KUALA LUMPUR: Foreign direct investment (FDI) is set to contribute half the gross development value (GDV) of the first phase of the much-anticipated Bukit Bintang City Centre (BBCC) development.
The first phase of BBCC will have a combined GDV of RM4 billion collectively, with Japanese entities Zepp Hall, a unit of Sony Music and Mitsui Fudosan to contribute RM2 billion and RM100 million, respectively.
"The BBCC is a magnet for FDI and even at this stage of its development, BBCC has already attracted Japan's largest diversified real estate group, the Mitsui Fudosan as well as Zepp Hall, a unit of the world leader in entertainment industry Sony," said BBCC chief executive officer, Datuk Richard Ong.
"Collectively, the Japanese contributed RM2.1 billion," he said during the official launch of BBCC's on site sales gallery.
Ong added they are expecting further FDI into the project as they embark on the next phase of the development from now till 2020.
The BBCC, which is being developed under a joint consortium of Eco World Development Group Bhd, UDA Holdings Bhd, and the Employees Provident Fund holds a total GDV of RM8.7 billion.
It is situated on the 19.4 acre land which housed the now-demolished Pudu Prison.
Once completed in 2020, it will comprise six blocks of serviced apartments, a retail and entertainment block, two hotels, branded residences, serviced residences, strata and corporate offices.