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Tuesday, September 2, 2008

Four Seasons project set for early 2009 launch

Venus Assets Sdn Bhd, a firm controlled by Singapore property tycoon Ong Beng Seng, is set to launch the Four Seasons Hotel and Condominium project in Kuala Lumpur worth over RM2 billion by early next year.

The hotel rooms and condominium units will be contained in a 60-storey building, which is being upgraded to 65 floors, pending approval from Kuala Lumpur City Hall.

The building will be constructed on a 1.O4ha site between Menara Maxis and Wisma Central, which used to house an open air carpark.

Venus Assets had acquired the land from Intan Sdn Bhd, a privately-held company controlled by the family of the late billionaire Tan Sri Khoo Teck Puat, for RM90 million in cash in October 2003.

Based on an earlier plan, the Four Seasons Hotel with 60 floors was to be developed jointly with KLCC Holdings Bhd on a 0.64ha site adjacent to Menara Maxis owned by the latter, while the 1.O4ha site owned by Venus Assets was reserved for a 30-storey serviced apartment block.

But the plan was aborted last year due to unforeseen circumstances, sources said.

Venus Assets has completed piling works on the 1.O4ha site it owns to prepare for the development based on new plans submitted to City Hall.

NEW LANDMARK:Syed Ysof and the Sultan of Selangor have interest in the RM2 billion project.

The project, in which Tan Sri Syed Yusof Tun Syed Nasir and the Sultan of Selangor, Sultan Sharafuddin Idris Shah, have interest, is designed by Connecticut’s Pickard Chilton Architects Inc.

It will feature 240 hotel rooms, 150 condominium units, six levels for parking and four retail floors, developed over four years or by mid-2013.

The project is seen as the crème de la crème and will set a new benchmark price in the city.

“The condominium units may be pegged from around RM3,000 per sq ft (psf) while the hotel rooms will cost more than RM750 a night, making the development the most expensive within the Kuala Lumpur City Centre (KLCC) enclave,” the source said.

“Looking at projects in Kuala Lumpur where transaction prices have doubled since the launch, Venus Assets is confident of sales and is targeting buyers from around the world,” the source added.

Kuala Lumpur’s current most expensive project is The Binjai by KLCC Holdings, which sits along the intersection of Persiaran KLCC and Jalan Binjai.

The indicative selling price is believed to be around RM2,800 to RM3,000 per sq ft.

Troika, a project by Bandar Raya Development Bhd, located at Jalan Binjai, has seen transaction price exceeding RM2,500 per sq ft, from its launch price of RM1,000 per sq ft.

Prices of Datuk Chua Ma Yu’s One KL, launched in 2005 at about RM1,000 per sq ft, have also almost doubled.

By New Straits Times (by Sharen Kaur)

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