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Tuesday, January 15, 2008

YNH to sell tower

Artist’s impression of Menara YNH

PENANG: YNH Property Bhd is finalising the sale of the proposed 45-storey iconic Menara YNH at Kuala Lumpur's Jalan Sultan Ismail for RM1.5bil.

Sources said investors from Australia, Singapore and a Middle-Eastern country were likely to form a consortium to purchase the building, which is scheduled for completion in 2012.

YNH Property is also close to finalising a deal to secure a partner to jointly construct the building.

“The partner, either from Hong Kong, Singapore or New York, is likely to hold a 20%-30% stake in a subsidiary company to be formed,” they told StarBiz.

Earlier this month, YNH Property announced the commencement of earthworks for the project and the allocation of RM4.2mil to relocate the water pipes and manholes at Jalan Sultan Ismail to make way for the tower project.

Menara YNH, to be built on three acres next to the Shangri-La Hotel, is designed to accommodate a single office block and a retail centre.

Each floor plate will have an area of 55,000 sq ft, which is among the largest in the world.

Menara YNH will have a total net lettable area of about 1.2 million sq ft.

The sale of Menara YNH is expected to have a significant impact on the YNH group, which has a share capitalisation of over RM1bil, based on the current share price of RM2.81 per share.

Over the next two years, YNH Property expects its projects, such as 163 Service Suites in Kuala Lumpur and Ceriaan Kiara in Mont' Kiara, to generate over RM400mil in revenue.

By The Star (by David Tan)

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