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.
The serviced residence block is a 44-storey building that will have a total of 269 units comprising 1,2 and 3-bedroom apartments and facilities like swimming pool, yoga deck, gym, library, children play area, business centre and multi-purpose room. This project is expected to be completed by the end of 2023.