WEST MALAYSIA PROPERTY NEWS
No Issue In Selling BBCC Properties
Lower Demand On High End
Properties
A
recent trend showed
that local property
buyers have turned to
be more cautious in
spending their cash especially
on the property priced 1 million
ringgit and above.
The circumstance, which has
caused rising glut in the higher
end of the market, is said due to
the growing numbers of working
population in fast moving cities
around the country.
E
co World’s non-executive
Director, Tan Sri Liew Kee
Sin affirmed that there
will be no issue in selling
the properties of Bukit Bintang
City Centre (BBCC) project given
that it once housed the notorious
Pudu Jail.
No stigma issue, he said following
the signing of a tripartite agreement
to jointly develop the BBCC project
with a gross development value
totaling RM8 billion.
The other two companies
involved in the development
project are UDA Holding Bhd and
the Employee Provident Fund
(EPF) board.
Bukit Bintang City Centre (BBCC)
This group of working people will
keep demand in the affordable
housing, said speakers during
the Property Market Outlook for
2015 seminar.
entertainment components.
Meanwhile, it is also disclosed
that the consortium would also
be signing a memorandum
of understanding with Mitsui
Fudosan Co Ltd, a Japan based
company to jointly develop the
shopping and retail component of
the project.
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 highincome nation by 2020.
The Deputy Director-General of
Valuation and Property Services,
Faizan Abdul Rahman stated that
the property market is expected to
be moderate throughout this year.
He said that the residential
property market will sustain
steadily, especially for the homes
priced below half a million, as the
price range is most likely to fit the
110
www.PropertyHunter.com.my
In retail and hospitality sector,
Adzman Shah Mohd Ariffin,
ExaStrata Solutions Chief Real
Estate Consultant said the rising
number of malls and the increase
in integrated developments which
combine residential with retail
component will further weaken
sentiment. The increase in online
shopping is another factor.
wallet for the working population
and first time home buyers.
Meanwhile, it is reported that
there is an oversupply of high
end condominiums and offices,
according to James Wong,
the Director of VPC Alliance
Chartered Surveyor.
The descending in the numbers
of launched &