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Thursday, January 21, 2010

New lease of life for prime site in KL

A mixed development project has been proposed for the site located directly across The Renaissance Kuala Lumpur and next to the Sunway Tower.

The developer of an abandoned hotel project at the junction of Jalan Sultan Ismail and Jalan Ampang in Kuala Lumpur has submitted a new proposal for a mixed development project on the site, the city's mayor said.

The site, a prime piece of land located directly across The Renaissance Kuala Lumpur and next to the Sunway Tower (previously Wisma Denmark), was previously slated for the opening of the five-star The Grand Duta Hyatt hotel.

However, the project was stalled due to the 1998 Asian economic crisis.

Kuala Lumpur City Hall (DBKL) mayor Datuk Ahmad Fuad Ismail said it has received an application from the developer for a 52-storey mixed development project consisting of service apartments, offices and a hotel.
"We have approved (the project) over six months ago for service apartments, offices and a hotel," Ahmad Fuad told Business Times, adding that he does not know the current status of the construction.

"I have only seen the hoarding (in place) but no major work has been done there," he added.

He did not reveal the name of the developer who made the application.

A check at the site last Friday revealed that there was a project information signboard at the location, but no information was available to ascertain details of the project.

Kuala Lumpur Landmark Sdn Bhd, a subsidiary of Olympia Industries Bhd, was given the contract to develop the RM570 million The Grand Duta Hyatt in 1994. The project had then included residential and commercial components.

Mycom Bhd, the holding company of Olympia, then teamed up with Kuala Lumpur Landmark to develop a 52-storey building to house its headquarters and the hotel.

However, construction was halted in July 1998, when the group encountered financial difficulties during the economic crisis. The project was to recommence in 2003, but never did start.

The hotel was built up to the 29th level before it was stopped. Until today, it remains partly completed.

Tan Sri Yap Yong Seong, better known as Duta Yap, controlled Mycom, which is now called DutaLand Bhd. Yap is DutaLand's group managing director.

The Hyatt Group is no longer associated with the project.

By Business Times (by Vasantha Ganesan)

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