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Monday, December 28, 2009

YNH may revise tower project

PROPERTY developer YNH Holdings Bhd may revise the proposal to build a 45-storey Grade A office building in Jalan Sultan Ismail, Kuala Lumpur, after Kuwait Finance House (M) Bhd (KFHMB) aborted plans to buy part of the property.

The proposed YNH Tower was to have featured two wings on a luxury three-level retail podium. The development would take up 1.2ha next to the Shangri-La Hotel.

Changes to the original plan may be made after KFHMB decided against buying one of the wings for RM926 million.

YNH's head of corporate services, Daniel Chan, said it has received more than five offers from investors in Malaysia, Europe, Singapore and Hong Kong since the KFHMB deal was aborted. They include property and pension funds, private equity and real estate investment trusts, which want to buy the whole block.

"If they offer us a good price, we will sell them the whole block. Otherwise, we are in no hurry to sell. We aim to sell the first wing for more than RM926 million, and the second wing for around RM1.2 billion," Chan told Business Times.

By Business Times (by Sharen Kaur)

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