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Monday, August 11, 2008

Y&Y Property plans 2nd boutique hotel in KL

FIRST SHOPPING MALL: Hue pointing at the model of 1 Shamelin in Cheras, which is due to be completed in the middle of 2009

Y&Y Property Development Sdn Bhd plans to build its second boutique hotel in Kuala Lumpur as it seeks to take advantage of the growing tourism industry.

It is also a new venture for the company, which mainly builds industrial properties.

“Hotels have good returns and Y&Y has been mulling to build them for a long time.

When it identified strategic locations and older buildings for conversion, it decided to move in,” Mike Hue, Y&Y sales and marketing manager told Business Times in an interview recently.

Y&Y was founded by the Yong family. The company started as a textile manufacturer, trader and garment retailer in the 1980s.

It is now building its first boutique hotel for some RM30 million at Tengkat Tong Shin off Jalan Bukit Bintang. The hotel will be run under the Hip Hotels brand, a popular name in US and Europe.

The eight-and-half-storey building, which will be completed by September, will be open by December. It will have 117 rooms priced from RM88 each per night.

Hue said Y&Y has initiated plans to build a second Hip hotel in the city next year.

The company, he said, had bought an old six-storey office block near the Masjid Jamek light rail transit station on Jalan Tun Perak. It will be converted into a Hip hotel in the second half of 2009.

Apart from the hotel, Y&Y Property is also building its first shopping mall in Cheras, named 1 Shamelin.

This is due to be completed in the middle of 2009.

The company has also earmarked a plot of land it owns opposite the Putra World Trade Centre in Kuala Lumpur for its second mall.

By New Straits Times (by Sharen Kaur)

1 comment:

muizdsai said...

When talking about the area namely of Jalan Genting Kelang, Jalan Pahang and the area of PWTC in Kuala Lumpur, plenty from the communities complained about traffic congestions, but that indeed doesn't prevent devolopers to develop those areas with skyscrappers buildings. Since Y&Y is developing the area opposite PWTC, I would like them to consider a commercial land for sale in Taman Melawati, Kuala Lumpur near Zoo Negara for RM 1.5 million which is negotiable to view and most probably invest in the property which is fully furnished and not having any sorts of faulty such as cracks, fires or floods. It's a 3-storey high.

If there is a need to make me as an agent of yours, please do contact me at 03-4143 0292, 017-2511 356 or by email at in terms of selling your properties. I would also assist your side with loans from the respective banks.