UDA Holdings Bhd has been assigned the task of revitalizing its ageing and underused properties to develop premium commercial spaces with affordable rents targeted at micro, small, and medium enterprises (MSMEs), according to Entrepreneur Development and Cooperatives Minister Steven Sim.

During a visit to Chinatown 1974 in Kuala Lumpur on Thursday, Sim highlighted the importance of unlocking the potential of UDA’s assets, many of which have been underutilized after more than five decades of operation. He emphasized that these properties should not be neglected or left abandoned.

Chinatown 1974 serves as a case in point, illustrating how older buildings can be repurposed to support business growth and entrepreneurship. The building, which is over 43 years old and had been vacant for five years, now houses eight different businesses, providing a fresh example of asset revitalization.

The minister noted that such initiatives not only benefit MSMEs by providing access to affordable, high-quality commercial space but also contribute to wider economic gains. These include attracting tourists, increasing property values in the vicinity, and creating employment and business opportunities.

Sim also indicated that similar revitalization projects would be pursued in other locations, including Heritage Valley in Kuala Lumpur, A-Walk in Melaka, Pudu Sentral, and other major urban centres across Malaysia. The goal is to ensure that MSMEs have access to strategic, well-located commercial spaces without the high rental costs usually associated with city centres.