Mitsui Fudosan Group’s First Serviced Residential Leasing Business Overseas
Mitsui Serviced Suites Bukit Bintang City Centre to Open on late September
To Newly Open in a Large-Scale Urban Development Area in Kuala Lumpur, Malaysia

July 19, 2024
Mitsui Fudosan Co., Ltd.

Tokyo, Japan, July 19, 2024 – Mitsui Fudosan Co., Ltd., a leading global real estate company headquartered in Tokyo, announced today that Mitsui Serviced Suites Bukit Bintang City Centre, which was developed in joint venture with BBCC Development Sdn Bhd (BBCCD) through Mitsui Fudosan (Asia) Malaysia Sdn. Bhd., is set to begin operations on late September, 2024. This property is the first directly operated serviced residential leasing apartments “Mitsui Serviced Suites” to open overseas.

The property is located inside the Bukit Bintang City Centre Project (BBCC Project), a large-scale, urban development project in central Kuala Lumpur. This project has outstanding access to public transportation, directly linked to Hang Tuah Station on the LRT and a three-station, six-minute journey to KL Sentral Station, the main train terminal.

The property is also directly connected to Mitsui Shopping Park LaLaport BUKIT BINTANG CITY CENTRE (LaLaport BBCC) (opened in 2022), which is developed and operated by our Group within the BBCC Project and offers a wide range of Japanese stores, restaurants, and daily necessities. With the opening of the property and LaLaport BBCC, Mitsui Fudosan will work to further promote its strength of mixed-use neighborhood creation.

Mitsui Serviced Suites Bukit Bintang City Centre property exterior

Key Points of this Press Release

• Planned to open within the large-scale urban development project ‘BBCC Project’ in the center of Kuala Lumpur. It’s a highly convenient area where multiple transportation infrastructures are in place.
• The Group’s first directly operated serviced residential leasing project overseas. It is also the first property under the “Mitsui Serviced Suites” brand of residential leasing apartments primarily aimed at expats.
• A total of 269 units with a variety of floor plans ranging from 1BR to 3BR that come with furniture, fixtures, and equipment to provide a high level of comfort.
• Substantial array of shared facilities including a pool, large public bath, sauna, fitness gym, kids’ room, and lounge.
• The hotel will offer a full range of services such as concierges that speak multiple languages including Japanese, house cleaning, and linen changes (for a fee). In addition, services linked with the adjacent LaLaport BBCC will also be considered in the future.

[ Characteristics of Mitsui Serviced Suites Bukit Bintang City Centre ]

Mitsui Serviced Suites, which is also the brand name of this property, are residential leasing apartments with furniture, fixtures, equipment, and concierge services primarily for expats. Both tangible and intangible aspects have been enhanced to ensure a comfortable life for expats.

< Residential areas >

Residential areas will cover a wide range of styles from one-bedroom to three-bedroom types, providing floor plans capable of matching customers’ lifestyles. All units come with furniture, fixtures, and equipment.

Bedroom image

Living room image

< Common space >

Substantial array of shared facilities including a pool, large public bath, sauna, fitness gym, kids’ room, and lounge. A variety of needs will be met.

Outdoor pool image

Large public bath image

< Services >

Mitsui Fudosan will manage all the rooms together and smoothly handle residential facility repairs and maintenance. We also provide a full range of services to support a comfortable lifestyle, such as concierges that speak multiple languages including Japanese, house cleaning, and linen changes (for a fee). In addition, taking advantage of the location adjacent to LaLaport BBCC, where many Japanese supermarkets, bakeries, and restaurants are located, Mitsui Fudosan will consider offering services in collaboration with these facilities in the future.

LaLaport BBCC exterior

LaLaport BBCC Central Rooftop Garden

< Map >

[ Overview of the BBCC Project ]

The BBCC Project is a large-scale, mixed-use development project on a site of approximately 78,500 m² (845,000 ft2) in Kuala Lumpur’s city center that will feature a retail facility (LaLaport), offices, residences, hotels amongst others. It is being developed by BBCCD, which is comprised of UDA Holdings Berhad, Eco World Development Group Berhad, and Employees Provident Fund Board as its shareholders. The Mitsui Fudosan Group will establish, own and operate a joint venture with BBCCD for the business in the BBCC Project.
(Reference) “Mitsui Shopping Park LaLaport BUKIT BINTANG CITY CENTRE” opens:
https://www.mitsuifudosan.co.jp/english/corporate/news/2021/1216/download/20211216.pdf

Image of the BBCC Project overview

BBCC Project area site layout

[ Mitsui Fudosan’s Overseas Business ]

The Mitsui Fudosan Group has been conducting business in China, Taiwan, Southeast Asia, India, and Australia, in addition to the US and the UK. The Group’s long-term management policy “& INNOVATION 2030,” formulated in April 2024, calls for deepening and evolving overseas business. Accordingly, the Group will seek robust growth in the overseas business. In Southeast Asia, the Group has been pushing ahead with the condominium housing business in Malaysia, Singapore, Thailand, China, and cities in other Asian countries. The Group has also been conducting the hotel business in Taipei, the logistics facilities business in Kuala Lumpur and near Bangkok, and the office buildings business in Bangalore. In these and other ways, the Group has been actively pursuing business in fast-growing Asia with the view of capturing growing consumer spending and expanding profits at the earliest opportunity in conjunction with contributing to local communities.

[ Mitsui Fudosan’s Business in Malaysia ]

In 2015, “Mitsui Outlet Park KILA Sepang” (shopping mall) was opened as Mitsui Fudosan’s first commercial facility overseas. In 2016, a joint venture “MFBBCC Retail Mall Sdn Bhd” was established to promote the LaLaport BBCC project. In 2017, “Malaysia Mitsui Fudosan” was established to promote business in Malaysia. The company promotes one logistics facility property and two commercial facility properties and four housing properties centered on Kuala Lumpur and the surrounding areas. Malaysia is our first business venture in the residential leasing business in Southeast Asia. We aim to further expand the business in the future.

[ Sustainability in the Mitsui Fudosan Group ]

Based on the meaning of its “& mark,” “to generate new value with society through cooperation, coexistence and co-creation, we forge ahead, innovating,” the Mitsui Fudosan Group views the “creation of social value” and the “creation of economic value” as two wheels of a cart. Accordingly, we believe that the creation of social value leads to the creation of economic value, and that this economic value then creates even greater social value.
Moreover, we identified six Group Materiality priority issues when formulating our new management philosophy in April 2024. These Group Materiality priority issues are (1) Contribute to industrial competitiveness, (2) Coexist with the environment, (3) Health and Vitality, (4) Safety and security, (5) Diversity and inclusion, and (6) Compliance and governance. The Mitsui Fudosan Group will work to address each of the materialities through its core business activities and contribute to the promotion of sustainability.

(References)
・ Group Management Philosophy and Long-Term Vision
https://www.mitsuifudosan.co.jp/english/corporate/innovation2030/
・ Group Materiality
https://www.mitsuifudosan.co.jp/english/esg_csr/approach/materiality/

* The initiatives outlined in this release are designed to help address the following two Sustainable Development Goals (SDGs).