UDA Holdings Bhd, one of the leading property groups in Malaysia, seeks an initial RM100 million compensation from the Treasury or MRT Corp Bhd for the 150 tenants of Bukit Bintang Plaza (BB Plaza) who will be affected by the Bukit Bintang underground station development, said a report from the Sundaily.
Nur Jazlan Mohamed, Chairman of UDA, noted that while the company agrees to ‘sacrifice' for the MRT project, it would hinder the company's business and its plan to provide space for bumiputra retailers in the city.
Next month, MRT Corp will take over the BB Plaza's frontage and the Yayasan Selangor building for the development of the Bukit Bintang underground station.
"For the next four to five years, we will still lose BB Plaza frontage when MRT Corp starts construction work... this will affect the business...that's why we put forward the suggestion that MRT Corp compensates the tenants," said Jazlan.
On plans to redevelop BB Plaza or sell the mall to MRT Corp, Jazlan said, "We are in discussions now, but it doesn't mean we'll sell."
"If the redevelopment of MRT does go ahead, we have to weigh losing rental income and we have to demolish the building and build it again, which will have additional problems like higher cost of redevelopment and this cannot be acceptable to the Bumi agenda."
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