Eco World to start work on Bukit Bintang City Centre by Q1 2016

Eco World Development Group Bhd is expected to start construction of the RM8.7bil Bukit Bintang City Centre (BBCC) project by the first quarter of 2016, once it has obtained the development approval from the Kuala Lumpur City Hall.

Its CEO Datuk Chang Khim Wah said on Wednesday the company would prepare the pre-marketing for the launch of the project by year-end.

"We remain confident of achieving our RM3bil sales target this year, due to the number of projects that we are doing in the township currently. We have the flexibility to have a broader marketing spectrum of products.

"Whatever challenges thrown at us this year or next year, we are quite confident that the sales target would be met," he said the EGM.

The former Pudu jail site has been approved for a mixed residential and commercial development comprising a retail mall, an entertainment block, strata offices, office tower, two hotels, and serviced residences and apartments.

The development period is expected to be about eight to 10 years.

During the EGM, shareholders had approved the company's proposal to subscribe for two million new ordinary shares of RM1 each in BBCC Development Sdn Bhd, representing a 40 per cent stake in the enlarged issued and paid-up share capital of BBCC.

BBCC is a special purpose vehicle, jointly set up by Eco World, Uda Holdings Bhd and the Employees Provident Fund (EPF) for the purpose of developing the BBCC project.

Eco World had on Feb 4, 2015, entered into shareholders' agreement with UDA Holdings and the EPF to jointly invest and fund BBCC as the vehicle to undertake the development of the project. - Bernama