This article first appeared in City & Country, The Edge Malaysia Weekly on September 9, 2024 - September 15, 2024

Mitsui Fudosan (Asia) Malaysia Sdn Bhd (MFAM), a subsidiary of Mitsui Fudosan Co Ltd (a Tokyo-based real estate company), will officially open its first serviced suites development in Malaysia, Mitsui Serviced Suites Bukit Bintang City Centre (BBCC), by end-September, says Aritaka Yamagata, MFAM deputy general manager for business and residential development.

In 2020, MFAM entered into a joint-venture agreement with the master developer of the 19.4-acre BBCC project, BBCC Development Sdn Bhd (BBCCD) — which is a joint venture between Eco World Development Group Bhd (KL:ECOWLD), UDA Holdings Bhd and the Employees Provident Fund — to form MFBBCC Serviced Suites Sdn Bhd (MFBBCC) and purchased a serviced residence block within the development for RM242 million.

The serviced residence block, now named Mitsui Serviced Suites BBCC, was completed this year. Standing at 45 storeys, the project has a total of 269 units and offers four layout types: Type A (514 sq ft, 1 bedroom); Type B (711 sq ft, 1+1 bedrooms); Type C (967 sq ft, 2 bedrooms); and Type D (1,170 sq ft, 3 bedrooms).

The units are available for a one-year lease with a rental rate, inclusive of the utility fee, starting from RM3,500 per month. There is also a monthly-basis option with a minimum 30-day stay with a rental rate that starts from RM7,200.

Commenting on the target market, Yamagata says the serviced suites cater to the expatriate market as well as Malaysia My Second Home (MM2H) participants. They have also received enquiries from Japanese, Chinese, Middle Eastern as well as Europeans, adding that about 10% of the units have been booked.

Yamagata, who has been based in Malaysia since 2020, says: “As an expatriate myself, I find it hard to rent properties in Kuala Lumpur because there is a required rental period that can be too long for some people who are in the country for a short time, which is a minimum of one year. So, Mitsui Serviced Suites BBCC will cater to them.”

Meanwhile, some of the facilities provided are a swimming pool, yoga deck, gymnasium, library, children’s play area, business centre and multipurpose hall.

When asked the reason for introducing serviced suites, he says: “In Japan, it is quite typical for developers to develop and manage their own projects. However, we observe that this approach is not widely adopted in Malaysia. Therefore, we want to capitalise on this opportunity and establish a presence in the market by introducing Mitsui Serviced Suites BBCC.”

Mitsui Serviced Suites BBCC will be managed by Mitsui Fudosan, via MFBBCC, he explains. This bodes well for the serviced suites and the tenants as maintenance and customer satisfaction will be “guaranteed through a centralised management by a single corporation”.

Yamagata adds, “This unified approach ensures a consistent and superior standard of service throughout the operation, reflecting the commitment to excellence and attention to detail that the Mitsui brand represents. Through Mitsui, we also want to offer a lifestyle that highlights Japanese-inspired hospitality and environment.”

Residents of Mitsui Serviced Suites BBCC will have direct access to the LaLaport BBCC shopping mall as well as easy access to the Hang Tuah LRT station through LaLaport Gourmet Street.

Being Mitsui Fudosan’s first serviced suites project in Malaysia, the company is always looking out for investment opportunities and has plans to expand the Mitsui Serviced Suites projects in the country. “Following the opening of Mitsui Serviced Suites BBCC, Mitsui Fudosan is focusing on expanding its presence and enhancing its portfolio in Malaysia. We have plans to continue investing in key cities, exploring opportunities in both residential and commercial sectors.

“Currently, Mitsui Fudosan is engaged in several projects across Malaysia, including new developments and strategic partnerships. These initiatives aim to strengthen our market position and contribute to the growth of the local real estate sector,” Yamagata adds.

Its current ongoing projects are Kulim Logistics Hub in Kedah and several joint-venture residential projects in Kuala Lumpur, which are The Peak low-rise development in Damansara Heights, The Mews condominium on Jalan Yap Kwan Seng, Conlay serviced apartment on Jalan Kia Peng and Setia Federal Hill in Bangsar. 

It also has a retail portfolio, which comprises Mitsui Outlet Park KLIA, Sepang and LaLaport BBCC. 

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