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Monday, June 21, 2010

Development of Pudu Jail site to begin 1Q2011

KUALA LUMPUR: UDA Holdings Bhd would commence construction to redevelop the Pudu Jail site by the first quarter of 2011 (1Q2011) with the project to be built in stages over 10 years, Deputy Finance Minister Datuk Awang Adek Hussin told the Dewan Rakyat.

In a reply to Fong Kui Loon (Bukit Bintang - DAP), Awang Adek said on Monday, June 21 the mixed development on Jalan Pudu in the city centre had been divided into six phases and will be developed over 10 years.

Awang Adek added that the decision to stagger construction of the development, earlier named Bukit Bintang Commercial Centre, was made after considering current and projected property market positions as well as economic projections for the next ten years.

According to Awang Adek, about 40% of the development would be residential properties while the remainder would be commercial spaces, which would be owned by UDA Holdings to be rented out.

The RM5 billion mixed development on the former prison's site will include a transit centre, serviced apartments, a hotel, office spaces, recreation areas and commercial spaces, Awang Adek added.

By The EDGE Malaysia

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