Three Way Venture for Four Seasons Condo
The Star ran a couple of articles (read here and here) regarding Singapore-based local businessman in a joint-venture with the Sultan of Selangor to develop the Four Seasons hotel and apartment complex in Kuala Lumpur.
The venture is a three-way one: Singapore GLC Capitaland also owns 20% of the stake. Ong Beng Seng of Venus Assets and the Sultan are the other two.
The Four Seasons apartment is a top class address on a 2.6-acre plot in the KLCC area. And the price? Over RM1000psf. According to Venus Assets (as reported by the Star):
“It will be an iconic building. We have a list of who’s who in Malaysia and the world'’ wanting to book the condominium units”
Further on the daily also reports:
The development would mark the fifth Four Seasons property for Ong, who also owns the franchise for the Hard Rock Hotel in Asia.
Ong, through his Singapore-listed Hotel Properties Ltd, is also building a Hard Rock Hotel in Negri Sembilan, adding to the company’s five other hotels, including three Concorde properties in the country.
As for the price:
Condo prices at the high end of the market have more than doubled to RM1,000 per sq ft from RM450 two years ago…Ong bought the 2.6-acre site in October 2003 for RM90mil, or RM785 per sq ft.
Looks like the Binjai isn’t the only property that can breach the RM1,000psf. price ceiling.
I think the KL skyline near KLCC will be choked up with all these developments.
Comment by boo_licious — September 23, 2005 @ 2:24 am
well, bad news for some, good news for others.
Comment by Administrator — September 23, 2005 @ 9:06 am