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Monday, November 2, 2009

KL has to wait a while more for its Four Seasons

KUALA LUMPUR will have to wait a little bit longer for its first Four Seasons hotel as the developer for the RM2.5 billion project may get a new partner.

"There is an internal restructuring to the shareholding structure of Venus Assets Sdn Bhd," a source said.

A search with the Companies Commission of Malay sia reveals that Venus Assets is owned by Venus Pacific Sdn Bhd.

Venus Pacific is 30 per cent owned by ISY Equity Sdn Bhd, a company controlled by Tan Sri Syed Yusof Syed Nasir and the Sultan of Selangor while 70 per cent is held by Attesa Investment Ltd, a firm controlled by Ipoh-born tycoon Ong Beng Seng and partner.
There would also be minor changes to the 65-storey building that comprises a hotel, apartments and a retail area, the source added.

Venus Assets bought the prime 1.05ha site, which sits right next to the Petronas Twin Towers, for RM90 million in 2003 from the estate of the late Khoo Teck Puat, the former major shareholder of Standard Chartered plc.

The source said that the Four Seasons Place project will take off but the timing has not been confirmed.

The project was first announced in 2005, but piling work only began in 2007.

Said to be the tallest Four Seasons in the world, the project has already been plagued with several delays, ranging from changes in building plans from an initial two tower project to a single tower.

There were also changes in design, positioning, composition and roping in of partners for the venture.

In an interview with Business Times in March this year, Syed Yusof said contractors will be hired in the third quarter of 2009.

However, it is understood that this has yet to happen.

In the same interview, he also said the completed Four Seasons Place will have 150,000 sq ft of retail space, 150 hotel rooms and 100 serviced apartments. There will also be another 140 units of apartments that will be sold.

The entire component will be ready simultaneously and will be managed by Four Seasons.

The apartments, which start from 3,000 sq ft per unit, will be sold for about RM2,500 per sq ft.

The cost of construction for all components including land and interior design is RM1.4 billion while the estimated gross development value of the project is RM2.5 billion.

By Business Times (by Vasantha Ganesan)

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