Property developer UDA Holdings may renovate the Pudu Jail to become an integrated transport hub, similar to the Elements Mall in Hong Kong.
According to Nur Jazlan Mohamed, Chairman of the UDA, the plan is expected to contribute over RM8 billion in gross development value (GDV).
Nur Jazlan added that the company hired consultants to assess proposals from the Everbright International Construction Engineering Corp (EICEC), a China government-linked company and from the Ministry of Finance (MOF).
"We will compare the two proposals to see which is more superior. The study, which will take another six to eight months, will be presented to the government and the final decision is theirs," he said.
Seeing that the proposal mirrors Elements, the largest shopping mall in Hong Kong, UDA apparently favours EICEC's proposal.
"We prefer the proposal by EICEC as we get to control the land and it will give us RM2.4 billion worth of investment properties, which in turn will provide us with long-term recurring income," Nur Jazlan noted.
He added that EICEC pledged to transfer the properties to them four to five years after construction begins.
"The key here is money, which we need for long-term sustainability," noted Nur Jazlan, adding that the company has no other choice than to be competitive, as the government no longer provides any direct assistance.
The Pudu Jail redevelopment is part of the Economic Transformation Programme (ETP) under the New Economic Model, which aims to transform Malaysia into a high-income nation by 2020, as well as turn the Klang Valley into the Greater Kuala Lumpur economic district.
Image: The Star
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