By Sharen Kaur
sharen@nstp.com.my
Published in NST on January 30, 2013
SEVEN-STAR: It will have more than 30 floors and feature 250 to 300 rooms\
TRADEWINDS Corp Bhd and Qatar Holding LLC will jointly develop the world's first Harrods Hotel in Malaysia, which is estimated to cost around RM1 billion.
Qatar Holding, which owns Harrods Group, also has on the drawing board to build Harrods Hotels in London and Italy.
The seven-star Harrods Hotel Kuala Lumpur, which will have more than 30 floors, will feature 250 to 300 hotel rooms and several floors for serviced apartments and retail space.
Two other luxury hotels under construction or being planned in Kuala Lumpur are St Regis at KL Sentral and the 65-storey Four Seasons Place near the Kuala Lumpur City Centre.
It is understood that the cost to build each Harrods Hotel room is RM2.5 million to RM4 million, depending on the size and finishing.
A six-star hotel room costs an average RM2.5 million to build and for five-star hotel rooms, it will cost about RM1.5 million to RM2 million each.
Qatar Holding vice-chairman Dr Hussain Ali Al-Abdulla said there will be a minimum of 200 rooms and the hotel will be ready in 2018.
The hotel will be owned and operated by Harrods Hotel Management Co, Hussain said.
"I can't reveal the project cost as we are calling for tenders in the third or fourth quarter of this year. We don't want bidders marking up the price," he said.
Hussain was speaking here yesterday, at the hotel's ground-breaking ceremony in Jalan Conlay. Also present was Federal Territories and Urban Wellbeing Minister Datuk Raja Nong Chik Raja Zainal Abidin.
In July last year, Qatar Holding and Jerantas Sdn Bhd signed a memorandum of understanding (MOU) to develop the hotel.
Jerantas is a joint-venture between PS Trading Sdn Bhd (34 per cent), which is owned by Tradewinds and Gagasan Simfoni Sdn Bhd (66 per cent).
Gagasan Simfoni is a 51:49 joint venture company set up by Pavillion Group and controlled by Malton Bhd's Datuk Desmond Lim, among others, and Qatar Holding, owned by Qatar's sovereign wealth fund.
Harrods Hotel forms part of an integrated development that will feature two serviced residences, an office block and a 400,000 sq ft retail mall.
The entire development will be undertaken by Jerantas on a 2.2ha site currently housing Chulan Square and Sri Melayu Restaurant. The land was acquired by Jerantas from the government for RM1,800 per sq ft, or RM429.68 million.
Hussain said at the (MOU) signing ceremony that the cost to develop the hotel and the integrated development is about RM2 billion.
He said the hotel component will feature up to 300 hotel rooms, apartments and retail space.
On the pricing of the serviced apartments, he added that it would be higher than Banyan Tree Residences.
The last transacted price for the Banyan Tree was RM2,800 per sq ft.
Business Times understands that the retail mall will be injected into the Pavilion Real Estate Investment Trusts (Pavilion REIT) once it is ready in 2018.
Qatar Holding and Lim are major unit holders of Pavilion REIT.
sharen@nstp.com.my
Published in NST on January 30, 2013
SEVEN-STAR: It will have more than 30 floors and feature 250 to 300 rooms\
TRADEWINDS Corp Bhd and Qatar Holding LLC will jointly develop the world's first Harrods Hotel in Malaysia, which is estimated to cost around RM1 billion.
Qatar Holding, which owns Harrods Group, also has on the drawing board to build Harrods Hotels in London and Italy.
The seven-star Harrods Hotel Kuala Lumpur, which will have more than 30 floors, will feature 250 to 300 hotel rooms and several floors for serviced apartments and retail space.
Two other luxury hotels under construction or being planned in Kuala Lumpur are St Regis at KL Sentral and the 65-storey Four Seasons Place near the Kuala Lumpur City Centre.
It is understood that the cost to build each Harrods Hotel room is RM2.5 million to RM4 million, depending on the size and finishing.
A six-star hotel room costs an average RM2.5 million to build and for five-star hotel rooms, it will cost about RM1.5 million to RM2 million each.
Qatar Holding vice-chairman Dr Hussain Ali Al-Abdulla said there will be a minimum of 200 rooms and the hotel will be ready in 2018.
The hotel will be owned and operated by Harrods Hotel Management Co, Hussain said.
"I can't reveal the project cost as we are calling for tenders in the third or fourth quarter of this year. We don't want bidders marking up the price," he said.
Hussain was speaking here yesterday, at the hotel's ground-breaking ceremony in Jalan Conlay. Also present was Federal Territories and Urban Wellbeing Minister Datuk Raja Nong Chik Raja Zainal Abidin.
In July last year, Qatar Holding and Jerantas Sdn Bhd signed a memorandum of understanding (MOU) to develop the hotel.
Jerantas is a joint-venture between PS Trading Sdn Bhd (34 per cent), which is owned by Tradewinds and Gagasan Simfoni Sdn Bhd (66 per cent).
Gagasan Simfoni is a 51:49 joint venture company set up by Pavillion Group and controlled by Malton Bhd's Datuk Desmond Lim, among others, and Qatar Holding, owned by Qatar's sovereign wealth fund.
Harrods Hotel forms part of an integrated development that will feature two serviced residences, an office block and a 400,000 sq ft retail mall.
The entire development will be undertaken by Jerantas on a 2.2ha site currently housing Chulan Square and Sri Melayu Restaurant. The land was acquired by Jerantas from the government for RM1,800 per sq ft, or RM429.68 million.
Hussain said at the (MOU) signing ceremony that the cost to develop the hotel and the integrated development is about RM2 billion.
He said the hotel component will feature up to 300 hotel rooms, apartments and retail space.
On the pricing of the serviced apartments, he added that it would be higher than Banyan Tree Residences.
The last transacted price for the Banyan Tree was RM2,800 per sq ft.
Business Times understands that the retail mall will be injected into the Pavilion Real Estate Investment Trusts (Pavilion REIT) once it is ready in 2018.
Qatar Holding and Lim are major unit holders of Pavilion REIT.
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