KUALA LUMPUR: UDA Holdings Bhd will review the Ministry of Finance’s (MoF) plan to divide the former Pudu jail site into three plots, a move to maximise the value of the 8.1ha site.
UDA chairman Datuk Nur Jazlan Mohamed said in a statement yesterday that a study was underway to look into the proposed development of the site which is better known as Bukit Bintang City Centre (BBCC).
A special panel headed by an UDA board member would undertake the proposed development plan and present it to the finance ministry for consideration.
Nur Jazlan said the planning of the development of the land had to be made carefully because the survival of UDA and almost 1,400 of its employees hinged upon its successful implementation.
“For UDA, this development marks the continuation of the company’s survival for the future, and the board of directors have agreed that any form of development needs to prioritise UDA’s interest first,” he said. Previous reports said the finance ministry ordered UDA to divide the former Pudu jail land into three plots with two to be given to local bumiputera companies and the remainder to a non-bumi entity.
The directive was issued after the finance ministry did not consider UDA’s proposal to appoint a China government-linked company — Everbright International Construction Engineering Corp, which involves a foreign direct investment value of almost RM4 billion — as its joint venture partner for the Pudu jail land.
This article appeared in The Edge Financial Daily, December 15, 2011.
UDA chairman Datuk Nur Jazlan Mohamed said in a statement yesterday that a study was underway to look into the proposed development of the site which is better known as Bukit Bintang City Centre (BBCC).
A special panel headed by an UDA board member would undertake the proposed development plan and present it to the finance ministry for consideration.
Nur Jazlan said the planning of the development of the land had to be made carefully because the survival of UDA and almost 1,400 of its employees hinged upon its successful implementation.
“For UDA, this development marks the continuation of the company’s survival for the future, and the board of directors have agreed that any form of development needs to prioritise UDA’s interest first,” he said. Previous reports said the finance ministry ordered UDA to divide the former Pudu jail land into three plots with two to be given to local bumiputera companies and the remainder to a non-bumi entity.
The directive was issued after the finance ministry did not consider UDA’s proposal to appoint a China government-linked company — Everbright International Construction Engineering Corp, which involves a foreign direct investment value of almost RM4 billion — as its joint venture partner for the Pudu jail land.
The former Pudu jail site is to be divided into three plots.
This article appeared in The Edge Financial Daily, December 15, 2011.
