THE Malaysian Basketball Association (Maba) has signed a joint venture agreement with Exsim Development Sdn Bhd to build a new head office cum hospitality development on its current 1.328 acres in Kuala Lumpur.
The 60-storey twin towers to be called MABA Suitez @ KL City Centre with an estimated gross development value (GDV) of RM800 million will have approximately 1,200 units of service apartments.
Maba president Datuk Seri Lee Tian Hock said the twin towers will comprise studio suites, two-room and three-room apartments with built-up sizes ranging from 350 sq ft to 700 sq ft.
“It is expected to have a selling price of RM2,000 to RM2,200 per sq ft.
“Subject to approval, the whole development of the project would take about five to six years, inclusive of the initial planning year.
“Maba will have its 3,000 sq ft office space for its head office and is expected to receive an income of RM4 million to RM5 million per year from this estimated transient rental of short-term vacations to long-term stays,” he said after the signing ceremony at Wisma MABA.
With this, Maba will be the first sports association to be fully self-sufficient financially without the assistance of grants and sponsorships.
Lee said Maba would be able to meet its operating expenses while churning out good players and further developing youth to spur the development of basketball in the country.
“Our long-term plan includes upgrading playing standards by exposing the Under-16 and Under-18 to play outside of Asean, in Asia and internationally,” he said, adding that the new head office building will have a 3x3 basketball court next to it.
He said the proposed hospitality development underwent an open tender after its emergency general meeting recently, with Exsim being the sole bidder.
Exsim managing director Lim Aik Hoe said the company was extremely appreciative of the opportunity to work with MABA, especially Lee, who is also a renowned philanthropist.
MABA Suitez @ KL City Centre is expected to begin its construction next year once all the approvals are granted, and this includes the extension of its leasehold as its current leasehold tenure is until 2068. – The Vibes, December 4, 2023
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