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Wednesday, October 19, 2011

Lumayan Indah to 'plant' RM700m Banyan Tree in KL

KUALA LUMPUR: The Banyan Tree Signatures Pavilion Kuala Lumpur will be developed at an estimated cost of RM700 million by Lumayan Indah Sdn Bhd.

The project, slated for opening by end-2016, will include luxurious hotel-plus-residences. It will have a gross development value of RM1.4 billion.

Lumayan Indah is building the 55-storey building on a 0.59ha land that it owns in Jalan Conlay.

The company is owned by Serantau Optima Sdn Bhd, which in turn is owned by Nightingale Global Ltd.

The chairman of Lumayan Indah, Tan Sri Aziz Ismail, is also the deputy chairman of Urusharta Cemerlang Sdn Bhd, which owns Pavilion Kuala Lumpur.

Hotel manager Banyan Tree Holdings Ltd and Lumayan Indah yesterday signed an agreement to collaborate on the project. The "Siganatures" concept will be the first for Banyan Tree.

Pavilion Kuala Lumpur and Banyan Tree both have Qatar Holding LCC as a key investor.

According to Aziz, the project will be the tallest residential development in Kuala Lumpur.

It has a total of 441 units of private residences, 51 units of serviced residences and 50 units of suites. The units will be sold at an average of RM2,000 per sq ft.

Meanwhile, Banyan Tree's executive chairman Ho Kwon Ping said that this may not be the sole Banyan Tree presence in Malaysia as the company is also seeking opportunities in Langkawi and Kota Kinabalu.

He added that Banyan Tree is also looking at the possibility of working on other projects elsewhere with Pavilion as the latter carries a strong brandname and is a reputable company.

Banyan Tree Residences and Banyan Tree Signatures Hotel will be complemented by a world-class spa, a heated pool, comprehensive amenities and a rooftop gourmet restaurant and sky bar.

The hotel will offer couture concierge services which include limousine, yacht and private jet booking facilities.

Banyan Tree and the mall will be connected by a private link bridge.

By Business Times

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