This article first appeared in The Edge Financial Daily, on October 2, 2015.

KUALA LUMPUR: Property developer Eco World Development Group Bhd (EcoWorld) told Bursa Malaysia yesterday that all the conditions precedent (CP) set out in its agreements concerning its proposed joint development of the RM8 billion Bukit Bintang City Centre project on the former Pudu Jail site have been met.

As such, its subscription and shareholders agreement (SSA) with Uda Holdings Bhd (UDA), the Employees Provident Fund (EPF) and BBCC Development Sdn Bhd (BBCC) that was entered into on Feb 4 — whereby EcoWorld, UDA and EPF agreed to invest and fund BBCC as the vehicle to undertake the proposed development — has become unconditional. 

Under the SSA, UDA and EcoWorld will each own a 40% stake in BBCC, with the remaining 20% held by the EPF. Similarly, the joint development agreement (JDA) inked between BBCC and UDA that same day to jointly develop the 19.4 acre (7.85ha) land into a mixed development, has become unconditional.

Among the CP set out in the SSA were that EPF would be satisfied with the results of the due diligence exercise, and shareholders’ approvals must be received. 

Under the JDA, all CPs under the SSA must be fulfilled, and regulatory approval to rezone the land to “mixed-use commercial” must be obtained, together with planning approval in principle for the development. 

The project will have a retail mall, an entertainment block, strata offices, office towers, a hotel and serviced residences.