Mitsui Fudosan Malaysia’s RM242 Million Joint Venture with BBCC Development Sdn. Bhd.

Rahmat Lim & Partners acted for Mitsui Fudosan (Asia) Malaysia Sdn. Bhd. on the deal.

Mitsui Fudosan (Asia) Malaysia Sdn Bhd (MFAM) and BBCC Development Sdn Bhd (BBCCD) entered into a JV agreement to form a JV company known as MFBBCC Serviced Suites Sdn Bhd (JVCo) to purchase a serviced residence block in the Bukit Bintang City Centre (BBCC) development for RM242 million. MFAM will hold 51% and BBCCD 49% in the JVCo, which will manage and operate the property including granting of tenancies of units within the property.

BBCC is a joint-venture project between UDA Holdings Berhad, Eco World Development Group Berhad (EcoWorld Malaysia), and the Employees Provident Fund Board. Located on a 19.4-acre site, the development is poised to be the new gateway into the Kuala Lumpur golden triangle and future centre of greater Kuala Lumpur. The serviced residence block is a 44-storey building that will have a total of 269 units comprising 1, 2 and 3-bedroom apartments with built-ups from 532 sq ft to 1,188 sq ft. The units are from level 5 onwards whilst levels 2 to 4 will house the carparks and facilities like a swimming pool, yoga deck, gym, library, children play area, business centre and multi-purpose room.

It is part of Phase 2 of BBCC which will also include another residential tower and two blocks of commercial buildings. The serviced residence block is expected to be completed by the end of 2023.

Mitsui Fudosan (Asia) Malaysia Sdn Bhd is a subsidiary of Mitsui Fudosan Co., Ltd., a leading global real estate company headquartered in Tokyo. 

RL&P assisted Mitsui Fudosan (Asia) Malaysia Sdn. Bhd in negotiating and drafting the sale and purchase agreement and the joint venture agreement with a team led by Partners Chan Weili (Picture) and Joycelyn Ang.

Involved fees earner: Joycelyn Ang – Rahmat Lim & Partners; Chan Weili – Rahmat Lim & Partners;

Law Firms: Rahmat Lim & Partners;

Clients: Mitsui Fudosan (Asia) Malaysia Sdn. Bhd;

Author: Sonia Carcano