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Friday, June 29, 2012

Tradewinds to redevelop Crowne Plaza

KUALA LUMPUR: Tradewinds Corp Bhd (TCB) confirmed today that it will demolish the Crowne Plaza Mutiara Hotel and Kompleks Antarabangsa in Jalan Sultan Ismail to pave the way for a RM6 billion mixed development project.

The company said it will redevelop the 2.8 hectare land on its own, and not via a joint venture as reported previously.

The project, comprising grade A+ offices, serviced apartments and retail space, is scheduled to be completed in seven years.

Speaking to reporters after meeting with stakeholders here, its Chief Executive Officer Shaharul Farez Hassan said the project will be funded by bank loans and debt equity, with a ratio of 70:30.

"We are talking with a few banks now," he added.

Crowne Plaza is a 35-storey hotel with over 500 rooms while Kompleks Antarabangsa is a 21-storey office building.

The project once completed, will reportedly, be known as the Tradewinds Centre.

By Bernama

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