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Friday, June 13, 2008

CMY Capital and MRCB in St Regis deal

KUALA LUMPUR: ONE IFC Sdn Bhd has signed an agreement that will see the world-renowned St Regis brand make its entry into Malaysia.

The six-star St Regis hotel, which is scheduled to open its doors in 2014, will be built on Lot C at KL Sentral. The St Regis Kuala Lumpur will feature a minimum 200 hotel rooms and 200 whole ownership units or residences.

“Our vision and aspirations are to create a development that would redefine luxury, and one that would raise the benchmarks of Malaysian real estate to that of international standards,” ONE IFC chief executive officer Carmen Chua told reporters at the signing with Starwood Hotels & Resorts Worldwide Inc yesterday.

Carmen Chua (left) and Miguel Ko at the press conference yesterday.

Starwood is a world leading hotel and leisure company with about 900 properties in 100 countries. Apart from the St Regis brand, Starwood manages other brands such as Le Meridien, Westin, Sheraton and The Luxury Collection.

The St Regis brand is over 100 years old and the St Regis Kuala Lumpur will feature the hallmark of the St Regis hotel – butler service and luxury accommodation.

Mustafa Kemal Abadan, design partner of the world-famous architecture firm Skidmore, Owings and Merrill (SOM), will design the hotel, residence and office tower.

SOM’s portfolio of over 800 design awards includes the Freedom Tower, which is the redevelopment of the World Trade Centre in New York, and the Burj Dubai, the world’s tallest tower, in the United Arab Emirates.

“The sustained demand for luxury accommodation, the renowned Malaysian hospitality, combined with the legendary bespoke service of the St Regis brand, and the unrivalled location of this hotel in the exclusive urban centre of KL Sentral, will make this property an extremely attractive choice for travellers to Kuala Lumpur,” said Starwood Hotels & Resorts, Asia Pacific president Miguel Ko.

ONE IFC is 60% owned by CMY Capital Sdn Bhd, 30% by Malaysian Resources Corp Bhd and 10% by Jitra Perkasa Sdn Bhd.

Construction of the ONE IFC hotel, residence and office tower development is expected to be financed by the shareholders funds and begin in 2010.

Chua also said the ONE IFC’s commitment to the project represented its confidence in the Malaysia economy despite the current climate of uncertainty, inflation and rising costs.

She said the final costing and the subsequent gross development value of the project would only be determined after the building was designed.

By The Star

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