KUALA LUMPUR, Dec 3 — In a groundbreaking move, the Malaysian Basketball Association (Maba) has inked a joint venture agreement with Exsim Development Sdn Bhd to embark on the construction of a state-of-the-art head office cum hospitality development in Kuala Lumpur.
The 1.328-acre site in Kuala Lumpur will soon be home to the impressive Maba Suitez@KL City Centre, a 60-storey twin tower complex with an estimated gross development value (GDV) of RM800 million.
Featuring approximately 1,200 units of serviced apartments, the twin towers boast a mix of studio suites, two-room and three-room apartments with sizes ranging from 350 to 700sq feet, and are anticipated to command a selling price of RM2,000 to RM2,200 per square foot.
Pending approval, the entire project is expected to take 5 to 6 years, inclusive of the initial planning year.
“Maba’s new head office will occupy 3,000 sq feet, generating an estimated income of RM4 to 5 million annually from transient rental of short-term vacations to long-term stays. With this, Maba will be the first sports association to be fully self-sufficient financially without the assistance of grants and sponsorships,” Maba President Datuk Seri Lee Tian Hock said in a statement.
“We will be able to meet our operating expenses and more as we build our players and further develop our youths as well as the future of the basketball sports in Malaysia. The plan includes upgrading our playing standards by exposing our Under-16 and Under-18 to play outside of Asean, in Asia and even other first-world countries,” he added.
Lee said upon approval, Maba stands to receive a cash consideration of RM170 million. Additionally, a strategic move involves utilising RM100 million to purchase units for all 18 Maba affiliates, including 14 states, Armed Forces, Police, Labuan and Putrajaya. Each affiliate will secure two units, serving as a sustainable source of income for their respective programmes and operational expenses.
The new head office building is designed to feature a 3x3 basketball court, enhancing Maba’s commitment to grassroots development.
Lee emphasised the transparent selection process, noting that Exsim secured the project through an open tender after an Extraordinary General Meeting (EGM) to secure consensus.
Meanwhile Lim Aik Hoe, Managing Director of Exsim, expressed gratitude for the opportunity to collaborate with Maba.
“Exsim is extremely appreciative of the opportunity to work with Maba, especially with its visionary president who is also a renowned philanthropist,” Lim said in a statement.
“Maba is the cornerstone and a catalyst mover in Malaysian sports under the leadership of Lee who has a vision to future-proof the basketball sports in Malaysia by envisioning such a project for the betterment of the sports and the development of its players,” he said.
Construction of Maba Suitez@KL City Centre is slated to commence in 2024, pending necessary approvals, including an extension of the leasehold, which currently extends until 2068. This ambitious venture signifies a pivotal moment for Maba, promising not only a cutting-edge facility but also a sustainable financial model for the advancement of basketball in the country.