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Thursday, December 15, 2011

UDA to review plan to divide Pudu jail site

Unlocking value: The proposed transportation hub is capable of accommodating 200,000 to 300,000 commuters daily and complements the existing monorail and LRT facilities on the Pudu Jail site.

KUALA LUMPUR: UDA Holdings Bhd will review the Finance Ministry’s (MoF) proposal to divide into three plots the former Pudu Jail site, better known as the Bukit Bintang City Centre (BBCC), to maximise the value of the land.

Chairman Datuk Nur Jazlan Mohamed said a study on the matter was being conducted by a special committee chaired by an UDA board member.

Previously, MoF had ordered UDA to divide the former Pudu jail land, or BBCC into three plots with two to be given to local bumiputra companies and the remainder to a non-bumiputra entity.

The directive was issued after MoF did not consider UDA’s proposal to appoint a China’s government-linked company, Everbright International Construction Engineering Corp, as its joint-venture partner for the project. The plan involves a foreign direct investment valued at nearly RM4bil.

Nur Jazlan said the special committee which reports directly to the UDA board of directors would use the model proposed by Everbright as a benchmark for any form of implementation of BBCC project.

He said the proposed model would be the best solution as it gave the best return in terms of assets and recurring income to guarantee UDA’s sustainability in the future.

“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.

“Therefore, we believe the implementation of the development cannot be done hastily and in-depth study should be conducted to meet the needs of UDA and MoF as the main shareholders of the company,” Nur Jazlan said.

He said the planning for the development of the 20-acre had to be made carefully and without haste because the survival of UDA and almost 1,400 of its employees depended on its successful implementation.

UDA also said its transport consultant indicated that the site was suitable for a transportation hub. Therefore, a a big bus terminal and other properties in BBCC would be built around the transportation hub.

Nur Jazlan said the proposed transportation hub would be able to accommodate 200,000 to 300,000 commuters daily and complemented the existing monorail and LRT facilities on the Pudu Jail site.

The transport hub would also help to ease vehicle congestion in Kuala Lumpur’s golden triangle area.

By The Star

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