centre.
It will have about 1,200 units of service apartment.
The twin towers will comprise studio suites, two-room and three-room apartments with built-up sizes ranging from 350sq ft to 700sq ft.
It is expected to have a selling price of RM2,000 to RM2,200 per square foot.
Maba president Datu Seri Lee Tian Hock said subject to approval, the whole development of the project would take about five to six years, inclusive of the initial planning year.
"Accordingly, Maba will have its 3,000 sq feet office space for its head office.
"It is expected to receive an income of RM4mil to RM5mil per year from this estimated transient rental of short-term vacations to long-term stays.
"With this, Maba will be the first sports association to be fully self-sufficient financially without the assistance of grants and sponsorships," he told a press conference today.
Lee said Maba would be able to meet its operating expenses while churning out good players and further developing youths to spur the development of basketball in the country.
Its long-term plan includes upgrading playing standards by exposing the Under-16 and Under-18 to play outside of Asean, in Asia and internationally.
"Upon all approvals, Maba will receive a cash consideration of RM170 million and is in the cards to contra RM100 million to purchase units for all its 18 affiliates namely 14 states, ATM, PDRM, Labuan and Putrajaya.
"Each affiliate will have two units each. This will be a source of income for them to run their own programmes, besides having their own operating expenses," he said.
Lee also said the new head office building will have a 3x3 basketball court next to it.
He said the proposed hospitality development underwent an open tender after its emergency general meeting recently with Exsim being the sole bidder.
Exsim managing director Lim Aik Hoe said the company was appreciative of the opportunity to work with Maba.
"Maba is at a cornerstone and it is a catalyst mover in Malaysian sports under his strong leadership.
"Lee has a vision to future-proof the basketball sports in Malaysia by envisioning such a project for the betterment of the sports and the development of its players," Lim said.
Maba Suitez @ KL City Centre is expected to begin its construction next year once all the approvals are granted.
This includes the extension of its leasehold as its current leasehold tenure is until 2068.