Pudu
project master plan by year-end
UDA Holdings Bhd, which is the owner and master
developer of the multi-billion Pudu Jail redevelopment project, will unveil its
plans for the project by year-end.
UDA group managing director Ahmad Abu Bakar said the concept for the master plan is almost ready and will be presented to the government by year-end.
"The feasibility study is almost complete and we will submit it to City Hall for approval and then submit it to the government by year-end," Ahmad told reporters here yesterday during the company's Hari Raya open house.
UDA, wholly-owned by the Finance Ministry, had originally planned for the redevelopment of the site - to be named Bukit Bintang City Centre - to include a transit centre, serviced apartments, office space, recreational areas, hotel and commercial space worth RM34 billion.
UDA group managing director Ahmad Abu Bakar said the concept for the master plan is almost ready and will be presented to the government by year-end.
"The feasibility study is almost complete and we will submit it to City Hall for approval and then submit it to the government by year-end," Ahmad told reporters here yesterday during the company's Hari Raya open house.
UDA, wholly-owned by the Finance Ministry, had originally planned for the redevelopment of the site - to be named Bukit Bintang City Centre - to include a transit centre, serviced apartments, office space, recreational areas, hotel and commercial space worth RM34 billion.
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But in July last year, the ministry had rejected China's
Everbright International Construction Ltd's US$1 billion (RM3.10 billion)
redevelopment plan, which included an integrated commercial and transport hub
worth RM2 billion.
The ministry wants the 8ha site to be split into three parcels, two of which must have significant Bumiputera participation.
UDA chairman Datuk Nur Jazlan Mohamed had said in June that the former Pudu Jail area could be turned into an integrated transport hub, like the Elements of Hong Kong, to attract domestic and foreign direct investments with a gross development value of RM8 billion.
UDA had hired consultants to study proposals from the Ministry of Finance (MOF) and Everbright International Construction Engineering Corp (EICEC), a China government-linked company.
Nur Jazlan had said UDA is in favour of EICEC's proposal, which moves along the lines of Elements, a large shopping mall with an ice rink and a 1,600-seat cinema that is located directly above the Kowloon MTR station.
This is also despite the ministry having rejected the Chinese developer's proposal in favour of splitting the 8ha plot into three parcels, mainly to be given to Bumiputera developers.
Nur Jazlan said UDA prefers EICEC's proposal as it gets to control the land and it will give RM2.4 billion worth of investment properties, which in turn will provide UDA with a long-term recurring income. UDA owns five shopping malls across the country and plans to launch 1,000 home units next year.
The Pudu Jail redevelopment is part of the Economic Transformation Programme (ETP) under the New Economic Model to turn the Klang Valley into the Greater Kuala Lumpur economic district and Malaysia into a high-income nation by 2020.
Source : New Straits Times
The ministry wants the 8ha site to be split into three parcels, two of which must have significant Bumiputera participation.
UDA chairman Datuk Nur Jazlan Mohamed had said in June that the former Pudu Jail area could be turned into an integrated transport hub, like the Elements of Hong Kong, to attract domestic and foreign direct investments with a gross development value of RM8 billion.
UDA had hired consultants to study proposals from the Ministry of Finance (MOF) and Everbright International Construction Engineering Corp (EICEC), a China government-linked company.
Nur Jazlan had said UDA is in favour of EICEC's proposal, which moves along the lines of Elements, a large shopping mall with an ice rink and a 1,600-seat cinema that is located directly above the Kowloon MTR station.
This is also despite the ministry having rejected the Chinese developer's proposal in favour of splitting the 8ha plot into three parcels, mainly to be given to Bumiputera developers.
Nur Jazlan said UDA prefers EICEC's proposal as it gets to control the land and it will give RM2.4 billion worth of investment properties, which in turn will provide UDA with a long-term recurring income. UDA owns five shopping malls across the country and plans to launch 1,000 home units next year.
The Pudu Jail redevelopment is part of the Economic Transformation Programme (ETP) under the New Economic Model to turn the Klang Valley into the Greater Kuala Lumpur economic district and Malaysia into a high-income nation by 2020.
Source : New Straits Times
Date : 11 September 2012
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