UDA banking on Pudu Jail redevelopment

The proposed bus terminal is estimated to bring in between 100,000 and 120,000 people daily. This would help boost UDA's income via retail space rentals and car-park operations at the new complex.

While the ownership of the complex belongs to UDA, the cost to build it will be borne entirely by the partner.

Under the joint-venture term, the partner is only free to build offices, residential and hotel after it has completed the main retail mall, after which it can sell or lease the building.

"The MOF needs to make a decision on what is best for UDA. Once the retail mall is completed, it can give a recurring income of about RM300 million that can definitely help UDA pay its debt and move forward," he urged.

"UDA is banking on the Pudu Jail redevelopment to stabilise the company. I hope the government won't give in to the pressure groups and make a sound decision with UDA's interest at heart," he said.

"In this case, the Bumiputera contractor issue is secondary. UDA's long-term sustainability is foremost," he reiterated.

Renamed the Bukit Bintang City Centre (BBCC) development, UDA submitted the names of its preferred joint-venture partner to MOF last month.

It was earlier reported that only one out of 11 foreign and local companies bidding for the BBCC project was a fully-owned Bumiputera company.