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Friday, March 6, 2009

YNH Property eyeing premium clients

An artist's impression of the Fraser Residence Kuala Lumpur.

GEORGETOWN: YNH Property Bhd aims to tap companies on the Fortune 500 and Forbes lists for its RM550mil Fraser Residence Kuala Lumpur mixed-development project to be managed by world-renowned hospitality service provider, Fraser Hospitality Pte Ltd.

Group executive chairman Datuk Dr Yu Kuan Chon told StarBiz the group was launching the project because it believed there was room for a premier international serviced residence brand in Malaysia.

“We engaged Fraser Hospitality as management service provider because more than 80% of its guests are on Fortune 500 and Forbes’ lists,” he said, adding that the agreement to engage Fraser Hospitality was inked on Wednesday.

The 446-unit Fraser Residence will be constructed next to Renaissance Hotel, facing both Jalan Ampang and Jalan Sultan Ismail. The project comprises two towers with one-and-two-bedroom serviced apartments.

There will also be office suites, a retail mall, a sky gymanasium, infinity lap pool and whirl pool sauna. Construction work is expect to start this year and scheduled for completion in four years.

YNH has also engaged Fraser Hospitality to manage Fraser Place Kuala Lumpur, which is scheduled for completion in the third quarter of 2009. “This project offers gold-standard serviced residences comprising studios, one-and-two-bedroom units and luxurious penthouses,” Yu said.

On a separate matter, Yu said YNH had on Feb 19 entered into a memorandum of understanding with Pantai Holdings Bhd to jointly build, lease and operate a private hospital in the Manjung Point township development in Sri Manjung, Perak.

“A Pantai hospital will add value and provide first-class medical facilities and services in our existing and future developments in the Manjung Point township. Pantai, with its experience and expertise, sees Sri Manjung as a very attractive investment,” he added.

By The Star (by David Tan)

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