According to the Malaysian Reserve, UDA Holdings (100%
owned by Khazanah) will proceed with the redevelopment
of the 22-acre former Pudu Prison site in KL into a RM5b
mixed development project. The project to be known as
Bukit Bintang Commercial Centre, will consist of a high-rise
condominium, hotel and commercial building.
This is yet another example of government land
redevelopment, following the recent Cabinet approval for
Kampung Baru redevelopment and potential tender of
several parcels of prime KL land (mentioned during Invest
Malaysia conference and 2010 Budget). UDA first took over
the site in Nov 96 when the prison was officially closed. The
land has been identified for mega development in KL City
Plan 2020.
Although no timeline was mentioned, earlier press reports
stated that construction may begin in mid-2010. Given the
massive size of the project, we do not discount the
possibility of a JV partner being roped in – especially
developer with strong track record in commercial
development. Potential beneficiaries:
a) MRCB (Buy; TP: RM2.25) - used to own 25% stake in UDA
before the latter was privatised, developer of KL Sentral;
b) Boustead (Not Rated)– developer of Mutiara Damansara;
c) Khazanah-related companies eg UEM Land (77%-owned; Not Rated)
and Faber (34%-owned; Buy; TP:RM3.55).
By HwangDBS Investment Bank Click here
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