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Baik buat service hotel sebab ramai orang Arab dan Korea kat area itu. Daripada kedai kosong nak bankrupt baik convert terus |
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RM2bil Integrated Developement in KL
“Construction cost is now at a moderate rate and with careful selection of investment, we can still benefit,” he said during the launch of The Intermark, a fully integrated world class mixed-use development, yesterday. MGPA will invest RM2bil (including acquisition and construction costs) in The Intermark.
Michael Wilkinson (left) and MGPA Asia Developments managing director Moon Duck Kim posing with the replica of The Intermark
The amount involves the complete refurbishment of 62-storey landmark grade A office building Vista Tower (formerly known as Empire Tower), a new international grade A office building Integra Tower, retail centre Intermark Mall (formerly known as City Square) and Malaysia’s first Doubletree by Hilton Hotel (formerly Crown Princess Hotel).
MGPA - through it’s Asia Fund 2 - acquired the Empire Tower, City Square, the Crown Princess Hotel and Plaza Ampang in 2007 for about RM760mil.
Wilkinson says the reason to refurbish and build the grade A office buildings was because such buildings were limited in the city.
“Besides that, the location of the development - at the junction of Jalan Tun Razak and Jalan Ampang - is very strategic, just 500 metres from the Petronas Twin Towers and also about a two-minute walk to the Ampang Park LRT,” he says.
The company is comfortable with the investment in Malaysia and will be here for a long time, he says, adding: “In fact, we are looking for more investment opportunities in Malaysia and will announce that when the time comes.”
He says Malaysia was fortunate to be still resilient in the current climate and, with a strong market, the country was still attractive to investors.
Vista Tower is expected to be completed by year-end while the Intermark Mall and DoubleTree by Hilton Hotel will be completed in the first quarter next year. The other building, Integra Tower, is scheduled for completion by end-2012. |
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MGPA, a private equity real estate fund, is investing more than RM1.3 billion to redevelop The Intermark, formerly City Square Centre, in Kuala Lumpur.
Chief executive officer for Asia developments Michael Wilkinson said MGPA will also integrate The Intermark and Integra, more commonly known as Plaza Ampang Mall.
"The project is about reinstating the landmark in Kuala Lumpur. We have to make it a first-class asset. There aren't many office assets in the world as imposing as these," he told a news conference in Kuala Lumpur yesterday.
City Square Centre, on Jalan Tun Razak, comprised the 11-storey City Square shopping centre, the 62-storey Empire Tower office block and the 28-storey, 571-room Crown Princess Kuala Lumpur hotel.
The properties have been rebranded and are now known as the Intermark Mall, Vista Tower and Double Tree by Hilton Hotel.
MGPA's Asia Fund II bought the properties, and Plaza Ampang Mall, for RM760 million from a Malaysian developer in 2007.
Integra is a "Grade A" 30-storey office building, which will be ready by end-2012.
Wilkinson said Vista, the first component of the redevelopment, will feature a grand double-height lobby, high-speed lifts and security access control when ready by the end of this year.
Rental rates have doubled to RM9 per sq ft from RM4.60 per sq ft in the last two years.
"A third of the building is vacant for us to make way for the refurbishment. Some existing tenants may leave when their lease expires as they may not be able to afford the higher rates. We are in talks with a few multinational companies to make Vista their headquarters," Wilkinson added.
"We expect Vista to be fully leased within 12 months after its upgrading. As bad as things are globally, we are quite confident of the market and our assets. There is high demand for Grade A office buildings in Kuala Lumpur."
Wilkinson said the mall, which will offer 200,000 sq ft of retail space, and the five-star hotel will be ready by the first quarter of next year.
MGPA, an independent fund that has Australia's Macquarie Group as a shareholder, will hold The Intermark, or "integrated landmark", as a long-term investment.
Redevelopment of City Square Kuala Lumpur include:
1. Development of a new 30storey The Intermark Tower on the site of former Plaza Ampang
2. Refurbishment of 62storey Empire Tower --> to be known as Vista Tower
3. Refurbishment of 11storey City Square shopping mall --> to be known as The Intermark Mall
4. Refurbishment of 28storey Crown Princess Hotel KL --> to be known as Doubletree by Hilton Kuala Lumpur
Whole area will be renamed as The Intermark Kuala Lumpur... |
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Ini bererti orang Melayu makin jauh kena lari ke kawasan yang lebih murah .....
Melayu mana mampu nak sewa GRED A office dan service kondo nih 
melayu cuma mampu kawasan murah aja |
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Balas #25 an2toncit\ catat
zaman baju batik...seluar slack gq pun ada batik gak sket...kasut besi depan... |
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Balas #27 applemy\ catat
ada gambar tepek ler sini... |
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Reply #28 danedzya's post
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Takde arr.. zaman tu takde camera phone uhukz! |
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Category: Negeri & Negara
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Post time 14-2-2009 11:34 PM
