KUALA LUMPUR (May 26): Four Seasons Place, the second-tallest building in Malaysia, will be completed by the end of this year.

The 2.7-acre mixed development, which consists of 242 residential units, a 240-room hotel and a 300,000 sq ft retail mall, has a gross development value of RM3 billion. The 77-storey building has a height of 342.5m.

The mall and Four Seasons Hotel are expected to open in the second quarter of 2018.

Four Seasons Hotel and Resorts will be the operator of the hotel and the branded residences. The project is located next to Suria KLCC.

Venus Assets Sdn Bhd is the developer and owner of this project while China Railway Construction Corp (CRCC) is the contractor. Venus Assets’ controlling shareholders are Tan Sri Syed Yusof, the Sultan of Selangor Sultan Sharafuddin Idris, Datuk Ong Beng Seng and Datuk David Ban.

Venus Assets’ executive director Ban said 70% of the branded residences have been taken up by local and foreign buyers since they were launched in 2013.

“The local and foreign buyers’ ratio is about 50:50. Foreign buyers are from Singapore, Japan, China, Taiwan, Korea and Indonesia,” he told reporters after the topping up ceremony of Four Seasons Place today.

Tourism and Culture Minister Datuk Seri Mohammed Nazri Abdul Aziz officiated the event.

Ban noted that the current selling price of the remaining units is now about RM3,000 psf, compared with RM2,500 psf previously.

The residential units will be completed and be handed over to the owners by the end of this year.

On the hotel segment, Four Seasons Hotels and Resorts Asia Pacific hotel operations president Rainer Stampfer said Malaysia’s hospitality market is very competitive but he is confident Malaysia’s first Four Seasons hotel is well positioned to offer a different luxury hospitality experience.

“The hotel has a unique location in the heart of the city. Like many main capitals in Asia Pacific, Malaysia is a key markets in Asia Pacific, which has great growth potential,” he added.

Meanwhile, CRCC chief economist Zhao Jin Hua said CRCC has ventured into the Malaysian market since early 1990s and has successfully implemented over 20 projects in Malaysia involving infrastructure, such as railways and highways, and property construction worth US$1.3 billion (RM5.5 billion).

“The success of the Four Seasons Place development reflects the close bilateral relationship between China and Malaysia, which will open up more business opportunities for both countries,” said Zhao.

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