Dec 15, 2011

UDA Holdings Bhd will review the Finance Ministry’s (MoF) proposal which plans to divide the former Pudu Jail site or the Bukit Bintang City Centre (BBCC) into three parts, maximising the value of the land.

According to Chairman Datuk Nur Jazlan Mohamed, a study on the matter is conducted by a special committee headed by a member of the UDA board.

The MoF had previously ordered UDA to divide the former Pudu jail land or BBCC into three plots, allotting two parts to local bumiputra companies and offering the remainder to a non-bumiputra entity.

The directive was issued after MoF denied UDA’s proposal appointing China’s government-linked company, the Everbright International Construction Engineering Corp, as a partner for the joint-venture project. The plan involves nearly RM4 billion worth of foreign direct investment.

Nur Jazlan noted that the special committee directly reporting to the UDA board of directors would use Everbright’s proposed model as a benchmark for any form of implementation for the BBCC project.

"I understand and respect the decision made by MoF on the basis of giving priority to bumiputras and UDA as a bumiputra company would never marginalise the agenda," he said, concluding that the development cannot be done hastily as an in-depth study should be conducted meeting the needs of MoF and UDA, the company’s main shareholders.


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