KUALA LUMPUR (Dec 14): UDA Holdings Bhd will review the Finance Ministry's plan to divide the former Pudu Hail site into three plots in a move to maximize the value of the 20 acres site.
UDA chairman Datuk Nur Jazlan Mohamed said on Wednesday, a study was underway to look into the proposed development of the site which is better known as Bukit Bintang City Centre (BBCC).
A special panel headed by an UDA board member would undertake the proposed development plan and present it to the Finance Ministry for consideration.
Nur Jazlan said that the planning of the development of the land measuring about 20 acres had to be made carefully because the survival of UDA and almost 1,400 of its employees hinged on its successful implementation.
"For UDA, this development marks the continuation of the company's survival for the future, and the Board of Directors have agreed that any form of development needs to prioritize UDA's interest first," he said.
Previous reports said the Finance Ministry ordered UDA to divide the former Penjara Pudu land into three plots with two to be given to local Bumiputera companies and the remainder to a non bumi entity.
The directive was issued after the Finance Ministry did not consider UDA's proposal to appoint a China government-linked company -- Everbright International CONSTRUCTION [] Engineering Corporation (EICEC) which involves a foreign direct investment (FDI) value of almost RM4 billion --'' as its joint venture partner for the Pudu Jail land.
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UDA chairman Datuk Nur Jazlan Mohamed said on Wednesday, a study was underway to look into the proposed development of the site which is better known as Bukit Bintang City Centre (BBCC).
A special panel headed by an UDA board member would undertake the proposed development plan and present it to the Finance Ministry for consideration.
Nur Jazlan said that the planning of the development of the land measuring about 20 acres had to be made carefully because the survival of UDA and almost 1,400 of its employees hinged on its successful implementation.
"For UDA, this development marks the continuation of the company's survival for the future, and the Board of Directors have agreed that any form of development needs to prioritize UDA's interest first," he said.
Previous reports said the Finance Ministry ordered UDA to divide the former Penjara Pudu land into three plots with two to be given to local Bumiputera companies and the remainder to a non bumi entity.
The directive was issued after the Finance Ministry did not consider UDA's proposal to appoint a China government-linked company -- Everbright International CONSTRUCTION [] Engineering Corporation (EICEC) which involves a foreign direct investment (FDI) value of almost RM4 billion --'' as its joint venture partner for the Pudu Jail land.
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